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HHF DAP - $540,000 Still Available!
There is still
$540,000 of the Hardest Hit Fund Down payment Assistance Program (HHF DAP) available on a first-come, first-served basis, based on the completion of the first mortgage and HHF DAP reservations.
HHF DAP Guidelines:
- $10,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
- Not required to be at maximum LTV first mortgage amount.
- No less than 81 percent LTV with conventional loans.
- Property (new or existing) must be located in one of four counties:
- Christian
- Hardin
- Jefferson
- Kenton
- Funding Source (Secondary or MRB) Purchase Price and Income Limits apply.
- Can be used in conjunction with MRB Special Funding Program.
- Borrower must be a first-time home buyer (no ownership interest in the last three years.)
- Most recent three year federal tax returns or tax transcripts required.
- Pre-purchase home buyer education required for all borrowers.
- Dodd-Frank Certification must be completed (will print with loan reservation).
- Must include a Terms and Conditions form (will print at closing with the HUD-1, Note, and Mortgage.)
- This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.
The HHF DAP utilizes a
GFE, TIL, and HUD-1, since it does not meet TRID regulations. These documents are available through KHC's Loan Reservation System. The HHF DAP closes in KHC's name and is funded by the lender. KHC's system provides a Note and Mortgage in KHC's name. The lender is responsible to deliver all disclosures to the borrower(s) at time of origination and closing.
KHC's
Program Guides have been updated to reflect the new HHF DAP. KHC also has marketing fliers and an HHF DAP Summary, available on
KHC's website, under Lenders,
Lender Resources, in the Down Payment Assistance Programs dropdown.
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MRB Special Funding Program
KHC has $750,000 in special funding still available at 2.00 percent fixed interest rate for 30 years. The Mortgage Revenue Bond (MRB) Special Funding Program is available on a first-come, first-served basis, with new reservations only. This program is available statewide.
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MBAKY Compliance Seminar
On Tuesday, October 4, 2016, at Embassy Suites Hotel in Lexington, the Mortgage Bankers Association of Kentucky is hosting a Compliance Seminar. Registration is available on the MBAKY website.
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Student Loans Impact on Homeownership
Join us at the 2016 Kentucky Affordable Housing Conference, Tuesday and Wednesday, October 18-19, 2016, at the Crowne Plaza Louisville Airport Expo Center to hear about topics that affect you and your clients, such as The Unforseen Costs of Higher Education: How Student Loans Impact Future Homeownership.
Students think an investment in a top-notch college education equals a fabulous job plus an MTV-worthy "crib." Dreams can crash quickly as they learn the impact those student loans have on the reality of homeownership. Student Loan Expert, Heather Jarvis, experienced this first-hand and will offer her insights and solutions in this session. Joining Heather as a special guest will be Fannie Mae Analyst Sarah Shahdad. Sarah sheds light on data Fannie Mae gathered from the National Housing Survey, and her extensive research examines the effects of student loan debt on homeownership. Both speakers bring a wealth of knowledge to lenders, real estate agents, and counselors working with "next generation" clients.
Register today to attend this session and many others today!
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RHS Guarantee Upfront and Annual Fee Changes
On Saturday, October 1, 2016, both the upfront guarantee fee and annual fee for purchase and refinance loans will decrease. The upfront guarantee fee will be reduced from 2.75 percent to 1 percent, and the annual fee from .5 percent to .35 percent. Visit the RHS website for more information.
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Career Opportunities
KHC has the following positions currently available! Join us in helping Kentuckians find safe, quality, affordable housing.
Manager Budget and Accountability
Corporate Planning and Accountability
Salary range: $57,653 - $72,066
Respond by Friday, September 30, 2016
Program Funding Specialist (Part-Time)
Program Accountability and Budget Services
Hourly rate: $18 to $20
Respond by Friday, September 30, 2016
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Partner Employment Opportunity
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