Thursday, August 18, 2011

Louisville FHA and KHC Mortgage Rates Today

Louisville FHA and KHC Mortgage Rates Today

FHA purchase and FHA refinance, 30-year term.


KHC's two FHA Refinance Options:

Credit qualifying streamline.

Rate/term.

Regular Down payment Assistance Program (DAP), available for purchase transactions, up to $6,000, repaid over a ten-year term, at 6 percent interest rate.

Competitive 30-year, fixed interest rates: Interest Rate with DAP and Interest Rate without DAP.

Lender compensation and fees

FHA mortgagee can earn 2 percent of total loan amount plus up to $1,500 in closing costs.

Much higher income limits per county. Mortgagor's income only taken into consideration, not household income.

Repeat homebuyers eligible in ALL counties.

KHC's "Life of Loan" Tax Credit -- Mortgage Credit Certificate (MCC) -- can be used with KHC GNMA Secondary Market First Mortgage Program with a reduced application fee of $200.

With MCCs, Mortgage Revenue Bond Guidelines must be followed including household income limit, purchase price limit, and target/non-targeted county qualifications



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