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

Louisville Kentucky VA Home Loan Mortgage Lender: How to Get Approved for a Kentucky VA Home Mortgag...

Louisville Kentucky VA Home Loan Mortgage Lender: How to Get Approved for a Kentucky VA Home Mortgag...: Basic Understanding of a Kentucky VA Mortgage Loan Approval Process. The VA makes a guarantee to the lending institution (the insurance)-for...


Basic Understanding of a Kentucky VA Mortgage Loan Approval Process.

The VA makes a guarantee to the lending institution (the

insurance)-for 25% of the loan amount (from a lenders

perspective the effective LTV is 75%).

Because the risk to the bank is reduced, the bank can provide

more affordable loans to the Veteran:

• Eliminating the need for a down payment (100% Mortgage)

• Provides the Veterans favorable interest rates

• Eliminating Mortgage Insurance (NO PMI)

Crushing the Myths of the VA Loan

• VA Mortgage Benefits do not expire.

• You can use your VA benefits as many times as you wish.

• You can have more than 1 at a time. (See occupancy rules)

• There is no limit to the size of a VA loan. (There is a county

loan limit, but veterans can purchase above the county loan

limit with a 25% down payment)

• Credit and risk is reviewed differently by each bank

and lender.

• Even with a foreclosure or short sale, the veteran may still be

able to buy a house with a VA loan. (See burnt entitlement,

veteran might have reduced buying power, but can still

use the VA loan). The VA understands that bad things can

happen to good people.

• VA Appraisals are significantly different than they use to be.


What military documents would I need
to have in order to get a VA mortgage?

I don’t know if I still have my documents from when I

served. How can I retrieve them?

There are three websites that should be able to help you, they are:

vetrecs.archives.gov

archives.gov/veterans/military-service-records/

ebenefits.va.gov

*If you have difficulty retrieving information from any of these sites,

the local recruiting office for your branch would be able to assist.

I have my discharge paperwork, but would like help

obtaining my Certificate of Eligibility

Contact your lender.

I served, but it was a very long time ago. Do my VA
benefits for a mortgage expire?

No, VA Home Loan benefits never expire. You can use your

VA benefit as long as you’re alive.

I used my VA mortgage along time ago to buy a
home. That means I can’t use it again, right?

The VA Mortgage can be used several times over. If the previous

home was sold, your entitlement should be fully reinstated.

What is the minimum credit score to obtain
a VA mortgage?

The VA does not have a minimum credit score, but lenders will

have their own internal overlay. If your score is greater than 580,

you are likely a candidate for the VA mortgage.


Can I use the VA loan to buy a condo?

You can, with the same terms as buying a detached single family

residence. However, we do have to see if the condo association

is VA approved. Check this website:

vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

I relocated here and have a home in my hometown. I

kept the home and it has a VA mortgage on it now.

Can I get another VA mortgage?

You can get another VA Mortgage. Mortgage

will calculate your remaining entitlement to compute your

maximum loan amount with no money down and/or what

you would have to put down if you exceed the remaining

entitlement.

Can I build a home with a VA Home Loan?

Yes, but there are several clauses that may make this difficult

to accomplish. Many veterans use their VA Home Loan

Certificate of Eligibility to negotiate in good faith a private home

construction loan and then refinance the completed home using

VA Home Loans.

I heard the VA Mortgage was more expensive than
other mortgage types. Is that true?

There is a mandatory funding fee on all VA mortgages (unless

the borrowing veteran is receiving a VA related disability, then

the funding fee is waived). The funding fee is built over and

above the loan amount and the fees are as below.



It's Military May, and that means Permanent Change of Station (PCS) season for military families is upon us. However, some brokers will miss out on opportunities to help more Veterans due to a few commonly held misconceptions regarding Kentucky VA loans.

Separating fact from fiction can make all the difference this season for your business. Here are a few myths around Kentucky VA loans:

Myth: Kentucky VA Loans Are Credit Risks

Reality: Kentucky Veterans and military members tend to have higher credit scores and savings.

Myth: The Seller Pays the Closing Costs

Reality: In a well-structured Kentucky  VA loan, the benefits include no down payment and ideally no closing costs to the seller.

Myth: There Is a Maximum VA Loan Amount  

Reality: There has never been a maximum Kentucky  VA loan amount, though it's often confused with maximum VA loan guarantee.

Myth: VA Loans Are Complicated With Many Restrictions

Reality: The expertise of our Kentucky VA lending team makes the process simple so you can focus on your borrower.



Basic Understanding of a Kentucky VA Mortgage Loan Approval Process. The VA makes a guarantee to the lending institution (the  insurance)-for 25% of the loan amount (from a lenders  perspective the effective LTV is 75%).  Because the risk to the bank is reduced, the bank can provide  more affordable loans to the Veteran:  • Eliminating the need for a down payment (100% Mortgage)  • Provides the Veterans favorable interest rates  • Eliminating Mortgage Insurance (NO PMI)  Crushing the Myths of the VA Loan • VA Mortgage Benefits do not expire.  • You can use your VA benefits as many times as you wish.  • You can have more than 1 at a time. (See occupancy rules)  • There is no limit to the size of a VA loan. (There is a county  loan limit, but veterans can purchase above the county loan  limit with a 25% down payment)  • Credit and risk is reviewed differently by each bank  and lender.  • Even with a foreclosure or short sale, the veteran may still be  able to buy a house with a VA loan. (See burnt entitlement,  veteran might have reduced buying power, but can still  use the VA loan). The VA understands that bad things can  happen to good people.  • VA Appraisals are significantly different than they use to be.    What military documents would I need to have in order to get a VA mortgage? I don’t know if I still have my documents from when I  served. How can I retrieve them? There are three websites that should be able to help you, they are:  vetrecs.archives.gov  archives.gov/veterans/military-service-records/  ebenefits.va.gov  *If you have difficulty retrieving information from any of these sites,  the local recruiting office for your branch would be able to assist.  I have my discharge paperwork, but would like help  obtaining my Certificate of Eligibility  Contact your lender.  I served, but it was a very long time ago. Do my VA benefits for a mortgage expire? No, VA Home Loan benefits never expire. You can use your  VA benefit as long as you’re alive.  I used my VA mortgage along time ago to buy a home. That means I can’t use it again, right? The VA Mortgage can be used several times over. If the previous  home was sold, your entitlement should be fully reinstated.  What is the minimum credit score to obtain a VA mortgage? The VA does not have a minimum credit score, but lenders will  have their own internal overlay. If your score is greater than 580,  you are likely a candidate for the VA mortgage.    Can I use the VA loan to buy a condo? You can, with the same terms as buying a detached single family  residence. However, we do have to see if the condo association  is VA approved. Check this website:  vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch  I relocated here and have a home in my hometown. I  kept the home and it has a VA mortgage on it now.  Can I get another VA mortgage? You can get another VA Mortgage. Mortgage  will calculate your remaining entitlement to compute your  maximum loan amount with no money down and/or what  you would have to put down if you exceed the remaining  entitlement.  Can I build a home with a VA Home Loan? Yes, but there are several clauses that may make this difficult  to accomplish. Many veterans use their VA Home Loan  Certificate of Eligibility to negotiate in good faith a private home  construction loan and then refinance the completed home using  VA Home Loans.  I heard the VA Mortgage was more expensive than other mortgage types. Is that true? There is a mandatory funding fee on all VA mortgages (unless  the borrowing veteran is receiving a VA related disability, then  the funding fee is waived). The funding fee is built over and  above the loan amount and the fees are as below.      It's Military May, and that means Permanent Change of Station (PCS) season for military families is upon us. However, some brokers will miss out on opportunities to help more Veterans due to a few commonly held misconceptions regarding Kentucky VA loans.  Separating fact from fiction can make all the difference this season for your business. Here are a few myths around Kentucky VA loans:  Myth: Kentucky VA Loans Are Credit Risks  Reality: Kentucky Veterans and military members tend to have higher credit scores and savings.  Myth: The Seller Pays the Closing Costs  Reality: In a well-structured Kentucky  VA loan, the benefits include no down payment and ideally no closing costs to the seller.  Myth: There Is a Maximum VA Loan Amount    Reality: There has never been a maximum Kentucky  VA loan amount, though it's often confused with maximum VA loan guarantee.  Myth: VA Loans Are Complicated With Many Restrictions  Reality: The expertise of our Kentucky VA lending team makes the process simple so you can focus on your borrower.


Can you have 2 Kentucky VA Loans?

A Kentucky Veteran Can Have Multiple 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 http://benefits.va.gov/homeloans/do...limits.pdf
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
(NMLS#57916)


phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

VA Mortgages for Kentucky Veterans




Kentucky VA Mortgage Pre-Approvals for 580 Fico Scores and up!


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




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% 

residual income requirements for a Kentucky VA Home Loan Approval




Mortgage Application Checklist of Documents Needed below  👇

W-2 forms (previous 2 years)
Paycheck stubs (last 30 days - most current)
Employer name and address (2 year history including any gaps)
Bank accounts statement (recent 2 months – all pages
Statements for 401(k)s, stocks and other investments (most recent)
federal tax returns (previous 2 years)
Residency history (2 year history)
Photo identification for applicant and co-applicant (valid Driver’s License





click on link for mortgage pre-approval


Joel Lobb (NMLS#57916)


Senior Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223


Company ID #1364 | MB73346

Text/call 502-905-3708


kentuckyloan@gmail.com



If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.


Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/


NMLS Consumer Access for Joel Lobb 

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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
email:
          kentuckyloan@gmail.com


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
email:
 kentuckyloan@gmail.com


http://www.mylouisvillekentuckymortgage.com/





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, (www.nmlsconsumeraccess.org).


 




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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
(NMLS#57916)

 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 (http://vip.vba.va.gov) 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:
Veteran
(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


11) 
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.



Certificate of Eligibility, DD214, Kentucky VA Home Loans, Louisville VA Lenders, VA Loan- A step by step guide, debt ratio va loan, Kentucky VA Loan Approval, Louisville VA Lenders, VA Funding Fee Chart, VA Mortgage Loan Checklist, VA Mortgage Streamline (IRRRL), VA loan limits KY 2014,


Kentucky VA Allowable Closing Costs On a VA Mortgage



ALLOWABLE CLOSING COSTS ON A KENTUCKY VA MORTGAGE LOAN

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 
Survey 
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
(NMLS#57916)

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

 Company ID #1364 | MB73346

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