Showing posts with label Kentucky VA Loan Approval. Show all posts
Showing posts with label Kentucky VA Loan Approval. Show all posts

Understanding Your Kentucky VA Home Loan Benefits

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Kentucky VA Home Loan Lender

Text/call:      502-905-3708
fax:            502-327-9119

Job Requirements and Employment History for a Kentucky VA loan Approval.

 Kentucky VA Mortgage Loan Approval Requirements for Job and Employment History

Mortgage Employment or Job History Requirements for a VA Loan Approval in Kentucky 

Gaps in Employment
  • A borrower who has no verifiable employment for 6 months or longer is deemed to have a gap in employment.  
  • VA:  VA does not address gaps in employment and generally does not consider non military employment less than 12 months as stable and reliable. Any exceptions based on the loan as a whole is underwriter discretion.

Medical or Temporary Leave Income
  • The borrower has taken a temporary leave of absence from work typically for medical leave such as maternity, illness, surgery, or on the job injury.  This leave is short term in nature and the borrower is still employed with their same employer prior to the leave of absence.  
  •  VA: Borrower’s on temporary leave are not eligible for a loan transaction.   

Frequent Job Changes
  • Frequent job changes may indicate instability in a borrower’s income. 
  • VA: the borrower must demonstrate the ability to maintain an income at a constant level over the recent 2-year period even if he or she has worked for a variety of employers.

Seasonal Employment
  • Seasonal Employment refers to employment that is not year round typically due to weather conditions.  Seasonal Employment can be full time or part time. 
  •  VA:  Borrower must have worked the same job (or same line of seasonal work) for the past 2 years and the borrower’s employer must state there is a reasonable expectation that the borrower will be rehired for the next season.  Tax returns will be required if unemployment compensation will be used to qualify the borrower. 

*Income calculation will follow calculation guidelines.  These guidelines are for employment history and profile only.

Have Questions or Need Expert Advice? Text, email, or call me below:

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approvalnor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.

NMLS ID# 57916, (


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Can you have 2 Kentucky VA Loans?

Did You Know
 A Kentucky Veteran Can Have Multiple VA Loans:
That’s right. VA will allow a Kentucky Veteran to have multiple Kentucky  VA loans provided they meet the required GNMA 25 percent guaranty. Are you unsure of how to calculate the maximum loan amount for a Veteran based on their used entitlement? I am Kentucky Veteran myself and have done over 50 VA loans for past customers in Kentucky. I am here to help with your Kentucky VA mortgage questions!
Click here and download an interactive, Kentucky Mortgage VA Entitlement and Loan Amount worksheet to help you determine their Kentucky VA Home loan maximum loan amount. This worksheet also works great to determine the maximum loan amount for a Veteran when they are buying a home over their county loan limit.

First let’s explain the difference between entitlement and maximum loan amount.
Each borrower using a VA Loan has a $36,000 entitlement that the VA guarantees to the lender in the unfortunate event that a borrower would default on the loan. The VA's formula dictates whether or not all that entitlement is used with the initial loan, and thus, additional entitlement can be available. And even if the entitlement is $0 after the purchase of the first house, then the Veteran or active duty member can still use their second-tier entitlement, but there will be a standard minimum and maximum loan limits on what the borrower can use to buy that second house.
Where does the $36,000 come from? This is 25% of 144,000, the "old" maximum loan amount for VA loans.
The VA now has County maximum loan limits as high as 768,750 in the DC Metro Area. With that loan amount, your 25% guarantee is 192,187.50 in entitlement.
"Second-Tier entitlement is nice because for those people using it, it means they don't have to sell their (first) property right off the bat when obtaining the second VA Loan. However, they still have to qualify for the VA Loan. While Second Tier Entitlement is not widely used because of its complexity and the fact that plenty of lenders are not well versed in calculating it, does not mean that interested borrowers should wave the white flag and look elsewhere for a different home loan.

An Example of calculating second-tier entitlement:
Veteran has used $104,250 of entitlement on a prior loan, which may not be restored because the loan is still active and is now a rental due to orders to transfer. The Veteran is now purchasing a home for $350,000 where the county loan limit is $768,750.
$768,750 (County Loan Limit) X 25% (your VA guaranty) = $192,187.50 Maximum Guaranty
$192,187.50 - $104,250 (entitlement already used for active VA loan) = $87,937.50 Entitlement Available
$87,937.50 X 4 = $351,750 Maximum Loan Amount with 25% Guaranty – Since the proposed purchased price is less than the max loan amount, no down payment would be required.
If the Veteran would like to purchase a home for 400,000 using the same numbers above, they would be required to bring $12,062.50 as a down payment to meet the 25% guaranty.
400,000 x 25% = 100,000 needed entitlement/guaranty – 87,937.50 available = 12,062.50 difference needed by Veteran to meet lender requirement.
For a list of county loan limits, please email me or go to
If you would like to discuss your options for second tier availability to you, please do not hesitate to contact me!

Joel Lobb
Senior  Loan Officer

 phone: (502) 905-3708
 Fax:     (502) 327-9119

VA Mortgages for Kentucky Veterans

In the most basic of terms, VA Second-Tier Entitlement gives a qualified military person the ability to have two KY VA mortgages out simultaneously.

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Kentucky VA Mortgage Guidelines for 2015


Joel Lobb
Senior  Loan Officer

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

Kentucky VA Mortgage Guidelines after a bankruptcy, foreclosure, short sale.

Kentucky VA Mortgage Guidelines after a bankruptcy, foreclosure, short sale. 

2 years completion date needed after a short-sale, foreclosure, or deed-in lieu of foreclosure.

If extenuating circumstances exist – 12 months from completion date with re-established credit
Note: If the occurrence was on a  Kentucky VA loan, the veteran may not have full entitlement available for the new loan.

2  year completion needed after a Chapter 7 bankruptcy
If extenuating circumstances exist – 12 months from discharge or dismissal date with re-established credit.

If it was a Chapter 13 Bankruptcy, a minimum of 12 months of payments have been made, all payments have been paid satisfactorily and Trustee or Bankruptcy Judge approval of new mortgage loan.

Joel Lobb
Senior  Loan Officer

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

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Getting your Louisville Kentucky VA Loan Approval.

Getting your Louisville Kentucky VA Loan Approval

Step 1: Determine If You Are Eligible

We will cover the Proof of Eligibility Process below but in general, the following people are eligible for a VA-Backed Home Loan:

    * Veterans
    * Active duty personnel

    * Reservists/National Guard members

    * Some surviving spouses

 Get The Proof You Need To Show You Are Eligible For The VA Loan Program

You’ll need a Certificate of Eligibility before you can get a VA-backed loan.  This section shows how you can apply for one. 

Among categories A, B, and C below, find the one that matches your situation.

Category A:  Veterans, Active Duty, and Reservists/National Guard Members Who Have Served on Active Duty

You can get a Certificate of Eligibility in any of three ways:

1. Apply online.  Go to the Veterans Information Portal ( and click on User Registration. Click Here for user instructions for applying online.

2. Apply through us.  In many cases, we can obtain a Certificate online in minutes.  Check the table below entitled, “Evidence Needed for the Certificate of Eligibility.”

3. Apply by mail.  Use VA Form 26-1880.  Return it to the address shown on the form. If you can’t print the form, just call 1-888-244-6711 and follow the prompts for Eligibility.

Evidence Needed for the Certificate of Eligibility:
If you are:You need to submit:
(Includes a member or former member of the National Guard or Reserves who was once activated for Federal Service)
DD Form 214; We are required to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28). 
Active Duty ServicememberA current statement of service signed by (or by the direction of): the adjutant, personnel office, or commander of the unit or higher headquarters showing:

Your full name
Social Security Number
Date of birth
Entry date on active duty
The duration of any lost time
The name of the command providing the information

Not Active: Please include copy of DD214 if not currently active

Active: Copy of Current “Service Statement” (obtained from base personnel or online) and PCS Orders to Michigan

12) Copy of VA Certificate of Eligibility (or fill out VA form 26-1880) and fax to me.

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Kentucky VA Mortgage Lender for Louisville, Fort Knox, Fort Campbell, and Hardin County Kentucky and Jefferson County Kentucky


 Kentucky VA Home Purchase Loan Guidelines with lenders

Current low interest rates, 3.625% 30 year fixed rate loan with 4.897% APR  on a Kentucky  VA purchase loans are a winning combination to help you buy a home. Kentucky  VA loans offer great features such as no money down and credit scores as low as 580. Competitive rates and no mortgage insurance premiums may mean lower monthly payments than conventional loans.

  • Option for no down payment, zero down home loan
  • No monthly mortgage insurance premium
  • Credit scores as low as 580
  • No bankruptcies or foreclosure in the last two years
  • Rental History not required with an Approved Eligible thru DU
  • You can use your Kentucky VA loan Certificate of Eligibility more than once and have two VA loans out at the sametime in some cases. 
  • Seller or lender may contribute to veteran’s closing costs
  • Termite report required on all VA loans
  • No closing costs option available
  • Close in as little as 30 days
  • Free Mortgage Approvals for Kentucky Veterans and Active Duty soldiers
Joel Lobb
Senior  Loan Officer

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

Kentucky VA Allowable Closing Costs On a VA Mortgage


Maximum 1% origination fee or mortgage broker fee
Appraisal and compliance inspections for followups (442)
Recording fees 
Credit report fees
Prepaid items (taxes, assessments and similar items) 
Hazard insurance fee
Flood determination 
Title examination 
Title insurance 
Special mailing fees for refinancing loans 
(MERS) fee 
Other fees authorized by VA 
If an origination fee is charged, lenders may NOT assess veterans any other 
fees, other than the allowable fees noted above.

Joel Lobb
Senior  Loan Officer

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

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What are the residual income requirements for a Kentucky VA Home Loan Approval?

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 Kentucky VA Home loan approval for residual Income

Residual Income for a Kentucky VA Loan Approval
Residual income is the amount of income remaining after housing expenses, income taxes, long-term obligations and other expenses have been deducted from the borrower’s total gross pay. VA requires a specific amount of monthly residual income be available for the borrower’s use. This amount is based on the family size, location of the property and loan amount.
  • Federal, state and local taxes must be entered in DU or LP. Taxes should be calculated using the most recently published tax charts by the IRS and state or local taxing authorities. Click here for Tax tables.
  • Maintenance and utility costs may be estimated at 14 cents per square foot.
Minimum Residual Income with DTI <=41%

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell