Kentucky REALTOR® News
- Downpayment assistance offered through the Kentucky Housing Corporation
- August 29, 2016
In January of this year, Kentucky Housing Corporation (KHC) launched the Hardest Hit Fund Down payment Assistance Program (HHF DAP), which gave new homebuyers, in distressed counties, forgivable second mortgage. HHF DAP was only available in four of Kentucky’s counties, as deemed by the U.S. Department of Treasury, for being hardest hit with serious delinquency, negative equity, distressed sales, and foreclosures. The goal of this program was to reduce obstacles for homeownership and stabilize those local housing markets for families and their communities. That first launch of the program was successful, generating 559 loans, and so effective for home buyers in these counties that is being brought back for a second time.
As such, KHC is announcing a new round of HHF DAP, which provides first-time home buyers with $10,000 in down payment assistance. This product is only available with new reservations on or after Thursday, September 1, 2016.
HHF DAP Guidelines:
- $10,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
- Property (new or existing) must be located in one of the four counties:
- Secondary Market Purchase Price and Income Limits apply.
- Borrower must be a first-time home buyer (no ownership interest in the last three years).
- Pre-purchase home buyer education required.
- Dodd-Frank Affidavit must be completed (will print with loan reservation).
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- Unemployment rates down in 93 KY counties
- August 25, 2016
Unemployment rates fell in 93 Kentucky counties between July 2015 and July 2016, but rose in 27 counties, according to the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.
Oldham County recorded the lowest jobless rate in the Commonwealth at 3.5 percent. It was followed by Woodford County, 3.6 percent; Campbell, Fayette, Shelby and Spencer counties, 3.8 percent each; Boone County, 3.9 percent; Anderson County, 4 percent; and Franklin, Jessamine, Kenton, Monroe, Owen and Scott counties, 4.1 percent each.
Magoffin County recorded the state’s highest unemployment rate at 16.3 percent. It was followed by Leslie County, 12.7 percent; Harlan County, 12.3 percent; Letcher County, 12.2 percent; Elliott County, 11.6 percent; Knott County, 11 percent; Floyd County, 10.9 percent; Pike County, 10.8 percent; and Lawrence and Wolfe counties; 10.6 percent each.
In contrast to the monthly national and state data, unemployment statistics for counties are not seasonally adjusted. The comparable, unadjusted state unemployment rate for the state was 5.2 percent for July 2016, and 5.1 percent for the nation. Read More
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- Overtime rule from the DOL
- August 16, 2016
Effective December 1, 2016, DOL revised the requirements under the Fair Labor Standards Act (FLSA) regarding the minimum salary threshold for employees to be considered exempt from overtime.
The final rule raises the annual salary threshold to $47,476, up significantly from $23,660, and will increase automatically every three years, starting in 2020. Unless specifically exempted, workers are guaranteed time-and-a-half pay if they work more than 40 hours in any given week if they make less than $47,476, including up to 10 percent of the standard salary requirement with nondiscretionary bonuses, incentive payments, and commissions, provided these forms of compensation are paid at least quarterly. Read More
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- 'Know Before You Owe' helps agents and consumers
- August 8, 2016
Since the October 2015 implementation of the Consumer Financial Protection Bureau's ‘Know Before You Owe' mortgage initiative, Realtors® have raised red flags (link is external) over challenges in gaining access to what's known as the mortgage "closing disclosure" form, or CD. The CD is delivered to homebuyers in advance of their closing and contains important financial information related to their purchase.
Unfortunately, many lenders have chosen to withhold this document from real estate agents since Know Before You Owe went into effect, despite a longstanding tradition of sharing similar information.
Earlier this year, the Consumer Finance Protection Bureau announced that it was considering changes to Know Before You Owe - also known as the TILA-RESPA Integrated Disclosure, or TRID - including a clarification of the rules regarding sharing the CD. Read More
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