Friday, January 6, 2012

Kentucky VA Jumbo Mortgage Loan



Kentucky VA Jumbo Mortgage Loan

· The Kentucky VA Jumbo Program is for total loan amounts that exceed $417,000. Total loan amount is the base loan amount + VA funding fee. To be eligible, borrowers must meet all VAguidelines as well as the guidelines below.



MAX LOAN AMOUNT

Max total loan amount allowed is $650,000.



MAX LTV

· Purchases up to 100%/100% LTV on loan amounts up to $650,000 (Including financed VA funding fee) are allowed as long as the VA Guaranty plus the veteran’s down payment and/or equity equal 25% of the lesser of the sales or notice of value (NOV).



· Rate/Term and Cash-out refinance transactions are limited to 90%/90% LTV/CLTV of the property value shown on the CRV or NOV as long as equity plus VA Guaranty equals at least 25% of the NOV.



MINIMUM CREDIT SCORE

Minimum FICO score = 720



HOUSING HISTORY

No housing payments 30 days or more past due in the last 12 months.



DEBT RATIO

41% - May be exceeded up to 45% max with AUS approval



RESERVES

· Minimum 6 months PITI reserves are required.



· Cash out received from transaction cannot be used to meet the minimum reserve requirements.



VA GUARANTY

Regardless of loan amount, the VA Guaranty plus cash/equity must be equal to a minimum 25% of the purchase price or value, whichever is less on purchases and non-IRRRL refinances.



ELIGIBLE PROPERTY TYPES

· Primary Residence only.



· Single family residence, PUD or VA approved condominiums only.



APPRAISAL REQUIREMENTS

VA required appraisal only.





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