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Career Opportunity
Kentucky Housing Corporation (KHC) is currently accepting applications to fill the position of Mortgage Loan Closer and Quality Control Specialist within Single-Family Programs. The application deadline is Thursday, May 19, 2016. For more information about applying for this or other positions, please visit KHC's website, under About, Careers.
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Decreased Purchase Price Limits
With new loan reservations beginning Monday, May 16, 2016, the Secondary Market Purchase Price Limit is $283,900 and the MRB/MCC Purchase Price Limit is $255,500.
The Secondary and MRB Program Guides have been updated and are available on KHC's website, under Lenders.
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RHS Fee Reduction
Beginning Saturday, October 1, 2016, with RHS Conditional Commitment, the upfront guarantee fee will change from 2.75 percent to 1.00 percent of the loan amount. The annual fee will change from 0.50 percent to 0.35 percent of the average scheduled unpaid principal balance for the life of the loan.
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Realtor CE Classes
KHC offers three-hour, non-law, Continuing Education (CE) credit on KHC financing for real estate agents throughout the state. Please share the class schedule below with your real estate partners:
- Thursday, May 26, Northern Kentucky, Northern Kentucky Association of Realtors, from 9 a.m.-noon ET.
- Thursday, June 16, Lexington, Lexington Board Association of Realtors, from 9 a.m.-noon ET.
- Wednesday, July 20, Somerset, The Center for Rural Development, The Rogers Room, from 9:30 a.m.-12:30 p.m. ET.
- Thursday, July 28, Hopkinsville, Hopkinsville Christian County Board of Realtors, from 9:15 a.m.-12:15 p.m. CT.
- Tuesday, August 9, Louisville, Greater Louisville Association of Realtors from 9 a.m.-noon ET.
- Tuesday, August 23, Richmond, Madison County Board of Realtors, from 9 a.m.-noon ET.
- Thursday, August 25, Russellville, Logan County Public Library, from 9 a.m.-noon CT.
- Tuesday, September 20, Lexington, Lexington Board Association of Realtors from 9 a.m.-noon ET.
- Thursday, October 13, Northern Kentucky, Northern Kentucky Association of Realtors from 9 a.m.-noon ET.
- Monday, November 14, Lexington, Lexington Board Association of Realtors, from 9 a.m.-noon ET.
- Tuesday, November 15, Louisville, Greater Louisville Association of Realtors, from 1-4 p.m. ET.
If you have any questions, please contact Cindy Bradley toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 347; TTY 711; or email cbradley@kyhousing.org.
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MRB Special Funding Program--Monies Still Available
KHC still has $1 million in special funding available at 2.00 percent fixed interest rate for 30 years. The Mortgage Revenue Bond (MRB) Special Funding Program is available on a first-come, first-served basis with new reservations only.
The MRB Special Funding Program flier is available on KHC's website, under Lenders, Marketing Tools.
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Closing and Quality Review
Delegated and correspondent lenders need to list KHC as both the servicer and the holder when insuring loans in FHA Connection.
Principal reductions to Down payment Assistance Program (DAP) do not get put into FHA connection as a principal reduction when completing the application for the mortgage insuring certificate. This is applied to the DAP, not the first mortgage. Please indicate on the closing disclosure that the principle reduction is for DAP.
Effective immediately, requirements are being enforced as to the receipt of both the first mortgage original note and DAP note with endorsements, and the uploaded closing package no later than 10 business days after closing. A penalty will be charged if received late.
The deadline for KHC to receive any outstanding purchase suspense conditions for loans to be purchased is the 25th of the month, prior to the first payment due date. If KHC does not receive all documentation by the deadline, the original notes will be sent back to the originating lender.
For example, if a loan closed on April 4, 2016, with the first payment due date of June 1, the note uploads are due April 18, and all outstanding purchase suspense conditions are due on May 25.
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