April 16, 2020 Real Estate Agents and Homeownership ... Real Estate Agents and Homeownership Counseling

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  • Investing in quality housing solutions.

    April 16, 2020

    Real Estate Agents and Homeownership Counseling Partners

  • KHC Program Guide Real Estate Agents and

    Homeownership Counseling Partners April 16, 2020

    HFA Preferred Risk Program No Longer Available Effective immediately, KHC’s HFA Preferred Risk Program is no longer available.

  • Real Estate Agents and Homeownership Counseling Partners –KHC Program Guide--- January 1, 2020 Page 3 of 9

    Secondary Market First Mortgage Products

    Eligibility: Both first-time and repeat homebuyers purchasing a single-family dwelling. Purchase price can be no more than $314,827. Applicant’s income must be within applicable secondary market limits in effect. If Affordable DAP is used, then applicant’s income needs to be within Affordable DAP income limits. If KHC’s Homebuyer Tax Credit is used, then household income must be under the Homebuyer Tax Credit income limits.

    KHC’s Secondary Market Government Loan Products

    Federal Housing Administration (FHA) • Minimum 620 credit score. • Financing to 96.50% of lesser of sales price or appraised value. • Maximum ratios 40/50%. Upfront and Annual Mortgage Insurance Premiums

    30-Year Loan Term

    LTV less than or equal to 95%

    1.75% UFMIP .80 Annual

    LTV greater than 95%

    1.75% UFMIP .85 Annual

    Rural Housing Services (RHS) • Minimum 620 credit score. • Financing to 100% of the appraised value, plus guarantee fee of 1.00%/0.35% annual fee. • Maximum ratios 40/50%.

    Veteran’s Administration (VA) • Minimum 620 credit score. • Financing to 100% of the lesser of the appraised value or sale price plus funding fee. • Maximum ratios 40/50%. • No monthly mortgage insurance.

  • Real Estate Agents and Homeownership Counseling Partners –KHC Program Guide--- January 1, 2020 Page 4 of 9

    Conventional First Mortgage Programs 30-Year Loan Term

    PARAMETER Preferred Preferred Plus

    80 Maximum LTV/CLTV 97/105% Eligible Occupancy Owner Occupied Eligible Purpose Purchase Minimum Credit Score 660 Ratio Guidelines 40/50% Eligible Properties One-unit dwellings or approved condominiums Manufactured Housing Limited to 95/105%

    Choose Preferred MH Limited to 95/105%

    Choose Preferred Plus 80 MH 3% Down Payment Borrower’s Funds, Gift, KHC DAPs, or Welcome Home Monies Borrower Contribution None Income Limit 80% AMI Income Chart Secondary Market Income Limits Maximum Seller Contributions

    3% for CLTV > 90% and 6% for CLTV < or = 90%

    Other Properties Can own other real estate property at time of closing Subordinate Financing ***if property is a KHC REO, none of KHC’s DAPs can be used***

    Community Seconds per Fannie Mae Guidelines, all KHC DAPS applicable.

    Special Feature Code 118 Community Seconds

    Home Buyer Education Follow DU Findings Mortgage Insurance KHC will order ALL MI for TPO Lenders KHC Approved MI Companies

    Charter Coverage 97% - 95.01% 18% 95% - 90.01% 16% 90% - 85.01% 12% 85% - 80.01% 6% 80% or below N/A

    Standard Coverage 97% - 95.01% 35% 95% - 90.01% 30% 90% - 85.01% 25% 85% - 80.01% 12% 80% or below N/A

    Arch MI, Essent, Genworth, MGIC, National MI, Radian & UG

    Borrower must meet BOTH KHC and MI Company guidelines.

  • Real Estate Agents and Homeownership Counseling Partners –KHC Program Guide--- January 1, 2020 Page 5 of 9

    Down Payment Assistance Programs (DAP) Only homebuyers obtaining a Kentucky Housing Corporation first mortgage are eligible for DAP funds.

    Interest Rate with DAP applicable.

    DAP Regular Affordable

    Income Eligibility Secondary Market Affordable DAP Income

    Eligible Properties

    New and Existing Properties

    Eligible Borrowers First-time and Repeat Homebuyers

    Amount

    Up to $6,000

    Not required to be at maximum LTV first mortgage amount

    Up to $6,000 Not required to be at maximum LTV

    first mortgage amount

    Terms 5.50% amortized over 10 years 1% amortized over 10 years

    Purchase Price Limit

    $314,827

    AUS

    Enter as Subordinate Financing AUS Approval required

    Home Buyer Education Not Required

    Ratios Borrower must qualify with additional monthly payment. With AUS approval, can go up to 40/50% with all loans.

    Required Repairs

    Buyer or seller may use OWN funds to pay for repairs

    DAP Disclosures Loan Estimate and Closing Disclosure Available in KHC’s Loan

    Reservation System--$50 Document Preparation Fee to closing agent and $80 (estimated) Recording Fee

  • Real Estate Agents and Homeownership Counseling Partners –KHC Program Guide--- January 1, 2020 Page 6 of 9

    KENTUCKY HOUSING CORPORATION 2019 SECONDARY MARKET

    GROSS ANNUAL APPLICANT’S INCOME LIMITATIONS Effective May 6, 2019

    Secondary Market Purchase Price Limit -- $314,827

    County Applicant(s) Income Limit County Applicant(s) Income Limits

    Anderson 120,400 Jefferson 133,700 Boone 142,275 Jessamine 130,375 Bourbon 130,375 Kenton 142,275 Bracken 142,275 Larue 119,175 Bullitt 133,700 Lyon 111,475 Campbell 142,275 McLean 123,200 Christian 113,750 Mercer 110,600 Clark 130,375 Nelson 115,675 Daviess 123,200 Oldham 133,700 Fayette 130,375 Pendleton 142,275 Franklin 119,350 Scott 130,375 Gallatin 142,275 Shelby 133,350 Hardin 119,175 Spencer 133,700 Hancock 123,200 Trigg 113,750 Henderson 117,600 Trimble 133,700 Henry 133,700 Woodford 130,375

    Applicant’s Income Limit for all other counties not listed above: $109,725

  • Real Estate Agents and Homeownership Counseling Partners –KHC Program Guide--- January 1, 2020 Page 7 of 9

    KENTUCKY HOUSING CORPORATION HOME BUYER TAX CREDIT 2019 GROSS ANNUAL HOUSEHOLD INCOME LIMITS

    Effective May 6, 2019

    The income limitations listed below are imposed by federal law. Failure to comply with them may create adverse consequences for Kentucky Housing Corporation and its bondholders.

    Funding Source: Home Buyer Tax Credit (Purchase Price Limit – $283,344)

    Person(s) per household

    (1 or 2)

    (3 or more)

    Person(s) per household

    (1 or 2)

    (3 or more)

    Anderson 68,800 79,120 Kenton 81,300 93,495

    Ballard 62,700 72,105 Larue 81,120 94,640

    Barren 62,700 72,105

    Laurel 62,700 72,105

    Boone 81,300 93,495 Livingston 62,700 72,105

    Bourbon 89,400 104,300 Lyon 63,600 73,140

    Boyd 62,700 72,105 Marshall 62,700 72,105

    Bracken 97,560 113,820 McCracken 62,700 72,105

    Bullitt 76,400 87,860 McLean 82,200 95,900

    Caldwell 62,700 72,105 Meade 62,700 72,105

    Calloway 62,700 72,105 Mercer 63,200

    72,680 Campbell 81,300 93,495 Muhlenberg 62,700 72,105

    Christian 60,900 70,035 Nelson 79,320 92,540

    Clark 89,400 104,300 Oldham 76,400 87,860

    Daviess 68,500 78,775 Pendleton 97,560

    113,820 Fayette 74,500 85,675 Scott

    89,400

    104,300

    Franklin 68,200 78,430 Shelby 76,200 87,630

    Gallatin 97,560 113,820 Simpson 62,700 72,105

    Graves 62,700 72,105 Spencer 91,680 106,960

    Greenup 62,700 72,105 Taylor 62,700 72,105

    Hancock 68,500 78,775 Trigg 60,900 70,035

    Hardin 67,600 77,740 Trimble 91,680

    106,960 Henderson 67,200

    77,280

    Union 62,700 72,105

    Henry 91,680

    106,960

    Warren 62,700 72,105

    Jefferson 76,400 87,860 Woodford 74,500 85,675

    Jessamine 74,500 85,675

    For all other counties not listed above: $75,240 (1 or 2 person) $87,780 (3 or more person)

  • Real Estate Agents and Homeownership Counseling Partners –KHC Program Guide--- January 1, 2020 Page 8 of 9

    80% AMI INCOME CHART

    AFFORDABLE DAP, Conventional Preferred (not Plus 80) and Preferred Risk 2019 GROSS ANNUAL APPLICANT’S INCOME LIMITS

    Secondary Market Purchase Price Limit -- $314,827

    County Income Limits County Income Limits Allen 44,560 Jefferson 60,480 Anderson 55,040 Jessamine 59,600 Ballard 48,240 Kenton 64,640 Boone 64,640 Larue 54,640 Bourbon 59,600 Livingston 45,280 Boyd 45,760 Logan 44,160 Boyle 45,200 Lyon 50,960 Bracken 64,640 Madison 46,560 Breckinridge 47,600 Marshall 49,040 Bullitt 60,480 Mason 42,800 Butler 44,560 McCracken 46,720 Caldwell 43,360 McLean 56,320 Calloway 45,520 Meade 54,640 Campbell 64,640 Mercer 50,560 Carlisle 44,320 Montgomery 41,200 Christian 52,000 Muhlenberg 44,640 Clark 59,600 Nelson 52,880 Crittenden 44,640 Nicholas 41,600 Daviess 56,320 Oldham 60,480 Edmonson 44,560 Owen 41,840 Fayette 59,600 Pendleton 64,640 Franklin 54,560 Powell 41,280 Gallatin 64,640 Rowan 42,240 Garrard 47,760 Scott 59,600 Grant 64,640 Shelby 60,480 Graves 44,880 Simpson 44,800 Green 41,360 Spencer 60,480 Greenup 45,760 Todd 43,280 Hancock 56,320 Trigg 52,000 Hardin 54,640 Trimble 60,480 Harrison 46,560 Union 43,440 Henderson 53,760 Warren 44,560 Henry 60,480 Washington 45,120 Hickman 41,680 Webster 43,200 Hopkins 47,360 Woodford 59,600

    Applicant’s Income Limit for all other counties not listed above: $40,960