New Income Limits 

Effective with reservations as of today, Friday, March 20, 2015, the new income limits for Secondary Market, MRB, and Affordable DAP, will be in effect. Some counties actually had reductions, while others increased. So, please review the newest guides with the updated income limits. 

Limited MRB Special Funding Program Still Available!   

KHC has $2 million is special funding still available for households with lower income! This program gives the borrower more buying power with a below-market interest rate of 2.00 percent, fixed for 30 years. The program is available on a first-come, first-served basis.

Who can qualify for this deal?

• Households that do not exceed $35,000 gross annual income, and meet ONE of the following:
• At least one home buyer is 62 years old or older.
• At least one member is disabled and is receiving disability income.
• A single- or two-parent household with at least one dependent child under the age of 18 living in the home.

Special Funding qualifications included:

• Must be a first-time home buyer, unless property in targeted county.
• Existing and new construction (purchase price limit of $115,000).
• Regular and Affordable Down payment Assistance Program available.
• 640 minimum credit score.
• FHA, VA, and RHS first mortgage options.
• AUS Approval.
• 40/45% maximum ratios.

Funding of DAPs for Correspondent Lenders 

KHC will no longer fund the DAP loans for ALL Correspondent Lenders beginning, next month, in April. Most Correspondent Lenders fund both the first and second mortgage loans, but there are still some lenders that randomly choose for KHC to fund the DAP. In trying to streamline processes for both KHC and our lender partners, this option will be removed from our Loan Reservation System (LOS) in April.  

Please plan accordingly with your warehouse lender(s) now. If you have any questions, please contact April Harper toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 340; TTY 711; or email aharper@kyhousing.org. 

Are you ready for TILA/RESPA Integration Disclosure (TRID)? 

KHC is preparing our loan origination software to provide both the new Loan Estimate (LE) and the Closing Disclosure (CD) for all of our DAP loans. KHC will also produce the LE and CD on the first mortgage loans for all of our Third Party Originator (TPO) Lenders. Lenders should consult with their compliance officer to ensure that they are meeting all the requirements of these new regulations. If a lender chooses to generate the LE and CD on the DAP loan from their own LOS that is acceptable to KHC. This rule is effective Saturday, August 1, 2015.

KHC Going Paperless! 

As announced during our Annual Lender's Awards Luncheon, KHC is partnering with Virpack to become paperless. KHC staff is now in the testing phase. KHC looks forward to our partners being able to upload documents electronically later this spring! KHC will be sending out information to the lender's corporate office on the steps to configure the lender's paperless system to stack the documents in KHC's specific order.

Registration Option