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KHC Holiday Hours
Kentucky Housing Corporation (KHC) offices will close at 4 p.m. Wednesday, December 23, and remain closed on Thursday and Friday, December 24 and 25, 2015, in observance of the Christmas holiday. KHC offices will reopen at 8 a.m. on Monday, December 28, 2015.
KHC offices will also close at 4 p.m. on Wednesday, December 30, and remain closed on Thursday, December 31, 2015, and Friday, January 1, 2016, in observance of the New Year's holiday. KHC offices will reopen at 8 a.m. on Monday, January 4, 2016.
KHC Single-Family wishes you and yours a Merry Christmas and a Happy New Year! Thank you for helping us provide housing solutions for Kentuckians in all communities.
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$15,000 HHF DAP
KHC is proud to announce a new Hardest Hit Fund Down payment Assistance Program (HHF DAP), available with new reservations on or after Wednesday, January 20, 2016. Purchase contract and application date may be prior to reservation date of January 20, 2016.
HHF DAP Guidelines:
- $15,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
- No limit on first mortgage amount.
- Property (new or existing) must be located in one of four counties:
- Christian
- Hardin
- Jefferson
- Kenton
- Secondary Market Purchase Price and Income Limits apply.
- Borrower must be a first-time home buyer (no ownership interest in the last three years).
- Pre-purchase home buyer education required for all borrowers.
- Dodd-Frank Affidavit must be completed (will print with loan reservation).
The HHF DAP will utilize a GFE, TIL, and HUD-1, since it does not meet TRID regulations. These documents will be provided through KHC's Loan Reservation System.
KHC's Program Guides have been updated to reflect this new HHF DAP. KHC also has marketing fliers for the HHF DAP on KHC's website, under Lenders, Lender Resources.
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KHC's System Updates
KHC has made some changes and updates in the Loan Reservation System. Highlights of the changes are listed below: - Delegated and correspondent lenders will now have access to the TILA-RESPA screen in the DAP loan. In this screen the lender will select "We intend to transfer servicing of your loan," and then select the date and delivery method the CD was disclosed. That will populate the date on the disclosure. Please see the screen shot below:
- For Delegated and Correspondent Lenders: The DAP closing documents will now be provided in the Lender's name.
- The DAP Note has an endorsement provided at the end that will need to be signed over to KHC.
- The lender will also need to print and complete a mortgage assignment and record it immediately behind the DAP Mortgage. DAP Mortgages will not be registered in the Mortgage Electronic Registration System (MERS). Also remember the cost to record the DAP Mortgage will increase by the cost of one additional page (the assignment).
- The lender will not need to provide the sellers with a DAP closing disclosure.
- When any lender is attaching a tax credit to the KHC first mortgage on the Additional Loan Info screen, the fee on the TRID fees screen will auto-populate as $200. Please remember, if you are doing a stand-alone tax credit (first mortgage through another investor), this button should not be selected. KHC will know by the product chosen in the rate lock screen that it is a stand-alone tax credit. Please see the screen shot below:
 - TPO Lenders can get a copy of the Closing Disclosure from the Closing Agent once it is finalized.
If you have any questions, please contact Single-Family Programs toll-free in Kentucky at 800-533-8896 or at 502-564-7630, extension 291, TTY 711. |
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KHC's HFA Preferred/Preferred Risk is Better!
 If you have any questions, please contact Single-Family Programs toll-free in Kentucky at 800-533-8896 or at 502-564-7630, extension 291, TTY 711.
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