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KHC Offices Closed for Independence Day
Kentucky Housing Corporation (KHC) offices will close at 4 p.m. Friday, July 1, and remain closed on Monday, July 4, 2016, in honor of Independence Day. KHC offices will re-open on Tuesday, July 5, 2016, at 8 a.m. ET. No loan purchases or TPO closings will take place on Monday, July 4, 2016. Please have a safe and happy holiday.
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Access to IRS Tax Transcript Service
On June 23, the Internal Revenue Service (IRS) notified vendors who provide tax transcripts of further requirements for participants using the Income Verification Express Service (IVES), a service supporting the lending industry to verify loan applicants' incomes. The updated requirements include new assessments and certifications for vendors and lender clients.
For more information, please read the full article published by the IRS.
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#MyKHCHome Selfie Contest First Drawing Tomorrow!
Thanks to Beverly Isom with KCEOC Community Action Partnership for kicking off the selfie contest!
KHC wants to show off you and your new KHC customer, while celebrating the home buying season.
Just snap, tag, and win! Each month, all selfies shared with us on Facebook or Twitter will be entered to win $100 gift cards. Winners will be announced in KHC's eGrams and social media. The first winner will be announced tomorrow, Friday, July 1. Partners may post multiple selfies with KHC clients; however, KHC customers can only win once.
Full details and contest rules, including a printable flier, are available on KHC's website!
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Mortgage Letter 2016-08
The Federal Housing Administration (FHA) revised the Mortgagee Letter 2016-08, which provides guidelines for lenders when calculating student loan obligations for use in a borrower's debt-to-income ratio calculation. Consistent with industry practice the revised guidance allows the same calculation criteria to be applied regardless of student loan payment plan type (such as income-based payment plans) or deferral status. Lenders may begin using the new guidance immediately, but must use the guidance for all case numbers assigned on or after Thursday, June 30, 2016.
The new guideline requires, regardless of the payment status, the lender to use either:
- The greater of:
- 1 percent of the outstanding balance on the loan; or
- The monthly payment reported on the Borrower's credit report; or
- The actual documented payment provided the payment will fully amortize the loan over its term.
For more information, please review the update available on the U.S. Department for Housing and Urban Development (HUD) website.
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