Friday, November 23, 2012

FHA Credit Qualifying Streamline Refinance RHS Refinance Pilot Program

KHC Refinance Products

KHC Refinance Products

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To qualify for a KHC refinancing option, you must contact an approved lender and meet the requirements below:
FHA Credit Qualifying Streamline Refinance:
  • 640 minimum credit score
  • Appraisal required
  • Maximum LTV/CLTV 97.75 percent (125 percent CLTV)
  • 30-year term
  • FHA existing loan
FHA Rate/Term Refinance
  • 640 minimum credit score
  • Appraisal required
  • Maximum LTV/CLTV 97.75 percent (97.75 percent CLTV)
  • 30-year term
  • Conventional, RHS, VA, or FHA existing loans
RHS Refinance Pilot Program – AN 4634
  • Must meet KHC and RHS Guarantee’s household income limitations;
  • Must reside in eligible rural location and remain as principle residence;
  • Must have made timely mortgage payments for the last 12 months and have a minimum 640 credit score.
  • New interest rate must be 1 percent below current interest rate.
  • Existing loan must be a 502 guaranteed loans only.
  • Ratio calculation not required.
  • Must be a manual underwrite and not processed through GUS.
  • Borrower must be employed at time of closing or have alternative sources of income, such as retirement, social security, disability, alimony, or child support.
  • Refinance balance consists of:  Principal balance of loan + the full upfront guarantee fee + funds to close.  The applicable upfront fee is 1.5 percent .  No cash out is permitted.  Annual fee is applicable.  For 2012 the annual fee is .3 percent.
  • Income:  Verification of all sources for income eligibility only—not for repayment.




Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*




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