Mortgaged: KHC Offers Lowest Home Loan Interest Rates in History

by sookietex

KHC’s rate for government loans (Federal Housing Administration, Veterans Administration and Rural Housing Service) are currently at 4.375 percent. Applicants with a 700 or better credit score who are not using KHC down payment assistance can receive a 4.125 percent rate. These are the lowest rates that KHC has ever offered, and they plan to help as many Kentuckians as possible achieve homeownership. KHC has a stated goal of helping 3,500 first-time home buyers and second-time home buyers in targeted counties acquire homes in 2010. “KHC consistently works to help homeowners find ways to work through whatever barriers they face in acquiring a home,” said Richard L. McQuady, chief executive officer of KHC. “The federal government’s new Homeowner Affordability and Stability Plan will enable us to provide low-rate mortgages to help many more families.” The new bond purchase program supports new lending by HFAs, which means HFAs can sell bonds easier, and get cash from the bonds they already have, thereby creating more funds to support home-mortgage loans. The Obama administration worked with the National Council for State Housing Agencies (NCSHA), the U.S. Treasury, Freddie Mac, and Fannie Mae to create the new bond purchase program, which was finalized in November 2009. “Without the initiative started by President Obama, and the hard work from NCSHA, the U.S. Treasury, Freddie Mac, and Fannie Mae in creating a solid and sustainable plan, these rates would not be possible,” said Gov. Beshear. “We are grateful that the funds provided through this initiative will allow thousands of residents across the state to have a home of their own.”

Source: Mortgaged: KHC Offers Lowest Home Loan Interest Rates in History