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HHF DAP Statistics
Congratulations to all the lenders who participated in the Hardest Hit Fund (HHF) Down payment Assistance Program (DAP) product on Wednesday, January 20. KHC reserved $8.3 million in HHF DAP loans in ONE hour. This equaled 559 loans instead of the original target of 467 loans! These reservations equate to about $66 million in first mortgage loans. Below are some basic demographics on the HHF DAP.
Counties:
- Jefferson County: 400 loans / 72%
- Kenton County: 125 loans / 22%
- Hardin County: 27 loans / 5%
- Christian County: 7 loans / 1%
First Mortgage Loan Program:
- FHA: 52%
- Conventional: 44%
- 26% Conventional No MI Program
- 18% Conventional with MI
- RHS: 2%
- VA: 2%
Loan Averages:
- Average Purchase Price: $130,000
- Average Loan Amount: $118,000
- Average Loan to Value (LTV): 89%
- Average Credit Score: 707
Top HHF Loans Reserved by Lender Type:
- Delegated Lender: Commonwealth Bank & Trust Company--79 loans
- Correspondent Lender: Interlinc Mortgage Services LLC--26 loans
- Third Party Originator Lender: New Perspective Mortgage--13 loans
Please remember, the borrower and property address are tied to the HHF reservation; therefore, no changes can be made to property address if the property falls through from inspections or any other reason. Also, KHC over-allocated the HHF DAP with anticipation of loan fall out; there is no waiting list available for borrowers that did not receive the HHF DAP. If you have any questions, please contact KHC's Single-Family Programs via email at khcuw@kyhousing.org. |
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Loan Volume Notice
The HHF DAP produced a tremendous amount of loan volume. To manage this volume effectively, KHC asks for all questions or requests be emailed to khcuw@kyhousing.org to expedite these inquiries in a timely manner. In addition, be mindful of longer turn-times for KHC staff to complete the process of reviewing and purchasing these loans. KHC appreciates your patience during this period of high loan volume.
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Save the Date
Mark your calendar for the 11th Annual Lender Recognition Luncheon on Thursday, March 3, at Claudia Sanders Dinner House in Shelbyville, Kentucky. KHC will mail invitations to top producers early next week. Please respond promptly. Thank you for being such a great partner to KHC and providing affordable housing solutions to Kentuckians.
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