Basic FHA Insured Home Mortgage Update



Source: Basic FHA Insured Home Mortgage Update

2 thoughts on “ 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

    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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