In This Issue
Interest Rates Decreased
Holiday Hours
New Income and Purchase Price Limits
New Income and Purchase Price Limits
Quick Links
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Interest Rates Decreased 
Government interest rates have decreased, effective immediately.
Holiday Hours 
Kentucky Housing Corporation (KHC) will be closed Friday, July 3, 2020, in honor of Independence Day, and will reopen at 8 a.m. ET Monday, July 6, 2020. There will be no loan purchases or closings for third-party originating (TPO) lenders on this day. Have a safe and enjoyable holiday!  
 
 
New Income and Purchase Price Limits 
KHC announces new income and purchase price limits for Secondary Market products, the Affordable Down payment Assistance Program (DAP), and KHC's Homebuyer Tax Credit, beginning with new reservations on or after tomorrow, Wednesday, July 1, 2020.
 
For Secondary Market products, the purchase price will increase to $327,334. For the Homebuyer Tax Credit, the purchase price will increase to $294,600. Most county income limits increased, with a few exceptions.
 
KHC's program guides on AllRegs will be updated on July 1, 2020. 
FHA Update 
The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2020-20 on June 29, 2020 extending the effective date of Mortgagee Letter 2020-05 published on March 27, 2020.
  • The extension of Appraisal guidance in Mortgagee Letter 2020-05 is effective immediately for appraisal inspections completed on or before Monday, August 31, 2020.
  • The extension of re-verification of employment guidance in Mortgagee Letter 2020-05 is effective immediately for cases closed on or before Monday, August 31, 2020.
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