Sunday, March 25, 2012

KHC's 2012 Ky Housing Mortgage Programs First Time Buyers


KHC's 2012 Ky Housing Mortgage Programs First Time Buyers

KHC’s MRB First Mortgage Loan Products

Federal Housing Administration (FHA)
KHC 2012 Mortgage Programs for First Time Buyers in Kentucky



Minimum 640 credit score required.



Financing to 96.50% of lesser of sales price or appraised value.



All KHC DAPs and other KHC-approved secondary financing may be used.



Maximum 6% seller-paid items.



Maximum ratios of 40%/45% with AUS approval.



FHA’s Appraiser Independence rules apply.



All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.



Lender must follow the FHA maximum mortgage limits for particular area – see https://entp.hud.gov/idapp/html/hicostlook.cfm.


Upfront and Annual Mortgage Insurance Premiums

30 Year Loan Term

LTV less than or equal to 95%

1% annual 1.10 monthly


LTV greater than 95%

1% annual 1.15 monthly


Upfront and Annual Mortgage Insurance Premiums

30-Year Loan Term – Effective April 9, 2012

LTV less than or equal to 95%

1.75% annual 1.20 monthly


LTV greater than 95%

1.75% annual 1.25 monthly


Conventional



Minimum 660 credit score required.



Maximum loan-to-value (LTV) ratio is 80%.



Maximum ratios 40%/45% with AUS approval.



No down payment assistance products may be used. Borrower must meet down payment requirements with their own funds or a gift.



Federal Home Loan Bank monies allowed once borrower meets the 20% down payment requirement.



Pre-purchase education required as per AUS findings



Not available for manufactured housing.



Appraiser Independence required.



KHC does not presently have a product for 81% LTV or greater.


Rural Housing Services (RHS)



Minimum 640 credit score required.



Financing to 100% of the appraised value, plus guarantee fee of 2.0%/0.3% annual fee.



All KHC DAP programs and other KHC-approved secondary financing may be used.



No maximum on seller-paid items.



Ratio requirements and guarantee fee per agency guidelines.



KHC will accept Government Underwriting System (GUS) Findings.


Veteran’s Administration (VA)



Minimum 640 credit score required.



Financing to 100% of the lesser of the appraised value or sale price.



All KHC DAP programs and other KHC-approved secondary financing may be used.



Maximum ratios 40%/45% with AUS approval.



Maximum 4% seller-paid items.

Follow agency guidelines for ratio requirements and funding fee.





Fill out my form!http://www.kyhousing.org/uploadedFiles/Homeownership/Real_Estate_Professionals/RealtorQuickReference.pdf