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MRB Special Funding Program
Kentucky Housing Corporation (KHC) has $5 million in special funding 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 reservations available on
Monday, August 1, 2016. New reservations only.
Who can qualify for this deal?
- Households that do not exceed $35,000 gross annual income, and meet ONE of the following:
- At least one home buyer is 62 years old or older.
- At least one member is disabled and is receiving disability income.
- A single- or two-parent household with at least one dependent child under the age of 18 living in the home.
Special Funding qualifications included:
- Must be a first-time home buyer, unless property in a targeted county.
- Regular and Affordable Down payment Assistance Program available.
- Existing and new construction (purchase price limit of $115,000).
- 640 minimum credit score.
- FHA, VA, and RHS first mortgage options.
The MRB Special Funding Program flier is available on
KHC's website, under Lenders,
Marketing Tools.
Make someone happy today by telling them, even with lower income, their dream of homeownership can be a reality.
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Congrats to Nancy Florence
After 15 years of service in Single-Family Programs as a mortgage loan closer and QC specialist, and over 35 years in the mortgage business, Nancy Florence is retiring and moving on to the next chapter in her life! Although she will be missed, we know that she will enjoy spending more time with her family, especially her grandson! Welcome to Denise Stucker, who will be assuming Nancy's position.
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RHS Streamlined-Assist Refinance Program
The RHS Streamlined-Assist Refinance Program is available to borrowers with an existing RHS 502 Guaranteed Loan who may have a net tangible benefit of $50 or greater reduction in the new Principle, Interest, Taxes, and Insurance (PITI), including annual fees, as compared to current PITI payment.
The streamlined benefits of this program include:
- No required appraisal.
- Reduced documentation.
- No credit or ratio underwriting.
- Reduced fees, with all closing costs included in loan amount.
- Quicker closings.
Lender compensation for this program is the same as any other program through KHC; therefore, delegated and correspondent lenders will earn 2.5 percent and Third Party Originators (TPO) lenders will earn 2.0 percent on every deal.
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Secret to Getting More RHS Business
The U.S. Department of Agriculture's (USDA) Rural Housing Service (RHS) released data on the agency's single-family, multifamily, and community facilities programs. The single-family data for Kentucky is impressive with over 27,000 active RHS loans. This tool provides confirmation that a large number of borrowers might benefit from the RHS-Streamlined-Assist Refinance Program.
RHS also demonstrated how the data can be accessed via a new interactive visualization tool, created by PolicyMap, designed to make the data publicly attainable and more useful.
For more information, please review the
data and the public version of the
data tool.
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Snap, Tag, Win!
Thanks to Jolynn Musel with Commonwealth Bank and Trust for sharing her entry for the #MyKHCHome selfie contest!
KHC wants to show off you and your new KHC customer, while celebrating the home buying season.
Just snap, tag, and win! Each month, all selfies shared with us on Facebook or Twitter will be entered to win $100 gift cards. Make sure to use #MyKHCHome with each post. The next winners will be announced on Monday, August 1, 2016.
Full details and contest rules, including a printable flier, are available on KHC's website!
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