Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?
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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 Mortgage Loans. Show all posts
Showing posts with label Kentucky VA Mortgage Loans. Show all posts
Qualifying for A VA Home Loan in KY
Kentucky VA Home Loan Guidelines for Employment
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.
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/
NMLS ID# 57916, (www.nmlsconsumeraccess.org).
Kentucky VA Home Loan Mortgage Lender: Understanding Your Kentucky VA Home Loan Benefits
Louisville Kentucky VA Home Loan Mortgage Lender: Understanding Your Kentucky VA Home Loan Benefits
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Is your credit score high enough for a Kentucky VA Home Loan Approval?
Usually, 620 or Higher is better for 2 reasons lower rate and less
stipulations from the underwriter
Do you have sufficient credit depth for a Kentucky VA Home Loan Approval?
Generally, all on-time payments in the last 12 months. They like to see two-three paid on time for the last 12 months
Do you make enough money to cover all your debts, including the new
Kentucky VA mortgage?
Debts divided by your gross monthly income is lower than 50%. I have
seen many exceptions to this with compensating factors. I have seen as high as 78% debt ratio get approved through the AUS if you have high credit scores (720 or higher, good residual income, a lot of assets, ie money in the bank, retirement, etc.
-Do you have a high probability of continuing to make that same income?
Two years of stable job history is the best. If you were off work sometimes a good letter of explanation will suffice for a job gap. i.e. hurt, medical, etc.
What is a credit score required for a Kentucky VA Home Loan?
There is no minimum credit score in the VA guidelines.
But, the lender may have a minimum score. It is called credit "overlays".
Most Kentucky VA Home lenders will require a 620 middle credit score.
You have three fico scores from Experian, Equifax, and Transunion.
They will use the middle score of the three. For example, if you have a 675,689,619,
your qualifying fico score to be used would be 675. you can possibly get a VA home
loan approval with a lower score, but you will
have to provide a lot of other information to get that approval
.
What does Debt to income mean for a Kentucky VA Home Loan Approval?
Your ratio of total monthly debt payments on the credit report divided by your gross
monthly income. They do not include, utilities, car insurance, cell phone bills,
only credit reporting items. Typically on a VA home loan, they like to see that number around 43% on the back-end ratio for loan approval. You can go above this with high credit scores, good residual income, assets in the bank, etc. Conversely, if you have a low fico score, no money in the bank, going up in house payment from your current housing payment, or low va residual income. then you will need to be under this.
Kentucky VA Home Loan Mortgage Lender:
👇👇👇👇👇👇👇
Is your credit score high enough for a Kentucky VA Home Loan Approval?
Usually, 620 or Higher is better for 2 reasons lower rate and less
stipulations from the underwriter
Do you have sufficient credit depth for a Kentucky VA Home Loan Approval?
Generally, all on-time payments in the last 12 months. They like to see two-three paid on time for the last 12 months
Do you make enough money to cover all your debts, including the new
Kentucky VA mortgage?
Debts divided by your gross monthly income is lower than 50%. I have
seen many exceptions to this with compensating factors. I have seen as high as 78% debt ratio get approved through the AUS if you have high credit scores (720 or higher, good residual income, a lot of assets, ie money in the bank, retirement, etc.
-Do you have a high probability of continuing to make that same income?
Two years of stable job history is the best. If you were off work sometimes a good letter of explanation will suffice for a job gap. i.e. hurt, medical, etc.
What is a credit score required for a Kentucky VA Home Loan?
There is no minimum credit score in the VA guidelines.
But, the lender may have a minimum score. It is called credit "overlays".
Most Kentucky VA Home lenders will require a 620 middle credit score.
You have three fico scores from Experian, Equifax, and Transunion.
They will use the middle score of the three. For example, if you have a 675,689,619,
your qualifying fico score to be used would be 675. you can possibly get a VA home
loan approval with a lower score, but you will
have to provide a lot of other information to get that approval
.
What does Debt to income mean for a Kentucky VA Home Loan Approval?
Your ratio of total monthly debt payments on the credit report divided by your gross
monthly income. They do not include, utilities, car insurance, cell phone bills,
only credit reporting items. Typically on a VA home loan, they like to see that number around 43% on the back-end ratio for loan approval. You can go above this with high credit scores, good residual income, assets in the bank, etc. Conversely, if you have a low fico score, no money in the bank, going up in house payment from your current housing payment, or low va residual income. then you will need to be under this.
Kentucky Mortgage Guidelines for VA, FHA, USDA and Conventional Mortgage Loans
• 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
I hope this gives you some useful input to help guide your decision making. Give me a call if you have more specific questions! Thanks so much
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
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.
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