KHC and Kentucky Housing Conventional No Mortgage Insurance Program

KHC and Kentucky Housing Conventional No Mortgage Insurance Program

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.  A 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
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 Conventional No MI Savings Flier  * 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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