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Kentucky First Time Home Buyer Program Specialist-Zero Down Loans




Mortgage Revenue Bond (MRB) First Mortgage Products
Eligibility:  Must be a first-time home buyer, unless purchasing a single-family dwelling in a targeted county.  Purchase price can be no more
than $243,000 or $195,700 when any form of HOME DAP is used.  Gross annual household income must be within applicable limits in effect.
All non-borrowing occupants age 18 or older must disclose income and complete KHC Form 98.  Mortgage loan must be a new mortgage
loan, not a refinance.
KHC’s First Mortgage Government Loan Products
Federal Housing Administration (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.
 FHA’s Appraiser Independence began with case numbers on or after February 15, 2010.  Please see Mortgagee Letter 2009-28 for full
details.
 All borrowers must be scored by TOTAL.
 Lender must follow the FHA maximum mortgage limits for particular area – see https://entp.hud.gov/idapp/html/hicostlook.cfm.
 Must follow Upfront and Annual Mortgage Insurance Premiums Guidelines (see information below).
Upfront and Annual Mortgage Insurance Premiums
Loan Terms > 15 years
Beginning with case numbers assigned on or after Monday, October 4, 2010
LTV
Less than or Equal to 95%  1%  annual          .85 monthly
> 95%  1% annual          .90 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.
 Pre-purchase education required as per AUS findings
 Not available for manufactured housing.
 Appraiser Independence required (see page 3).
 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 3.5%.
 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.
 Maximum ratios 40/45% with AUS approval.
 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.
 Follow agency guidelines for ratio requirements and funding fee.
KHC Program Guide – Real Estate Agents – January 1, 2011  

KHC Mortgage Interest Rates as of 01/07/2011

Interest Rates

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KHC Mortgage Interest Rates as of 01/07/2011, 1:00 p.m. ET

Rates subject to change without notice.

700+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

Loan TypeRegular RateZero-Point Rate
*Government Rates only4.125%4.500%

640+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates

  • KHC-funded down payment assistance may be utilized with these rates
Loan TypeRegular RateZero-Point Rate
*Government Rates only4.375%4.750%
* Government includes FHA, RHS, and VA.

660+ Credit Score Mortgage Revenue Bond (MRB) Conventional Interest Rates

Loan TypeRegular RateZero-Point Rate
*Conventional Rates4.125%4.500%
  • Maximum LTV 80%**
  • No pre-purchase education required
  • No down payment assistance allowed – must be borrowers’ own funds or gift funds
  • AUS required
**At the present time, KHC is not offering a conventional product at 81% or greater LTV.
KHC Mortgage Interest Rates as of 01/03/2011

502-905-3708 or email us at kentuckyloan@gmail.com for Free Application