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

Kentucky VA Home Loan Mortgage Lender:

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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

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 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 Mortgage Qualifying Guidelines

 

NMLS ID. 57916, NMLS ID. 1364 EQUAL HOUSING LENDER CALL/TEXT 502-905-3708 www.nmlsconsumeraccess.org subject to credit and income qualifying criteria and can change without notice Not a commitment to lend  A GREAT BENEFIT for Kentucky veterans of all branches of the military for a Kentucky VA Mortgage Loan. Min 580 FICO (Refer /Eligible thru DU or LP)- Refer Eligible 580 + Cash Out Refi's up to 100% (approved eligible) No DTI cap - follow AUS findings VA- REFER/ELIGIBLE - 50% max ratio No VOR unless required by DU findings (unless VA Refer) Seller can pay all closing costs & prepaids IRRRLs - 580+ MINIMUM FICO (conforming loan amounts and High balance) No Short Sale Seasoning Requirement on VA

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The Dos & Don’ts of Applying for a Mortgage in Kentucky

DO maintain up-to-date records The mortgage application process is paperwork-heavy, and lenders could ask you to pull up records at a moment’s notice. To make things easier for yourself, make sure you have the following records readily available:

• Income: Underwriters typically verify income and tax documents through your employer, so hold onto new paystubs as you receive them.
• Assets: It’s best practice to save all incoming account statements in the order in which you receive them; keep all numbered pages of each statement.
• Gifts: If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (which your loan officer will provide) and an account statement evidencing the source, which must be “seasoned” funds.
• Current Residence: If you’re currently renting, continue to pay your rent on time and save proof of payment. If you intend to sell your current residence, be prepared to show your HUD-1 Settlement Statement. If you plan on renting out your home, you may need to show sufficient equity, a lease, and receipts for the security deposit and first month’s rent.

DO keep your credit score in mint condition. Continue to make payments on time. The lender might pull your credit report again, and any negative change to your score could jeopardize your approval.

DO understand that things change. The requirements to receive approval for a home loan are always changing, and underwriters require more documentation now than they have in the past. Even if requests seem silly, intrusive or unnecessary, keep in mind that if they didn’t need it, they wouldn’t ask for it.

DON’T apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent you from closing on a home. If you must open a new account (or even borrow against retirement funds), be sure to consult your loan officer first.

DON’T change jobs midway through the process. Probationary periods and career or status changes — such as from a salaried to a commission-based position, leave of absence or new bonus structure — can be subject to strict rules.

DON’T make undocumented deposits. Large (and sometimes even small) deposits must be sourced unless they’re identified. Make copies of all checks and deposit slips, keep your deposits separate and small, and avoid depositing cash.

DON’T wait to liquidate funds from stock or retirement accounts. If you need to sell investments, do it now and document the transaction. Don’t take the risk of the market working against you, leaving you short on funds for closing.

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Dos & Don’ts of Applying for a Mortgage in Kentucky 

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