Friday, October 4, 2013

KHC and Kentucky Housing Conventional No Mortgage Insurance Program

KHC and Kentucky Housing Conventional No Mortgage Insurance Program

KHC and Kentucky Housing Conventional No Mortgage Insurance Program

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97/105% LTV/CLTV
KHC is excited to offer this exclusive program!  This program comes just as FHA raises the monthly Mortgage Insurance Premium factors.  This program enables eligible borrowers to go up to 97 percent of purchase price without having to pay upfront or monthly mortgage insurance.  Based on a purchase price of $125,000, this could mean a savings of up to $1,000 a year!*  Borrowers will have access to KHC’s Down payment Assistance Programs, as well!  Instructions on how to enter the Conventional No MI into DU are available. 
No MI Program customizable flier is available to share this information with clients.

Highlights of the No MI Program:


Minimum Credit Score
680
Maximum LTV/CLTV
97/105%
Loan Terms
30-year fixed interest rate
Mortgage Insurance
None
Desktop Underwriter (DU)
Must receive an Approved/Eligible recommendation – HFA Preferred Risk Sharing
Subordinate Financing
KHC DAPs allowable
Minimum Borrower Contribution
None
Reserves
None
Income Limit
KHC’s MRB or Secondary Market income limits
No MI Graphic, Large 

For example:


Terms 
FHA 96.50%
No DAP
 
Conventional
97%
No DAP
 
Interest Rate**
4.50%
5.625%
Total First Mortgage Amount
$122,735
$121,250
Total Monthly Principal and Interest Payment***
$759.96
$697.98
Monthly Payment Savings†
N/A
$61.98
* Savings amounts may vary.  Terms and conditions apply.
** Current rates and terms available on KHC’s Web site.
*** Does not include taxes or insurance.
† Total savings will depend on rate.
 

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