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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 mortgae lender. Show all posts
Showing posts with label kentucky va mortgae lender. Show all posts
Kentucky Mortgage VA Loan
.jpg "Kentucky Mortgage VA Loan")
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.
Up to 100% Cash Out with our Kentucky VA Home Loan Program
Kentucky VA Home loan Program Highlights |
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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.
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
👇👇👇👇👇👇👇
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.
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...
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 Income Guidelines
Louisville Kentucky VA Residual Income Guidelines
Residual Income
VA residual income is one of the major underwriting guidelines required to qualify for a Louisville Ky VA mortgage. Residual income is calculated by determining the gross monthly income of the veteran and spouse. Then, ... deduct from that total gross monthly income the following monthly expenses:
0
State Taxes
Social Security
Federal Taxes
Proposed new monthly house payment (PITI: principle, interest, taxes and insurance)
Estimated Maintenance and Utilities
Monthly Child Care Expense
Alimony or Child Support
Monthly consumer debt payments: installment and revolving credit cards
The balance remaining is "residual income" and will determine whether the borrower qualifies based on the table below.
Louisville Ky VA's minimum residual incomes (balance available for family support) are a guide. They should not automatically trigger approval or rejection of a loan. Instead consider residual income in conjunction with all other credit factors.
An obviously inadequate residual income alone can be a basis for disapproving a loan.
If residual income is marginal, look to other indicators such as the applicant's credit history, and in particular, whether and how the applicant has previously handled similar housing expense.
Consider whether the purchase price of the property may affect family expense levels. For example: A family purchasing in a higher priced neighborhood may feel a need to incur higher-than-average expenses to support a lifestyle comparable to that in their environment. Whereas a substantially lower priced home purchase may not compel such expenditures.
Also consider the ages of the applicant's dependents in determining the adequacy of residual income. Count all members of the household (without regard to the nature of the relationship) when determining "family size," including:
An applicant's spouse who is not joining in title or on the note, and
Any other individuals who depend on the applicant for support. For example, children from a spouse's prior marriage who are not the applicant's legal dependents.
Exception: The lender may omit any individuals from "family size" who are fully supported from a source of verified income which, for whatever reason, is not included in effective income in the loan analysis.
For example: A spouse not obligated on the note who has stable and reliable income sufficient to support his or her living expenses, or a child for whom sufficient foster care payments or child support is received regularly.
Reduce the residual income figure (from the following tables) by a minimum of 5% if the applicant or spouse is an active-duty or retired serviceperson, and there is a clear indication that he or she will continue to receive the benefits resulting from use of military-based facilities located near the property.
Use 5% unless the Louisville Ky VA office of jurisdiction has established a higher percentage, in which case, apply the specified percentage for that jurisdiction.
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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