Purchase Price Limits Increased

The new Secondary Market Purchase Price Limit is $294,000! The new Mortgage Revenue Bond and KHC's Home Buyer Tax Credit Purchase Price Limit is $265,000! These new limits will be effective Tuesday, January 20, 2015. Updated copies of the Secondary Market and MRB Program Guides are now available on KHC's website, under Lenders.

FHA Reduces Single-Family Annual MIP

FHA Mortgagee Letter 2015-01 reduces the annual Mortgage Insurance Premium (MIP) rate effective for FHA Case Numbers assigned on and after Monday, January 26, 2015. FHA will temporarily approve Case Number Cancellation Requests for loans with FHA Case Numbers assigned but not yet closed, to allow mortgagees to obtain the reduced annual MIP rates.

Mortgagees must submit Case Number Cancellation Requests under this temporary authority using the submission instructions specific to this temporary authority posted on FHA's Case Processing Requirements Web page. Mortgagees may begin requesting Case Number Cancellations on Thursday, January 15, 2015, but must submit all Case Number Cancellation Requests by 11:59 p.m. ET, Thursday, February 26, 2015.  

KHC's Third Party Originator Lenders must make requests for Case Number Cancellation via email at khcuw@kyhousing.org.

Helpful Tip for KHC's Reservation System

When locking loans in KHC's Reservation System, if you are going to be adding a Down payment Assistance Program (DAP) loan, do not print the Reservation Confirmation until after the DAP is locked. Otherwise, the DAP loan information will not print on the Reservation Confirmation.

DU Approve/Ineligible with KHC's Conventional 97 Programs

Lenders are asked to overlook the Approve/Ineligible message if the only reason for the "Ineligible" recommendation is because the Loan-To-Value (LTV) is above 95 percent and at least one borrower is not a first-time home buyer. This edit will not be fixed until Fannie Mae's next DU release in April 2015. If you have any questions, please email khcuw@kyhousing.org.

KHC Offices Closing  

KHC offices will be closed on Monday, January 19, in observance of Martin Luther King, Jr., Day. KHC offices will reopen at 8 a.m. on Tuesday, January 20.  

Delegated and Correspondent Lender Closings with KHC Funding DAP

Due to KHC offices being closed for Martin Luther King, Jr., Day, for KHC to fund the DAP for a closing on Tuesday, January 20, the request for the DAP funding must be received by 1 p.m. ET, on Friday, January 16, 2015. If you have a closing scheduled for Monday, January 19, 2015, the request for the DAP funding must be received by 1 p.m. ET, on Thursday, January 15, 2015.

Third Party Originator Closings

Due to KHC offices being closed for Martin Luther King, Jr., Day, closings scheduled for Tuesday, January 20, must be sent to KHC by 10 a.m. ET, on Thursday, January 15, 2015. No closings will be scheduled for Monday, January 19, 2014.