In This Issue

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New Income and Purchase Price Limits 
Effective with new reservations as of Monday, May 1, 2017, there are new Secondary Market Program (SMP), Mortgage Revenue Bond (MRB) Program, Kentucky Housing Corporation (KHC) Home Buyer Tax Credit, and Affordable Down payment Assistance Program (DAP) income limits, as well as new purchase price limit of $282,000 for SMP and $253,800 for MRB and KHC's Home Buyer Tax Credit Program. All program guides have been updated to reflect these changes. 
DAP Changes
Effective immediately KHC will no longer require lenders to set the first mortgage at maximum loan amount when utilizing any of KHC's DAPs. 
Income Calculator Update
Effective immediately, KHC will no longer require the lender to count income from assets with SMP. The lender will continue to count income from assets with MRB or KHC's Home Buyer Tax Credit Program, but the amount has been reduced from 2 percent to 1 percent.
TPO Lender Trainings  
KHC is hosting a refresher course for TPO Lenders in Bowling Green, Louisville, and Lexington. If your company has new loan officers or processors who have never worked with KHC, or it has been a while since they have, this training may benefit them. Training dates, times, and locations are as follows:
 
Loan Officers and Processors
 
Tuesday, May 16, 2017 
9:30 a.m.-12:30 p.m. CT 
Realtor Association of Southern Kentucky (RASK) 
180 W Professional Park Ct. 
Bowling Green, Kentucky 42104

Thursday, May 18, 2017
 
9 a.m. - Noon ET 
Greater Louisville Association of Realtors (GLAR) 
6300 Dutchmans PKWY 
Louisville, Kentucky 40205

Thursday, May 25, 2017
 
1-4 p.m. ET 
Lexington Bluegrass Association of Realtors (LBAR) 
2250 Regency Road 
Lexington, Kentucky 40503

This is a basic lender training for KHC loan products, Down payment Assistance Programs (DAPs), reservation system, and workflow. Space is limited; reservations are first-come, first-served. Please RSVP to jswindler@kyhousing.org with attendee names and the location you would like to attend. 
Fannie Mae Update 
Fannie Mae Announcement SEL-2017-04 provides new, sustainable solutions or lenders to serve borrowers with student loan debt. For more details, please read the fact sheet
MRB Special Funding Program 
KHC still has $600,000 available at 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis. This program is targeted to: 
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000) in a county not receiving HHF DAP funds*.
  • 640 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households who meet one of the following criteria:
    • At least one of the home buyers is age 62 or older.
    • At least one member of the household is disabled and receiving disability income.
    • A single- or two-parent household with at least one dependent child under the age of 18 living in the household.

*Counties (Christian, Hardin, Jefferson, and Kenton) that have received Hardest Hit Funds (HHF) Down payment Assistance (DAP) funds are ineligible for MRB Special Funding.

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