What Happens If the Federal Government Shuts Down and the effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky

 

How would this effect FHA, VA, Fannie Mae, USDA Mortgage loans in Kentucky?

A federal government shutdown could impact your first mortgage loan closing through Kentucky FHA, VA, USDA and Fannie Mae Home Loans

Kentucky FHA and VA Mortgage loans and Government Shutdown 

• Loans will be able to close as normal and access to FHA Connection and VA’s WebLGY system will be available. However, any function that requires staff involvement may be impacted by a shutdown.

Kentucky Fannie Mae Mortgage Loans

• Loans will be able to close as normal.

RHS Guarantee Loans USDA Loans In Kentucky 

• Lenders will not be able to purchase or close a loan without the RHS Conditional Commitment and tax transcripts.

Housing Education and Counseling

• Housing Education and Counseling Services should continue as usual.

Verification of Employment (VOE) on Conventional, FHA and RHS Loans for Federal Employees

• Most Lenders will require a VOE 10 days prior to closing.
  • The only exceptions for conventional loans: 
    • The military can use Leave and Earnings Statement (LES).
    • Employment was validated by DU service and follows all conditions.

Flood Insurance

• The National Flood Insurance Program (NFIP) expires at 11:59 p.m. September 30. As a result, KHC will follow agency guidelines in place during the federal government shutdown.

Federal Tax Transcripts and Social Security Validation

• If federal tax transcripts or validation of social security numbers are required per underwriting or listed as an AUS finding, then they will be required prior to closing or purchase of a loan. SSA Form 89 is used to validate social security numbers.

Please stay tuned for further updates on this topic. These policies will be enacted only if the federal government shuts down and will remain in effect throughout the period of shut down.

Government shutdown affects on USDA, FHA, VA, Rural Housing, KHC and Fannie Mae Mortgage loans in Kentucky 

Joel Lobb  Mortgage Loan Officer

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 57916  | Company NMLS #1364/MB73346135166/MBR1574
Get Approved Now Click Here

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).

What is the minimum Credit Score Needed to Buy a House and get a Kentucky Mortgage Loan?

Credit Score Needed to Buy a House and get a Kentucky Mortgage?

Conventional Loan

• At least 3%-5% down• Closing costs will vary on which rate you choose and the lender. Typically, the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over par pricing. Also, called a no-closing costs option. You have to weigh the pros and cons to see if it makes sense to forgo the lower rate and lower monthly payment for the higher rate and less closing costs.

Fico scores needed start at 620, but most conventional lenders will want a higher score to qualify for the 3-5% minimum down payment requirements Most buyers using this loan have high credit scores (over 720) and at least 5% down.

The rates are a little higher compared to FHA, VA, or USDA loan but the mortgage insurance is not for life of loan and can be rolled off when you reach 80% equity position in home. Conventional loans require 4-7 years removed from Bankruptcy and foreclosure.
Kentucky USDA Rural Housing Program

If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.

 
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.

 
They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.

They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in a rural area

A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern Kentucky. There is a map link below to see the qualifying areas.

There is also a max household income limits with most cutoff starting at 109,500 for a family of four, and up to $136,000 for a family of five or more.

The income limits change every spring, so make sure and check to see what updated income limits are.
USDA requires 3 years removed from bankruptcy and foreclosure
There is no max USDA loan limit.

 

Kentucky FHA Loan

FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580-credit score.

 
The current mortgage insurance requirements are kind of steep when compared to USDA, VA, but the rates are usually good so it can counteract the high mi premiums. As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.

 
The mi premiums are for life of loan like USDA.

 
FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure. 

 

Kentucky VA Loan

VA loans are for veterans and active-duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have an funding fee like USDA, but it is higher starting at 2% for first time use, and 3% for second time use. The funding fee is financed into the loan, so it is not something you have to pay upfront out of pocket.

 
VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit and no max loan limits in Kentucky

 
Most VA lenders I work with will want a 580-credit score, even though VA says in their guidelines there is no minimum score, good luck finding a lender
VA requires 2 years removed from bankruptcy or foreclosure
Clear Caviars needed to for a VA loan.

 

Kentucky Down Payment Assistance

This type of loan is administered by KHC in the state of Kentucky. They typically have $10,000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years.

Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.

KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs. The conventional loan requirements at KHC requires 660 credit score.
The max debt to income ratios is set at 40% and 50% respectively.

Joel Lobb (NMLS#57916)
Senior Loan Officer
Text/call 502-905-3708

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3

Louisville, KY 40223
Company ID #1364 | MB73346


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#57916


http://www.nmlsconsumeraccess.org/

Job History and Income Requirements for a Kentucky Mortgage Loan Approval for a FHA, VA, USDA and Conventional Mortgage Loan

 

Job History and Income Requirements

Kentucky Government Mortgage FHA, VA, USDA and Fannie Mae  Mortgage Home Loan Job History & Income Requirement Breakdown

Kentucky FHA, VA, USDA Government Mortgage Updates for 2023

Kentucky FHA, VA, USDA Government Underwriting Guideline Updates

Effective immediately, for all loans, the FHA, VA, and USDA Underwriting Guides have been updated with the below information. USDA Updates to HB-1-3555 Delinquent Federal Debt All borrowers must be screened using HUD’s Credit Alert Interactive Voice Response System (CAIVRS) except those borrowers financing a Streamlined-Assist or Streamlined Refinance. CAIVRS will return the following results: A: Approved by CAIVRS (no issues exist) B: Multiple cases from one or more Federal agencies C: Claim filed D: Default on loan F: Foreclosure of loan J: Judgment filed The only acceptable result is A: Approved by CAIVRS (no issues exist). Borrowers with delinquent federal non-tax debt are not eligible for a USDA loan until the debt is paid in full or a release of liability is documented. Appraisal Validity The effective date of the appraisal report must not be more than 180 days of the Note date (previously 150 days). Credit Non-Federal Judgements Added that open and unpaid non-federal judgments are eligible when the borrower is not delinquent and has a payment arrangement with the creditor and has made regular and timely payments for the three (3) months prior to application date. This update clarifies that the borrower cannot be delinquent, not previously specified. Court-Ordered Child Support Below highlights the current and new guideline. Current Guideline New Guideline Delinquent court-ordered child support must meet one (1) of the following: Must have an approved repayment agreement with three (3) timely payments made prior to closing; The arrearage is paid in full; or A release of liability is documented. Delinquent court ordered child support, subject to the collection by an administrative offset (allows for federal payments in order to collect past due child support) must meet one (1) of the following: Must have brought payments current prior to closing; The debt is paid in full; or A release of liability is documented. Appraisal Requirements Multiple Parcel Requirements Clarified that when multiple parcels are not adjoined, the parcel without a residence must be non-buildable (such as waterfront properties where the parcel without the residence provides access to the water) and the entire property will contain only one (1) dwelling but may have non-residential, non-income producing buildings, such as a garage. Accessory Dwelling Unit (ADU) Clarified that an ADU should support household members and not create potential rental income. Individual Water Supply System (Well) Updated the requirement that a valid water test from the local health authority or a lab qualified to conduct water testing in the jurisdictional state or local authority must be obtained and that the water analysis report must be no greater than 150 days old as of the Note date. FHA and VA Underwriting Guideline Updates and Clarifications Maximum Number of Borrowers The FHA and VA Underwriting Guide has been updated with the maximum number of borrowers allowed for submission to DU or LPA. Up to four (4) borrowers may be on a loan application and submitted to DU. Up to five (5) borrowers may be on a loan application and submitted to LPA. If the number of borrowers exceeds four/five, the loan must be manually underwritten. Inquiries and Undisclosed Debt (FHA) Updated the FHA Underwriting Guide to require the following: When the credit report reveals a significant debt not listed on the application, a written explanation from the borrower addressing the omission is required. The absence of a written explanation from the borrower may render the loan ineligible. Future Income (VA) For Future Income, when a borrower’s employment will begin after the Note date, employment must begin within 90 days after the Note date (previously 60 days). 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 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).

Louisville Kentucky VA Home Loan Mortgage Lender: Louisville Kentucky Mortgage Lender VA Home Loans

Louisville Kentucky VA Home Loan Mortgage Lender: Louisville Kentucky Mortgage Lender VA Home Loans: What are the eligibility requirements for a VA Loan in Kentucky? Veterans Affairs loan guidelines use two methods of income qualification i...

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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.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

 

Kentucky Mortgage Approval Underwriting Myths Debunked for FHA, VA, USDA and Fannie Mae

 Mortgage Approval Underwriting Myths Debunked

Getting approved for a loan is not as hard as some make it. The 3C approach breaks it down in its simplest form so no need to overthink or complicate with “what if’s” or variable situations and these factors are the same in every state. They all have to line up for your loan to be approved but here there are in order of significance

Capacity - No matter if your credit is in 800’s the ability to afford a loan (capacity aka DTI) is the MOST important C and why most applications either get denied or reduced. Income is EVERYTHING.

To get a conforming (FHA / VA / Conventional) loan you need 2yrs of verifiable Full time income even if it’s pieced together with different employers with 2yrs W2’s and your most recent paystub if you’re an employee and OT and/or bonus cannot be used if you’ve been with your employer for less than 2yrs.

If you have part time employment as well that income cannot be used unless you’ve worked both jobs for at least 2yrs UNLESS your P/T job is the exact same as your F/T job and your hours are not variable then in most cases you can get an exception if you’ve been there for at least 1yr. If you’re self employed 2 most recent tax returns with positive income on line 31 of your schedule C.

If homeownership is your goal, then don’t be cheap and have a certified tax preparer prepare your taxes because it’s likely you’ll need certain docs to get approved only they can provide. Also DO NOT write off all your income to avoid paying the IRS taxes because this will disqualify you from a loan and you’ll have to get a more expensive loan with a bigger down payment.


Credit - many people think this is the most important but it’s not but it is important. With a high enough capacity (low DTI) I’ve seen clients with minimum scores get approved. FHA requires 580, VA does not have a minimum score requirement and while some lenders can do down in the 500’s generally most lenders do not go below 580, and conventional requires 620.

Having said all that just because you meet the minimum score does not mean you’ll get an approval before credit profile (positive tradeline history, collection activity, credit usage) is what matters most. I’ve seen applicants with 680+ get denied for conventional loans because they have a poor credit profile or low capacity (higher DTI).

FHA is a little more forgiving which is why they are easier loans to get than conventional. Obviously the higher the score, the better the chances are for approval but high scores aren’t needed if capacity and collateral are strong.

Collateral - aka down payment. Underwriters request either 1 bank statement for FHA or 2 bank statements for conventional and all they are looking for is verification of cash to close, large deposit (FHA more than 1% of loan amount deposited in 1 deposit) activity and reserves if needed, not spending habits. Large purchases are irrelevant and NSF’s can be explained with an explanation letter. The higher the down payment in percentages (3.5 or 5%, 10%, 15%, 20% etc…) not dollars ($2000 or $5000 more than required) then the lower the risk and higher chance of approval especially for conventional loans. Plus dollars don’t noticeably reduce your monthly payment but percentages do.

Overlays - additional restrictions some lenders have in addition to standard mortgage guidelines. If your lender is telling you anything more is required than what’s posted above it’s because they have overlays which make it more difficult to get approved with them.
Example - Veteran’s United will not take credit scores under 620 = OVERLAY

If you want a personalized answer for your unique situation call, text, or email me or visit my website 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

email: kentuckyloan@gmail.com

https://kentuckyloan.blogspot.com/

CONFIDENTIALITY NOTICE: This message is covered by the Electronic Communications Privacy Act, Title 18, United States Code, §§ 2510-2521. This e-mail and any attached files are deemed privileged and confidential, and are intended solely for the use of the individual(s) or entity to whom this e-mail is addressed. If you are not one of the named recipient(s) or believe that you have received this message in error, please delete this e-mail and any attached files from all locations in your computer, server, network, etc., and notify the sender IMMEDIATELY at 502-327-9770. Any other use, re-creation, dissemination, forwarding, or copying of this e-mail and any attached files is strictly prohibited and may be unlawful. Receipt by anyone other than the named recipient(s) is not a waiver of any attorney-client, work product, or other applicable privilege. E-mail is an informal method of communication and is subject to possible data corruption, either accidentally or intentionally. Therefore, it is normally inappropriate to rely on legal advice contained in an e-mail without obtaining further confirmation of said advice.

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.