Tuesday, March 27, 2012


KHC’s First Mortgage Loan Products


Federal Housing Administration Kentucky  (FHA)

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.
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
Upfront and Annual Mortgage Insurance Premiums
30-Year Loan Term – Effective with FHA Case Numbers assigned on or after Monday, 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. Must be entered as subordinate
financing in DU/LP.
 Pre-purchase education required as per AUS findings.
 Not available for manufactured housing.
 Appraiser Independence required (see page 4).
 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, including reduced documentation and, with approval, expanded
ratios up to 40/45.

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 4% seller-paid items.
Ratio requirements and funding fee per agency guidelines
Maximum ratios of 40/45% with AUS Approval



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