Wednesday, April 13, 2011

Kentucky VA Loan Guidelines 2011

Kentucky VA Loan Program Quick Reference


Terms 15 & 30 Year Fixed

Loan Amount Max Purchase = $1,500,000 max

Refinance = limited to the max LTV of the property value on the appraisal.

To calculate max loan amount (and guaranty), visit http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf

Max LTV/CLTV Purchase & IRRRL = 100%/100%

Cash-Out Refinance = 90%/90% (based on appraised value)

Min. Credit Score 620 up to $417,000, 640 for Interest Rate Reduction Refis

720 for $417,000-$650,000

740 for loan amounts > $650,000

Borrower Eligibility Veterans who served on active duty after 9/15/40 and who were honorably discharged /released from active duty.

Occupancy Owner occupied by veteran and/or spouse.

Ratios 29%/41% - ratios may be exceeded with acceptable AUS and underwriter’s approval.

Transaction Types Purchase, Interest Rate Reduction Refinance & Cash-Out Refinance

Income Documentation Full/Alt

Residual Income Refer to Residual Income Table in VA Guidelines for specific requirement, Chapter VII.

Assets Less than or = $417,000 None required

$417,000 - $650,000 6 months PITI

Greater than $650,000 12 months PITI

Property Types SFR, 2-4 units, PUDs & VA-approved Condos

Appraisal IRRRL: 2055 or full appraisal by VA-approved appraiser

Purchase & Cash-Out: Full appraisal by VA-approved appraiser

Loan amounts > $650,000: Require full appraisal by VA-approved appraiser and field review.

Energy Efficient Mortgage Up to $6,000 of the loan proceeds may be used to reimburse the veteran for the cost of energy efficient improvements.

Funding Fees Refer to the Funding Fee Table in VA Guidelines, Chapter XII.

Seller Concessions
Kentucky VA Loan Guidelines 2011


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