Louisville Ky VA Loan Program Update 2012
- VA loans are underwritten by private banks but guaranteed by the Department of Veterans Affairs via the funding fee.
- Unlike other types of home loans, veteran loans do not typically require any down payment.
- Borrowers who do not make down payments are not forced to pay for monthly private mortgage insurance.
- VA borrowers with an existing VA loan are eligible for the VA streamline refinance loan.
- Are you eligible for a VA loan? If you fall into one of the categories below, excluding dishonorably discharged personnel, you are typically eligible.
- Current, continuous active duty for at least 90 days
- Members of the Reserves and National Guard who have served for at least 6 years
- 90 days of active duty wartime service during World War II, the Korean Conflict, Vietnam, Persian Gulf War
- 24 months of active duty or the full service of active duty orders lasting 181+ days during July 1947 to June 1950, February 1955 to August 1964, or May 1975 to August 1990, or August 2, 1990 to present.
- Unmarried surviving spouses of eligible veterans who died of service-related injuries
- Spouses of active duty personnel listed as missing in action or a prisoner of war for more than 90 days
- Discharges for service-connected disabilities, hardships, or medical conditions are reviewed before approval.
- Have you fully or partially used your home loan entitlement? You can have your entitlement restored by:
- Selling the original property and repaying the loan in full
- Having another veteran assume the loan, substituting his/her own entitlement
- Paying the loan in full and keeping the property (one time only)
- Do you have a debt to income ratio of less than 41%? Use the information presented above to calculate your number.
- Copy of DD214 for discharged personnel (not the DD214 original)
- Original, signed statement of service with Social Security Number, entry date, and time lost for
active duty personnel
- Copies of W-2 forms for previous two years
- Employment and residency histories for previous two years
- Copies of quarterly or semi-annual statements from all investment accounts
- Copies of checking/savings account statements for previous three months
- Copies of paycheck stubs for previous 30 days
- Applicable divorce decrees or bankruptcy judgments
- Payment for any costs not covered by the VA loan
- Certificate of Eligibility (the Certificate of Eligibility is usually requested by the VA lender)
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Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*