Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?
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I have a website below about me so check it out. I have great reviews and will get you the best deal out there on your loan.
I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 900 Kentucky families buy their first home and refinance their current mortgage for a lower rate; Kentucky First time buyers $0 down still available with down payment assistance with KHC. Free Mortgage applications same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS ID 1364
Showing posts with label Kentucky VA Loan Approval. Show all posts
Showing posts with label Kentucky VA Loan Approval. Show all posts
Qualifying for A VA Home Loan in KY
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Kentucky VA Mortgage Lender Qualifying Criteria
Information about Kentucky VA Loan Mortgage
Most Kentucky VA loans come with the added benefits of zero down payments, lower interest rates and no requirements for mortgage insurance.
The VA sets these Kentucky mortgage conditions and guarantees a portion of the loan amount which is in lieu of a down payment from the Veteran. Financing for the property purchase is still provided by a lender in Kentucky that does VA loans
Kentucky VA Borrowers will still need to be approved by a qualified lender under Kentucky VA loan conditions in order to secure this type of mortgage.
Kentucky specific requirements for A VA Mortgage loans.
While these loans generally follow the same processing steps nationwide, the VA does set specific requirements for some areas. Standards around energy efficiency, insect inspections and environmental hazards can all vary from state to state and borrowers are obligated to meet these standards for an approved loan.
Frequently asked questions for Kentucky VA Mortgage Loans:
What do I need to apply for a Kentucky VA Loan?
The Veteran or Active Duty soldier must get a Certificate of Eligibility to prove they can participate in the VA home loan program . This does not guarantee loan approval, but does allow the borrower to participate in the VA home loan program in Kentucky. See link below on how to obtain your COE from VA
https://www.va.gov/housing-assistance/home-loans/how-to-request-coe/
How is the interest determined on a Kentucky VA Mortgage Loan:
Mortgage rates change daily so whenever you go to apply for your VA loan, you can lock in your rate for a certain time period. This time period usually starts at 15 days and goes up to 90 day or some up to 180 days, but keep in mind, the longer you take out your loan lock, the higher the rate and costs of the VA loan.
Your credit score, loan amount, property state and lender you choose will set the mortgage rate for you. It pays to shop around for the best rate.
Mortgage terms are usually set on 30 year and 15 year terms. The shorter the term, the lower the rate on your loan.
Is there mortgage insurance on Kentucky VA Mortgage Loans:
They're no monthly mortgage insurance premiums for VA Mortgage loans. However, there is upfront mortgage insurance, in the form of an upfront funding fee that gets added on top of the base loan. See below Funding Fee Schedule
Review the VA funding fee rate charts on this page to determine the amount you’ll have to pay. Down payment and VA funding fee amounts are expressed as a percentage of total loan amount.
For example: Let’s say you’re using a VA-backed loan for the first time, and you’re buying a $200,000 home and paying a down payment of $10,000 (5% of the $200,000 loan). You’ll pay a VA funding fee of $2,850, or 1.5% of the $190,000 loan amount. The funding fee applies only to the loan amount, not the purchase price of the home.
VA-backed purchase and construction loans
Rates for Veterans, active-duty service members, and National Guard and Reserve members
| If your down payment is… | Your VA funding fee will be… | |
|---|---|---|
| First use | Less than 5% | 2.15% |
| 5% or more | 1.5% | |
| 10% or more | 1.25% | |
| After first use | Less than 5% | 3.3% |
| 5% or more | 1.5% | |
| 10% or more | 1.25% |
Note: If you used a VA-backed or VA direct home loan to purchase only a manufactured home in the past, you’ll still pay the first-time funding fee.
VA-backed cash-out refinancing loans
Rates for Veterans, active-duty service members, and National Guard and Reserve members
| First use | After first use |
|---|---|
| 2.15% | 3.3% |
Note: The VA funding fee rates for refinancing loans don’t change based on your down payment amount. If you used a VA-backed or VA direct home loan to purchase only a manufactured home in the past, you’ll still pay the first-time funding fee.
Native American Direct Loan (NADL)
| Type of use | VA funding fee |
|---|---|
| Purchase | 1.25% |
| Refinance | 0.5% |
Note: The VA funding fee rate for this loan doesn’t change based on your down payment amount or whether you’ve used the VA home loan program in the past.
Other VA home loan types
| Loan type | VA funding fee |
|---|---|
| Interest Rate Reduction Refinancing Loans (IRRRLs) | 0.5% |
| Manufactured home loans (not permanently affixed) | 1% |
| Loan assumptions | 0.5% |
| Vendee loan, for purchasing VA-acquired property | 2.25% |
Note: The VA funding fee rates for these loans don’t change based on your down payment amount or whether you’ve used the VA home loan program in the past.
Can I avoid a Kentucky Mortgage VA funding fee?
Yes. However, in order to avoid paying a Kentucky VA funding fee, your service history will have to match up with one of these requirements:
You already receive VA disability income.
You're eligible for disability income but receive active-duty or retirement pay.
You have a memorandum that states you're eligible for disability pay, dated before your loan closing.
You're an active duty Purple Heart recipient.
You're the surviving spouse of a veteran who died as a result of their military service.
Who pays for Closing Costs on a Kentucky Mortgage Loan:
Who pays for which closing costs?
The seller must pay these closing costs (sometimes called seller’s concessions):
- Commission for real estate professionals
- Brokerage fee
- Buyer broker fee
- Termite report (unless you’re using a refinancing loan)
You (the buyer) or the seller can negotiate who will pay other closing costs such as these:
- VA funding fee
- Loan origination fee
- Loan discount points or funds for temporary “buydowns”
- Credit report and payment of any credit balances or judgments
- VA appraisal fee
- Hazard insurance and real estate taxes
- State and local taxes
- Title insurance
- Recording fee
Note: We require that a seller can’t pay more than 4% of the total home loan in seller’s concessions. But this rule covers only some closing costs, including the VA funding fee. The rule doesn’t cover loan discount points.
- Does Kentucky offer VA loans to surviving spouses?
Purchase loan
Native American Direct Loan (NADL) program
Interest Rate Reduction Refinance Loan (IRRRL)
Cash-out refinance loan
What is the most you can borrow on a VA home loan in Kentucky?
This will come down to your debt to income ratio. Typically VA mortgage loans have two ratios.
A front-end ratio and an back-end ratio. The front end ratio is the house payment, and the back-end ratio is the new house payment plus the monthly payments listed on your credit report.
They then divide these two ratios by your gross monthly income to get your max dti requirement for a VA Loan.
see link below on how to figure out your debt to income ratio:
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
fax: 502-327-9119
email: kentuckyloan@gmail.com
email: kentuckyloan@gmail.com
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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...
What military documents would I need
I served, but it was a very long time ago. Do my VA
I used my VA mortgage along time ago to buy a
What is the minimum credit score to obtain
I heard the VA Mortgage was more expensive than
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:
archives.gov/veterans/military-service-records/
*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.
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Can you have 2 Kentucky VA Loans?
Did You Know
A Kentucky Veteran Can Have Multiple VA Loans:
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.
Fill out my form!
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.
Fill out my form!
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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.
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Mortgage Application Checklist of Documents Needed below 👇
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
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/
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I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
Understanding Your Kentucky VA Home Loan Benefits
Fill out my form!
Kentucky VA Home Loan Lender
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
email: kentuckyloan@gmail.com
I have helped over 1300 Kentucky families buy or refinance their home over the last 20 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process.
I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues.
You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process.
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