KHC’s First Mortgage Government Loan Products


 

 

 

 

 

 

 

 

 

KHC’s First Mortgage Government Loan Products

Federal Housing Administration (FHA)

 

Minimum 640 credit score required.

 

Financing to 96.50% of lesser of sales price or appraised value.

 

All KHC DAPs and other KHC-approved secondary financing may be used.

 

Maximum 6% seller-paid items.

 

Maximum ratios of 40/45 with AUS approval.

 

FHA’s Appraiser Independence began with case numbers on February 15, 2010. See page 4 for KHC’s policy and FHA’s MortgageeLetter 2009-28 for HUD’s full policy.

 

All borrowers must be scored by TOTAL and receive approve/eligible or accept/accept.

 

Lender must follow the FHA maximum mortgage limits for particular area – see https://entp.hud.gov/idapp/html/hicostlook.cfm.

 

Must follow Upfront and Annual Mortgage Insurance Premiums Guidelines (see information below).

Upfront and Annual Mortgage Insurance Premiums

Loan Terms > 15 years

Case numbers on or after Monday, October 4, 2010

LTV Less than or Equal to 95%

 

1% annual .85 monthly

LTV > 95%

 

1% annual .90 monthly

Conventional

 

Minimum 660 credit score required

 

Maximum loan-to-value (LTV) ratio is 80%.

 

Maximum ratios 40/45 with AUS approval.

 

No down payment assistance products may be used. Borrower must meet down payment requirements with their own funds or a gift.

 

Federal Home Loan Bank monies allowed once borrower meets the 20% down payment requirement. Must be entered as subordinatefinancing in DU/LP.

 

Pre-purchase education required as per AUS findings.

 

Not available for manufactured housing.

 

Appraiser Independence required (see page 4).

 

KHC does not presently have a product for 81% LTV or greater.

Rural Housing Services (RHS)

 

Minimum 640 credit score required.

 

Financing to 100% of the appraised value, plus guarantee fee of 3.5%.

 

All KHC DAP programs and other KHC-approved secondary financing may be used.

 

No maximum on seller-paid items.

 

Ratio requirements and guarantee fee per agency guidelines.

 

KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with approval, expandedratios up to 40/45.

Veteran’s Administration (VA)

 

Minimum 640 credit score required.

 

Ratios up to 40/45% with AUS Approval.

 

Financing to 100% of the lesser of the appraised value or sale price.

 

All KHC DAP programs and other KHC-approved secondary financing may be used.

 

Maximum 4% seller-paid items.

 

Follow agency guidelines for ratio requirements and funding fee.

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