Wednesday, June 6, 2012

Louisville Kentucky VA Jumbo Mortgage 2012




Kentucky VA JUMBO PROGRAM
(INDEX)

KENTUCKY VA JUMBO PROGRAM
·         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 VA guidelines 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
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.
SECOND REVIEW
All VA Jumbo loans are subject to second level management review prior to loan being cleared to close.







Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*





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