Benefits.gov Basic FHA Insured Home Mortgage Update

 

 

Source: Benefits.gov Basic FHA Insured Home Mortgage Update

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2 thoughts on “Benefits.gov Basic FHA Insured Home Mortgage Update

  1. Reblogged this on Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky and commented:

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  2. Home Buyer Tax Credit Program Continues
    Kentucky Housing Corporation (KHC) is pleased that the $1.5 trillion tax reform bill was signed into law, retaining the tax-exempt bonds and preserving the Mortgage Credit Certificate (MCC), Homebuyer Tax Credit, program.
    $1,500 Affordable Closing Cost Fund – Extended
    KHC still has $73,500 available for the Affordable Closing Cost Fund. The ACC Fund is a $1,500 gift, documented by the KHC Commitment Letter, for borrowers that utilize a conventional first mortgage and who fall under the Affordable DAP Income Limits. Pursuant to Fannie Mae Selling Guide under part B3-4.30-06: The $1,500 will show as a gift in the DU findings and the Closing Disclosure will show ACC Funds from KHC in Bucket L, Paid Already by or on behalf of Borrower at Closing. There is a special feature code 843 but it is not entered into DU. The loan must close by Wednesday, February 28, 2018.
    Operation KY Home – MRB Special Funding Program
    KHC has $1.8 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis.

    More information is available at http://www.OperationKYHome.com.

    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).
    620 minimum credit score.
    FHA, VA or RHS first mortgage options.
    Households who include active / non-active duty veterans or other persons receiving VA Benefits.
    Documentation may include but not limited to:
    Leave and Earnings Statement (LES)
    DD214 – Discharge from Active Duty
    VA Award Letter
    Must meet insuring agency guidelines.
    Available statewide.
    Both Regular and Affordable DAP are available.

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