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New MRB Income and Purchase Price Limits
New Mortgage Revenue Bond (MRB) and Kentucky Housing Corporation (KHC) Home Buyer Tax Credit income limits, as well as the purchase price limit of $258,690, will be effective with reservations on Monday, July 13, 2015. Please check all counties, as there are many changes. The Secondary Market and MRB Program Guides are available on KHC's website, under Lenders .
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MRB Special Funding Program Open for Reservations
KHC has $3.5 million in special funding available at 2.00 percent fixed interest rate for 30 years. This special funding 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 a targeted county.
- Regular and Affordable DAP available.
- Existing and new construction (purchase price limit of $115,000).
- 640 minimum credit score.
- FHA, VA, and RHS first mortgage options.
A MRB Special Funding Program flier is available on KHC's website, under Lenders, Marketing Tools. Make someone happy today by telling them, even with lower income, their dream of homeownership can be a reality.
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Appraisal Ordering for TPO
Currently, KHC requires all Third Party Originator (TPO) Lenders to order FHA and Conventional appraisals through Bluegrass Appraisal Management Inc. Effective with reservations on Saturday, August 1, 2015, KHC will also require RHS appraisals to be ordered through Bluegrass Appraisal Management Inc.
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SOAR Special Funding Program
KHC has $6 million in 1 percent special financing to provide housing to low- to moderate-income home buyers in  the SOAR region. This is a first-come, first-served program.
A SOAR flier is available on KHC's website, under Lenders, Marketing Tools.
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Lender Post-Closing Reports
KHC is experiencing technical issues with the lender post-closing reports. We are working on it and hope to have it back up and running soon.
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Tips for Successful Electronic Uploads
KHC's paperless system is now available! Keep in mind, if the file began as a true paper file, it will finish as a paper file. If a paper file has not been sent in for underwriting, Correspondent and TPO lenders may begin submitting their files electronically. Follow these helpful tips for a successful electronic delivery:
- If a lender uploads the initial electronic underwriting bundle, but inadvertently forgets an item, please send that item to underwriting at khcuw@kyhousing.org.
- Only upload one PDF bundle. Do not upload individual documents!
- The MCC Only-Closed Loan File task is only for a MCC (non-KHC first mortgage) closed loan file.
- Select appropriate task, i.e., Underwriting File, Appraisal, Pend Conditions, MCC Only-Closed Loan File, Closed Loan File, or Security Documents.
- All electronic uploads received after 3 p.m. ET will be logged the following business day.
- Delegated lenders will upload the closed loan bundle, which includes the credit package and the security documents bundle. The final appraisal will be uploaded separately to the appraisal bundle.
- TPO Lenders must submit the pre-closing items through the Schedule Closing tab, not within the electronic upload of the underwriting bundle.
- Lenders must continue to send any additional items required by KHC on true paper files to khcuw@kyhousing.org and khcpc@kyhousing.org.
If you have any questions, please contact Single-Family Programs toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 291; TTY 711. The electronic checklists of required documents and a Electronic Document Upload and PowerPoint are located on KHC's website, under Lender, Lender Resources, Training.
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