Showing posts with label VA Mortgage Loan Checklist. Show all posts
Showing posts with label VA Mortgage Loan Checklist. Show all posts

Qualifying for A VA Home Loan in KY

Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?


  1. Does the Kentucky VA Home Loan benefit expire?   NO
  2. Can the Kentucky VA Home Loan Benefit be used more than once?  YES
  3. Can you have MORE than one active Kentucky VA loan at one time?  YES
  4. Is there a limit to the size of the Kentucky VA loan?  NO
  5. Are VA appraisals difficult?  NO
  6. Are VA loans expensive?  NO
  7. Do you need to be a combat veteran to be eligible?  NO
  8. Do National Guard or Reservists qualify?  YES
  9. Do VA loans take longer to close?  NO
  10. Can my service-connected disability reduce my VA loan costs?  YES
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Kentucky VA Mortgage Question and Answers for Qualifying for A VA Home Loan in KY?


















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. 

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https://www.mylouisvillekentuckymortgage.com/p/va-loans.html

KENTUCKY VA MORTGAGE LOAN INFORMATION

 COMMON KENTUCKY VA LOAN MYTHS FOR KENTUCKY VETERANS

  1. VA loans are difficult to qualify for.
  2. All VA loans require a down payment.
  3. VA loans require private mortgage insurance (PMI).
  4. You can't refinance a VA loan.
  5. You can only have one VA loan.
  6. You can use a VA loan once.
  7. VA loans are not assumable.
  8. You can't buy land with a VA loan.
  9. You can't build a house with a VA loan.
  10. VA loans only apply to the home purchase itself.

Is it hard to qualify for a VA loan?

Myth #1: Kentucky VA loans are difficult to qualify for.

Fact: VA loans have fewer credit restrictions compared to conventional loans. These reduced restrictions, like a higher debt-to-income (DTI) ratio and more leniency regarding credit scores, mean it can be easier to qualify. VA has no minimum credit score but lenders will have overlays with most being 620 and some going down to 580, with a few going all the way down to 500 but it is very difficult to get approved at this level --- though each individual case and lender will vary.

Do VA loans require a down payment?

Myth #2: All Kentucky VA loans require a down payment.

Fact: While conventional loans generally require down payment options that can reach up to 20%, no such thing is required with a VA home loan at or under the local conforming limit. Down payments are still an option, of course, but they are not a requirement.

The VA allows you to purchase jumbo loans, but the down payment depends on your entitlement:

  • Full entitlement - 100% LTV (loan-to-value) maximum
  • Partial entitlement - Maximum loan must be calculated using 25% guarantee of 1 unit county loan limit. Max LTV is lesser of max allowed or LTV required to meet 25% guaranty

Do VA loans have PMI?

Myth #3: VA loans require private mortgage insurance (PMI).

Fact: Private mortgage insurance is not required for VA loans. PMI typically adds 0.2%-0.9% of expenses to your monthly mortgage payments when you put less than 20% down. That’s a big additional expense you don’t have to worry about when you get a VA loan. Remember, VA loans do come with a funding fee.

Can you refinance a VA loan?

Myth #4: You can’t refinance a Kentucky VA loan.

Fact: Thanks to VA streamline and cash-out loan programs, VA loans are actually easier to refinance than conventional mortgages. The streamline version lowers the mortgage rate of an already existing VA loan, usually for less than the current principal and interest. This means it doesn't require a credit check or appraisal. The cash-out option involves a credit check and appraisal, since the home’s value represents the maximum loan amount and the new loan will be larger than the existing loan.

How many VA loans can you have?

Myth #5: You can only have one Kentucky VA loan.

Fact: There is no limit to the number of VA loans you can have. While it is possible to have multiple VA loans at once, this depends on VA loan entitlement. VA loan entitlement refers to the amount that the VA will pay your lender if you default on your loan. There is a limit on your VA entitlement. It can be split across multiple loans but the limit remains the same. For full entitlement, the VA covers:

  • Up to $36,000 for loans < $144,000
  • Up to 25% for loans > $144,000

If, however, you’ve used a portion of your entitlement in one loan that you’re still actively paying off (or defaulted on), the amount of entitlement you have on any new loan is reduced. This means that you may need to put money down yourself instead of having the usual benefit of a zero down payment for VA loans. To learn about VA loan limits and entitlement, visit us here.

How many times can you use a VA loan?

Myth #6: You can only use a Kentucky VA loan once.

Fact: There is no limit on the number of times you can use the VA loan benefit. You can use the benefit an unlimited number of times throughout your life, as long as you still qualify. To qualify, you need to meet certain requirements, which you’ll already be aware of if you’ve taken out a VA loan in the past. For those who haven’t taken out a VA loan prior, you can learn how to qualify here.

Are VA loans assumable?

Myth #7: Kentucky VA loans are not assumable.

Fact: Federally insured and guaranteed loans are usually assumable. This includes VA loans. What does it mean if a loan is assumable? An assumable mortgage is when the lender allows you, the buyer, to take over the current mortgage that the seller has. This can save a lot of money if the interest rates are lower on the existing mortgage than they would be to take out a new mortgage. Assumable mortgages allow buyers, who otherwise wouldn’t qualify for a VA loan, to take over a VA mortgage. This means that you would get most, if not all, of the benefits that come with VA loan eligibility. In order to assume a VA mortgage, you will need to meet certain requirements, such as:

  • acceptable credit history and  credit score
  • debt-to-income ratio to meet guidelines 
  • No Bankruptcies or foreclosures in last 2 years ( Chapter 7) --Chapter 13 is possible within one year in the plan.
  • acceptable work history for last two years
  • residual income requirements
  • property passing VA standards

You will also be required to pay the VA funding fee that comes with VA loans. This equates to 0.5% of the total loan amount. This may be waived if you’re an eligible military borrower who qualifies for an exemption. Other fees may be required as well.

For sellers, if a non-military borrower assumes your mortgage, your VA entitlement won’t be restored until the loan is paid in full. You will want to request that the lender releases you from liability on the loan to avoid dips in your credit reports if the buyer defaults or makes a late payment.

Can you buy land with a VA loan?

Myth #8: You can’t buy land with a Kentucky VA loan.

Fact: The VA doesn’t authorize buyers to singularly purchase land with a VA loan. However, you can purchase land and build a home on it. This is partially because VA loans are granted with a required occupancy period — you must use the property as your primary residence for at least one year. If there is already a home on the land, this is acceptable. Another acceptable scenario is if you plan to immediately build a home on the land after purchase. This may require a purchase/construction loan.

You can also purchase land with a conventional loan or certain other types of loans. Then you can build a home on the land using a VA construction loan. Upon completion, military borrowers can refinance VA construction loans into permanent VA loans. Builders must be VA-approved.

Finally, you can purchase land and build a property using a non-VA purchase/construction loan. Then you can refinance the loan upon completion of the build into a permanent VA loan (as long as the property meets the VA’s requirements).

Can you use a VA loan to build a house?

Myth #9: You can’t build a house with a Kentucky VA loan.

Fact: VA construction loans do exist, as mentioned above, and under the right circumstances, they can be refinanced into permanent VA loans. Ask your lender about VA purchase/construction loan options.

Can you use a VA loan for home improvement?

Myth #10: Kentucky VA loans only apply to the home purchase itself.

Fact: The VA allows for increases to purchase loans for the purpose of making renovations. The VA’s Energy Efficiency Mortgage program, for instance, lets borrowers add up to $6,000 to their home loan amount to install solar heating, insulation and storm windows, among other features.

In conclusion


Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. 


--

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 


KENTUCKY VA MORTGAGE QUALIFYING GUIDELINES

 

What are Kentucky VA Home Loans?


VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today's VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no down payment with no mortgage insurance or refinance up to 90% of homes current equity.




What are the eligibility requirements for a VA Loan in Kentucky?


Veterans Affairs loan guidelines use two methods of income qualification in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). 

Using this ratio, the veteran's total debt should not exceed 41% of the veteran's total income. Most lenders will require at least a 580 to 620 credit score for a VA Loan approval. Keep in mind, VA guidelines do not call for a credit score but most lenders institute minimum credit score overlay to protect from buybacks from VA loans if they have too many go into foreclosure





How much can I borrow?


The maximum Kentucky VA Mortgage amount is determined by:

Maximum VA Loan in Kentucky: The largest loan allowed for VA mortgages with zero down is now based on your VA loan entitlement in KY. Please refer to the Kentucky VA Loan Limit chart at the bottom of this page to see your area's limit.

Maximum Finance: For purchase transactions, the Maximum VA Loan will be 100% of the lower of the selling price or the appraised value.





What will the down payment and closing costs be?


No down payment required and closing costs vary from lender to lender and usually is based upon the loan amount, credit score, time to close (lock period) and whether or not you get a par rate or a higher rate with a lender credit to pay some of your closing costs at closing.



What property types are allowed for VA Loans in Kentucky?


VA Loans may be used to purchase or refinance single-family residences and VA approved condo projects if the property is the veteran's primary residence.

Can I do a VA refinance in Kentucky?


Three kinds of VA Refinance programs are available for veterans in Kentucky.


Rate/Term VA Refinance

The Rate/Term VA Refinance can be used to refinance a conventional, FHA or subprime mortgage into a stable, fixed rate VA Loan.


VA Cash-Out Refinance

A Cash-Out VA Refinance is very beneficial for the veteran who wants to access the equity that they have built up in their home. VA Loans can be used to refinance up to 90% of a home's current value and take cash out for any reason.


Streamline Refinance


The VA Streamline Refinance is designed to lower the interest rate on a current VA mortgage or convert a current VA adjustable-rate mortgage into a fixed rate. A VA Streamline Refinance Loan can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.



How much can I refinance in Kentucky?


The maximum amount for an KY VA loan is determined by:


Maximum VA Loan in Kentucky: The largest loan allowed for a VA Mortgage varies from county to county. To see what the limit is in the county in which you're interested, visit the following page


๐Ÿ‘‡๐Ÿ‘‡

https://www.benefits.va.gov/HOMELOANS/purchaseco_loan_limits.asp.


This site lists U.S. territories as well as states.


Maximum Finance: In Kentucky, the maximum VA refinance loan amount will be 100% of the appraised value of the home for a rate/term refinance or 100% of the appraised value for a VA cash out refinance.

What factors determine if I am eligible for a VA Refinance Loan?


VA refinance loans use two methods for income qualification purposes in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt-to-income ratio (DTI). Using this ratio, the veteran's total debt should not exceed 41% of the veteran's total income. Most lenders will require at least a 580-credit score for a VA Loan approval.

Why choose a VA Home Loan?


Kentucky VA Mortgages require no down payment.

There are no prepayment penalties for VA Home Loans.

A Kentucky VA Loan is fully assumable, provided the person assuming is qualified.

VA Mortgage Loans have no PMI premiums.

A VA Mortgage Loan is eligible for non-credit qualifying, Streamline Refinance or "IRRRL".

A VA Home Mortgage is available all areas of the country, provided a market exists for the property and the home meets VA's property standards.

A VA Home Loan may be used to purchase or refinance a new or existing home.

Kentucky VA Loans are offered at terms of 15 or 30 years.





http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb
Senior Loan Officer
(NMLS#57916

text or call my phone: (502) 905-3708

email me at kentuckyloan@gmail.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 approval, nor 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). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Mortgage Checklist Documents for Approval

Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Mortgage Checklist Documents for Approval: Required for all Borrowers Pre-Approval Required Documents W-2’s (2 years) Drivers License Tax Returns (2 years) Bank Statements (2 months- ...


Kentucky VA Mortgage Checklist Documents for Approval




Required for all Borrowers

Pre-Approval Required Documents W-2’s (2 years)

Drivers License

Tax Returns (2 years)

Bank Statements (2 months- all accounts)

Employed Borrowers (with a W-2) Paystubs (totally one month) Retirement Statement (most recent)

*SSI Disability Requirement - SSI Reward Letter

Self-Employed Borrowers

(1099/Schedule C/Schedule S, etc.)

Tax Returns (2 years; Personal and business with statements and schedules)

Retirement Statement (most recent)

*SSI Disability Requirement - SSI Reward Letter


Veteran (VA) Borrowers

Pension Reward letter

Social Security Reward Letter Social Security Card

Retired Borrowers

Social Security Reward Letter & 1099 2 years W-2’s (where applicable) Social Security Card

Retirement Statement (most recent 2 months)

Social Security Income Borrower

VA Benefits Award Letter Social Security Card

Retirement Statement (most recent 2 months)

How to apply for a Kentucky VA Home Loan?


  • Kentucky VA guaranteed home loans benefit veterans because they do not need to make a down payment and there is no upper limit or required cap on the income of the borrower.  Without a down payment as security against foreclosure, lenders receive a certificate of guaranty from VA. 
  •  In essence, as gratitude for honorable military service, the government is vouching for the veteran's trustworthiness to repay his/her debt.  
  • To determine eligibility, a military veteran, active duty person, or a member of the national guard or selected reserves, must submit a VA Form 26-1880 (2 pages) (Form is now in a FILLABLE format - but people with Adobe 5.0 seem to have trouble with it) along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the national guard or reserves) to the VA Eligibility Center, P.O. Box 100034, Attn. COE (@^@), Decatur, GA 30331. 

  •  Based on the applicant's length and type of service, VA issues a certificate for each person determined eligible to apply for a VA guaranteed home loan.  Check the status after ten days by calling 1 (888) 768-2132, option 1, between 8:00 - 4:00 Eastern time.
  1. Viewing and Inspecting the Home
  • Kentucky Home buyers usually use the services of state-licensed real estate agents to: determine an affordable price range, suggest certain home features suitable for the buyer, schedule home tours, negotiate sales contacts and hold earnest money deposits.  
  • State-licensed real estate professional can explain the legal requirements for buyers and sellers, and can refer buyers to local lenders and certified home inspectors.  Buyers should accompany their preferred home inspector during the inspection of the property to ask questions about the home's systems.  
  1. Requesting the Loan
  • Kentucky Home buyers may want to contact a lender even before they sign a contract for a home, so that they can be pre-approved to determine their maximum mortgage amount.  Home buyers who wish to obtain a VA guaranteed loan should make sure that the sales contract includes a phrase, sometimes called a financing contingency, making the contract subject to approval for a Kentucky VA guaranteed loan.  
  • Lenders verify and review past and present job and credit history of home applicants and compare it with VA loan approval guidelines.  If the documents with the loan request cannot be approved, then additional written information must be presented to the lender or the Kentucky VA for further consideration.
  • VA recommends that buyers compare lending terms among several lenders in order to find the best combination of interest rates, discount points, and other negotiable costs for a Kentucky VA guaranteed loan.
  1. Appraising the Property
  • When an eligible veteran contacts a lender to request a Kentucky VA guaranteed loan, the lender obtains a VA number for the request via the Internet.  The lender uses the VA number to monitor progress of the appraisal and loan application.  The lender also sends a VA form to a state-licensed real estate appraiser who will visit the home to give the lender and VA an opinion of the market value of the property. 
  •  The appraisal tells the lender and VA whether the property is expected to be adequate collateral for the requested loan.  Neither the appraisal of the home nor the VA guaranty is a warranty from constructional defects and their resulting repair costs.  Builders and brokers can issue warranties for the condition of the home's structure and systems.
  1. Closing the Sale
  • If the loan and home are approved, the buyer needs to contact a state-licensed insurance agent who will provide homeowner coverage to protect the owner and lender from property damage and loss.  
  • Title to the home is usually examined and insured by a title insurance company that may also prepare closing documents and enter them into public records after the closing. After the home is purchased and the loan is originated, the lender usually sells the active loan to another company which will receive the loan payments and pay the real estate taxes and insurance premiums. 
  1. Closing Costs for Kentucky VA Home Loans
  • VA regulates the closing costs that a veteran can be charged when obtaining a VA home loan. The closing cost regulation is designed to keep lenders from charging veterans those closing costs that VA has determined as being beneficial to the lender and not necessarily beneficial to the veteran. For a list of allowable and unallowable closing costs, please follow the link below.


  1. Prequalifying Worksheet
  • The Prequalifying Worksheet will give you a general idea of what you can afford, and whether you are within VA underwriting guidelines for approval.  This Prequalifying Worksheet is not a commitment to lend, nor can it be used to determine whether a lender will approve the Kentucky VA loan.   Please note, the Prequalifying Worksheet is in Excel format.   Prequalifying Worksheet    


Mortgage Application Checklist of Documents Needed 


below  ๐Ÿ‘‡



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 

Accessibility for Website 

Privacy Policy

Louisville Kentucky VA Home Loan Mortgage Lender: Tips on getting a Kentucky VA Mortgage Guidelines ...

Louisville Kentucky VA Home Loan Mortgage Lender: Tips on getting a Kentucky VA Mortgage Guidelines ...: Getting  your Louisville  Kentucky VA  Loan  Approval Run a 25-year loan if you are not getting an approval with a 30-year. Even with higher...



Run a 25-year loan if you are not getting an approval with a 30-year. Even with
higher ratios, 25-year loans are considered lower risk and can be key to getting
an Approve Eligible
• You can do a VA IRRRL on a property that the veteran no longer lives in
• Payoff debts at closing with seller concessions. When writing the offer, this
information goes in the “under additional provisions or other terms” section
• No seasoning requirement for being added to the title (No flip rule)
• Only type of loan where an SAR Underwriter can adjust the value after a
secondary review in Tidewater with a request from the borrower. That gives us
two chances to increase the value if it comes in under.
• You can have more than one at the same time.
• If the DD-214 is a Dishonorable Discharge, the Veteran can re-apply and get their
benefits reinstated and then buy their home. (Apply to the BCMR to upgrade on
basis of clemency)
• No max loan amount & no max amount of closing costs a seller can pay.
• Time of service requirements can be appealed if they are discharged due to a
service-related disability
• Student loans in deferred status that go by old guidelines can be omitted.
• Disputes do not need to be removed to qualify. This is a good trick if you need a
couple extra points. (Disputing collections)
• Time of service requirements can be appealed if they are discharged due to a
service-related disability.
• LP is generally nicer to VA Loans that have derogatory trade lines




Mortgage Application Checklist of Documents Needed below  ๐Ÿ‘‡

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 

Accessibility for Website 

Privacy Policy

2020 Kentucky VA Mortgage Guidelines


Things to know about getting a VA Mortgage Loan in Kentucky in 2020


1. There isn’t a cap on the Kentucky VA loan amount someone could borrow.

2. Kentucky VA loans cannot be used to purchase vacation homes or second homes.

3. Some surviving spouses are eligible.

4. The VA doesn’t provide borrowers with the loan.

5. Borrowers must receive a Certificate of Eligibility.



Kentucky VA home loans don’t have a limit, are only available through lenders, must be used for primary residences and eligible to surviving spouses, and require a Certificate of Eligibility.Kentucky VA home loans don’t have a limit, are only available through lenders, must be used for primary residences and eligible to surviving spouses, and require a Certificate of Eligibility, certain credit score and income and residual income requirements.



Unlike many other mortgage loans, Kentucky VA loans don’t have a set cap on how much money a borrower could receive, according to the VA. This essentially means there isn’t a limit. However, the VA itself does, with it only assuming liability on a certain amount.


"The loan limits are the amount a qualified Kentucky Veteran with full entitlement may be able to borrow without making a down payment."


Specifically, “there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you," states the department. “The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location.”


These limits also tend to change from year to year, and can be viewed on the VA’s official website.



One of the stipulations of a VA home loan is that the property being purchased must be used as the borrower’s primary residence. This means any vacation homes, as well as properties buyers are interested in purchasing for investment purposes, do not qualify. However, buyers aren’t limited to only single-family homes. Multi-family homes, some condominiums, and manufactured homes, are also eligible—they just need to be approved by the VA beforehand. In some instance, you can have two VA loans outstanding in Kentucky


As aforementioned, VA home loans were developed to help veterans, active-duty service members and reservists afford a home. Still, there are some exceptions in which surviving spouses may be eligible, as well. Several conditions in which this could take place, as described by the VA, include:


A surviving spouse of a veteran who was killed in action or by a combat-related disability may qualify, for example, as long as he or she is not remarried. A spouse of an active-duty service member “missing in action or a prisoner of war” could obtain this type of loan, too.


Additionally, any surviving spouses who remarry on or after age 57, and on or after December 16, 2003, or who are married to a “certain totally disabled” veteran “whose disability may not have been the cause of death,” are also considered an eligible candidate.


The VA created the loan and guarantees it, but the agency doesn’t actually provide qualified borrowers with a VA loan. Applicants would need to be approved by a trusted mortgage lender and obtain the funds that way, instead. As a result, it’s important for home buyers to know what exactly to​. ​

Although borrowers have to apply for a VA home loan via a lender, they must receive a Certificate of Eligibility (COE) by the VA to be approved, which they can do online, via mail, or through their lender. A COE simply proves that they are suitable candidates and meet the loan’s qualifications. Since different types of buyers could be eligible, the VA breaks down what each one would need to obtain a COE:


For instance, any veterans applying need a DD Form 214, and are “required to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28).”


6. What credit score do I need to qualify for a VA Home Mortgage in Kentucky?



On paper, VA mortgage guidelines state that they don't have a minimum credit score. However, lenders will create overlays, meaning they can and will institute certain credit score requirements for a VA mortgage loan approval in Kentucky. This will vary from lender to lender. Most VA lenders will want a 620 middle credit score, but there are some VA lenders that will go down to the 500 credit score we work with, but be prepared to wait, because it could take a while or could end up getting turn-downed in the end.


It is best to get your credit scores up before applying for a VA mortgage loan if they are under 580 in my opinion. The VA pre-approval process uses the automated underwriting system or AUS (software) to pre-approve every veteran and depending on what the underwriting recommendation is, this could make or break your pre-approval and chances of getting approved for the VA loan.


Can I Kentucky a VA Mortgage loan after a Bankruptcy.


Yes you can. It depends on what type of bankruptcy you had. Kentucky VA Loans also allow Veterans and active military to bounce back faster after a bankruptcy, foreclosure or short sale. You can be eligible for a ​Kentucky ​VA Loan two years after a Chapter 7 bankruptcy discharge; one year after filing a Chapter 13 bankruptcy; and two years following a foreclosure. Some lenders have no required waiting period following a short sale.


What is residual income and how does it affect my VA loan Approval in Kentucky



VA is the only loan program out there when compared to FHA, USDA, Fannie Mae and Freddie Mac for Conventional loans that states you must have a certain income left over after you take your gross monthly income and subtract your monthly bills on the credit report along with new VA house payment along with taxes (federal, state, local, social security) along with child support or 401k loans along with utilities​--


​It is based on home size and where the property is located. ​For example, in Kentucky, which is located in the South region below, a qualifying VA mortgage applicant would need to have $1039 left over in residual income for family size of 5 to qualify for a mortgage loan


​There are no exceptions on this.


D​o you have questions about qualifying for a VA Mortgage loan in Kentucky .


Call, text, or email below your questions. I am a Veteran myself (19 kilo) former tanker, and I have originated over 100 VA loans in my mortgage lending career in Kentucky.






Joel Lobb (NMLS#57916)


American Mortgage Solutions, Inc.


10602 Timberwood Circle Suite 3


Louisville, KY 40223


Company ID #1364 | MB73346


kentuckyloan@gmail.com



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#57916 http://www.nmlsconsumeraccess.org/


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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