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Affordable DAP Income Limits
Effective with new reservations as of today, Thursday, June 1, 2017, there are new Affordable Down payment Assistance Program (DAP) income limits. The Affordable DAP is still based on household income, but no longer are the limits based on household size. The new income limits are per county for all household sizes. All program guides have been updated to reflect these changes.
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GUS Access on RHS Loans for TPO Lenders
Effective immediately for all Third Party Originator (TPO) lenders, Kentucky Housing Corporation (KHC) can now be selected as the Approved Lender for RHS loans in GUS. The Underwriting Checklist is updated with additional documentation for the RHS deals utilizing GUS. KHC urges all TPO lenders originating RHS loans to run their file through GUS. If you are unable to receive an approval through GUS, KHC will continue to allow a manual underwrite only on RHS loans.
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With new reservations effective Saturday, July 1, 2017, KHC's administrative fee will increase from $105 to $125. This fee is charged to the borrower on all KHC first mortgage programs.
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Appraisals for TPO Lenders
Effective Saturday, July 1, 2017, the fee for the appraisals will be $495 for FHA and RHS loans, and $425 for Conventional loans. Final Inspection will be $150.
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FDIC Increasing Access to Affordable Mortgage Credit Workshop
Please join the Federal Deposit Insurance Corporation (FDIC) for a free workshop on how to access affordable mortgage credit. There will be a wide range of speakers, including: Fannie Mae, Freddie Mac, nonprofits, lenders, KHC, Federal Home Loan Banks, and FDIC. Learn how we can all work together to provide more affordable housing options in our state.
Complimentary refreshments, lunch, and copies of the three-part FDIC Affordable Mortgage Guides will be available to all attendees. Space is limited, so register by Friday, June 9, 2017.
Sullivan College of Technology and Design
Tuesday, June 20, 2017
8:30 a.m.-4 p.m. ET
3901 Atkinson Square Drive,
ETB Room 6/7
Louisville, Kentucky
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Plan to attend KHC's regional trainings this summer, open to all lenders. Look forward to new programs and updates to be announced during these trainings, and be one of the first "in the know." Please s
ee dates and locations below:
Tuesday, July 18, 2017
10 a.m.-Noon ET
Greater Louisville Association of Realtors (GLAR)
6300 Dutchmans PKWY
Louisville, Kentucky 40205
Thursday, July 20, 2017
10 a.m.-Noon ET
Northern Kentucky Association of Realtors (NKAR)
7660 Turfway Road
Florence, Kentucky 41042
Monday, July 24, 2017
10 a.m.-Noon ET
Lexington-Bluegrass Association of Realtors (LBAR)
2250 Regency Road
Lexington, Kentucky 40503
Thursday, July 27, 2017
10 a.m.-Noon CT
Realtor Association of Southern Kentucky (RASK)
180 W Professional Park Ct.
Bowling Green, Kentucky 42104
Space is limited; reservations are first-come, first-served. Please RSVP to [email protected] with attendee names and the location you would like to attend.
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The Mortgage Bankers Association (MBA) of Kentucky presents VA Home Loan Training. The trainings are targeted to processors, loan officers, underwriters, closers, and post-closers. Topics will include; loan processing, funding fees, obtaining a Certificate of Eligibility (COE), documents to get started, ordering a VA appraisal, credit underwriting, loan closing, submission to VA, special circumstances, and VA updates. The training dates and locations are listed below:
Tuesday, July 18, 2017
9:30-10 a.m. CT - Registration
10 a.m.-3:30 p.m. CT - Training (lunch provided)
Realtor Association of Southern Kentucky (RASK)
180 W. Professional Park Court
Bowling, Green, KY 42104
Wednesday, July 19, 2017
8:30-9 a.m. ET - Registration
9 a.m.-3:30 p.m. ET - Training (lunch provided)
U of L Event and Conference Center
Shelby Campus Room 201
9001 Shelbyville Road
Louisville, KY 40222
Thursday, July 20, 2017
8:30-9 a.m. ET - Registration
9 a.m.-3:30 p.m. ET - Training (lunch provided)
Lexington-Bluegrass Association of Realtors (LBAR)
2250 Regency Road
Lexington, KY 40503
The cost is $69 for MBA members and $99 for non-members, which includes a VA binder and lunch. Register by Friday, July 14, 2017.
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