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Homeownership

Future Homebuyers > Loan Programs

Mortgage Revenue Bonds (MRB)

Informational Flyer
First-time homebuyers statewide in non-targeted areas
First-time and repeat homebuyers statewide in targeted areas
30-year fixed interest rate
Principal residence ONLY
Purchase Price Limit: $544,232
Borrower must meet KHC's MRB Income Limits

FHA

Insured by the Federal Housing Administration
3.5 percent down payment
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620

VA

Guaranteed by the Veterans Administration for qualified military veterans
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Minimum credit score of 620
No monthly mortgage insurance payments

RHS

Guaranteed by Rural Housing Services (RHS)
Home must be located in a rural area as defined by RHS
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620

Secondary Market Funding Source

First-time and repeat homebuyers statewide
30-year fixed interest rate
Principal residence ONLY
Purchase Price Limit: $544,232
Borrower must meet KHC's Secondary Market Income Limits

Conventional Preferred Program

Minimum credit score of 660
3 percent down payment
Monthly mortgage insurance (charter coverage)
KHC DAP applicable
No minimum borrower contribution
No reserves required
80 percent AMI income

Conventional Preferred Plus 80

Minimum credit score of 660
3 percent down payment
Monthly mortgage insurance (standard coverage)
KHC DAP applicable
No minimum borrower contribution
No reserves required
Secondary Market Income limits apply

Freddie HFA Advantage

Press release about new program
Informational flier
Minimum credit score of 660
3 percent down payment
Monthly mortgage insurance (charter coverage ≤ 80% AMI, standard coverage > 80% AMI)
KHC DAP applicable
No minimum borrower contribution
No reserves required
Secondary Market Income limits apply

FHA

Insured by the Federal Housing Administration
3.5 percent down payment
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620

Refinance Options (Available only through Secondary Market)

Credit qualifying Streamline Refinance and Rate/Term Refinance

Insured by the Federal Housing Administration
Cash back to borrower not to exceed $500
Upfront and monthly mortgage insurance
Minimum credit score of 620

VA

Guaranteed by the Veterans Administration for qualified military veterans
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Minimum credit score of 620
No monthly mortgage insurance payments

Refinance Options (Available only through Secondary Market)

VA IRRRL

620 minimum credit score
No appraisal required
30-year term
VA existing loan

RHS

Guaranteed by Rural Housing Services (RHS)
Home must be located in a rural area as defined by RHS
No down payment if the property appraises for the sales price or greater
KHC DAP applicable
Upfront and monthly mortgage insurance
Minimum credit score of 620

Refinance Options (Available only through Secondary Market)

RHS Streamlined-Assist Refinance Program

620 minimum credit score
No appraisal required
Must have made timely mortgage payments for the last 12 months
30-year term
RHS existing 502 guaranteed loan