Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?
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Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?
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Analysis of Prospects for Continued Employment for a Kentucky VA Mortgage Loan
Cases involving recently discharged Kentucky Veterans often require the underwriter to exercise a great deal of judgment and flexibility in determining whether the employment income will continue in the foreseeable future. This is because some Veterans may have little or no employment experience other than their military occupation.
Continuity of employment is essential for a Kentucky Veteran with no retirement income, or insufficient retirement income, to support the loan obligation. If the duties the borrower performed in the military are similar or directly related to the duties of the present position, use this as one indicator that the employment is likely to continue.
Most cases fall somewhere between these extremes. Fully develop the facts of each case to make a determination
Borrowers Employed for Less than 12 Months for a Kentucky Mortgage Loan
Generally, employment less than 12 months is not considered stable and reliable. However, the lender may consider the employment stable and reliable if the facts and documentation warrant such a conclusion. Determine whether the borrower's past employment, training, and/or education equipped him or her with particular skills that relate directly to the duties of their current position. If the probability of continued employment is high based on these factors, then the lender may consider including the income in the total effective income.
An explanation of why income of less than 12 months duration was used must be documented on the VA 26-6393, Loan Analysis. If the probability of continued employment is good, but not well supported, the lender may utilize the income if the borrower has been employed at 12 months, to partially offset debts of 6 to 24 months duration.
An explanation of why income was used to offset debts must be documented on the VA 26-6393, Loan Analysis. A borrower may have a valid offer of employment which will begin at or after the anticipated date of closing which can be verified. All data pertinent to underwriting procedures should be considered. However, a paystub(s) may not be available.
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• VA IRRRLS NO FICO
• Minimum FICO 550 on full files OR true NO FICO
• Manual underwrite to a 580 FICO
• Cash out to 100% LTV
• Manufactured homes allowed, double wide or bigger
• VA IRRRL NO LTV cap
• VA IRRRL, unlimited late payments (loan must be current and last 6 payments on time)
• VA IRRRL, allow odd terms on fixed loans
• VA purchase up to 100% LTV
• VA escrow holdbacks allowed
• FHA streamlines NO FICO
• Minimum FICO 550 on full files
• Manufactured homes allowed, double wide or bigger
• FHA streamlines, NOO allowed. NO Appraisals or AVMs
• FHA 203(k) & (h) allowed
• FHA escrow holdbacks allowed
• USDA Streamlines NO FICO
• Minimum FICO 580 on full files OR true NO FICO
• Manufactured homes allowed, double wide or bigger
• Streamlined assist
• USDA escrow holdbacks allowed
Kentucky Conventional Mortgage Loans
• Minimum FICO 580
• Manufactured homes allowed, double wide or bigger
• Up to 97% LTV (allow for the 3% to be gifted)
• LPMI up to 97% LTV
• LPMI and Regular MI allowed on investment properties
• Unlimited financed properties (follow Fannie Mae guidelines)
• HARP DU Refi Plus (allow for MI to be transferred) Fannie
• HARP Open Access Relief loan (allow for MI to be transferred) Freddie
• Home One, HomeReady, Home Possible
• 80/10/10 Program with HELOC 2nd