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Conventional No Mortgage Insurance Program

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97/105% LTV/CLTV

KHC is excited to offer this exclusive program!  This program comes just as FHA raises the monthly Mortgage Insurance Premium factors.  This program enables eligible borrowers to go up to 97 percent of purchase price without having to pay upfront or monthly mortgage insurance.  Based on a purchase price of $125,000, this could mean a savings of up to $1,000 a year!*  Borrowers will have access to KHC’s Down payment Assistance Programs, as well!  Instructions on how to enter the Conventional No MI into DU are available. 

Highlights of the No MI Program:

 

Minimum Credit Score

680

Maximum LTV/CLTV

97/105%

Loan Terms

30-year fixed interest rate

Mortgage Insurance

None

Desktop Underwriter (DU)

Must receive an Approved/Eligible recommendation – HFA Preferred Risk Sharing

Subordinate Financing

KHC DAPs allowable

Minimum Borrower Contribution

None

Reserves

None

Income Limit

KHC’s MRB or Secondary Market income limits

Conventional No MI Product

For example:

 

Terms 

FHA 96.50%
No DAP
 

Conventional
97%
No DAP
 

Interest Rate**

4.50%

5.625%

Total First Mortgage Amount

$122,735

$121,250

Total Monthly Principal and Interest Payment***

$759.96

$697.98

Monthly Payment Savings†

N/A

$61.98

Conventional No MI Savings Flier 

* Savings amounts may vary.  Terms and conditions apply.
** Current rates and terms available on KHC’s Web site.
*** Does not include taxes or insurance.
† Total savings will depend on rate.
 

 


 
 
For more information contact:

Homeownership Department
(502) 564-7630 ext. 291
(800) 633-8896 (KY only)
 

1231 Louisville Road, Frankfort, Kentucky 40601
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