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
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Louisville Kentucky VA Home Loan Mortgage Lender: ...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Louisville Kentucky VA Home Loan Mortgage Lender: ...: Louisville Kentucky VA Home Loan Mortgage Lender: How to Get Approved for a Kentucky VA Home Mortgag... : Basic Understanding of a Kentucky...
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 Mortgage Guidelines for Collections and Charged Off Accounts.
Collection Accounts for Kentucky VA Mortgage Loans
Isolated collection accounts do not necessarily have to be paid off as a condition for loan approval. A credit report may show numerous satisfactory accounts and one or two unpaid medical (or other) collections. In such instances, while it would be preferable to have collections paid, it would not necessarily be a requirement for loan approval.
However, collection accounts must be considered part of the borrower's overall credit history and unpaid collection accounts should be considered open, recent credit.
Borrowers with a history of collection accounts should have re-established satisfactory credit in order to be considered a satisfactory credit risk.
While VA does not require that collection accounts be paid-off prior to closing if the borrower's overall credit is acceptable, an underwriter must address the existence of the collection account(s) with an explanation on VA Form 26-6393, Loan Analysis , for excluding the negative credit history they represent.
If the collection account is listed on the credit report with a minimum payment, then the debt should be recognized at the minimum payment amount.
Charged off Accounts for Kentucky VA Mortgage Loans
These accounts are typically collections in which the creditor is no longer pursuing collection of the account. The underwriter must address the circumstances regarding the negative credit history when reviewing the overall credit of the borrower(s).
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/
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).
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 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).
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 USDA Rural Housing Mortgage Lender: KENTUCKY USDA RURAL HOUSING ELIGIBILITY MAP FOR 2023
Kentucky USDA Rural Housing Mortgage Lender: KENTUCKY USDA RURAL HOUSING ELIGIBILITY MAP FOR 2023: KENTUCKY USDA RURAL HOUSING ELIGIBILITY MAP How to determine if property is in an eligible USDA area in Kentucky Kentucky USDA Property ...
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.
USDA RURAL DEVELOPMENT RURAL HOUSING LOAN IN KENTUCKY
More info below about Kentucky Rural Development Loans
Kentucky Rural Housing USDA Home Loan Frequently Asked Questions
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 USDA Rural Housing Mortgage Lender: Can you do a USDA Loan or Rural Housing Loan on a ...
Kentucky USDA Rural Housing Mortgage Lender: Can you do a USDA Loan or Rural Housing Loan on a ...: MANUFACTURED HOMES AND KENTUCKY USDA LOANS FOR RURAL HOUSING REQUIREMENTS Purchase of an eligible new unit, transportation and...
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.
Manufactured Home Requirements for Kentucky FHA, VA, USDA and Conventional Mortgage Loans
KENTUCKY MORTGAGE OPTIONS FOR MANUFACTURED HOMES
Kentucky Mobile home Manufactured Homes including: Kentucky Conventional, Kentucky FHA, Kentucky VA and Kentucky USDA home loan programs.
Kentucky Conventional Loans
- Up to 95 LTV on purchases
- 97 LTV Rate and Term REFI options for with an existing Fannie Mae loan through MH Advantage (see product snapshot for more info)
- Purchase and rate and term options available for single wide, double wide and larger
- Cash-out options available for double-wide and larger
- Second home options available for double-wide and larger
- Down to 580 FICO
Kentucky FHA Loans
- Up to 96.5 LTV on purchases and 97.75 LTV on Rate and Term REFIs
- Cash-out REFI options up to 80 LTV
- Purchase, cash-out and Rate and Term REFI options available for single wide, double wide and larger
- Down to 550 FICO
- Manual underwrite options available
- Manufactured homes are now available on FHA 203(k) products!
Kentucky VA Loans
- Up to 100 LTV on purchases and Rate and Term REFIs
- Up to 105 LTV for streamlined IRRRLs
- Cash-out REFI options up to 90 LTV
- Cash-out REFI options up to 80 LTV
- Down to 550 FICO
- Manual underwrite options available
Kentucky USDA Loans
- Up to 100 LTV on purchases and Rate and Term REFIs
- Purchase and Rate and Term REFI options available for single wide, double wide and larger
- Down to 580 FICO
- Manual underwrite options available
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).
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 Mortgage Lender Qualifying Criteria
Information about Kentucky VA Loan Mortgage
Most Kentucky VA loans come with the added benefits of zero down payments, lower interest rates and no requirements for mortgage insurance.
The VA sets these Kentucky mortgage conditions and guarantees a portion of the loan amount which is in lieu of a down payment from the Veteran. Financing for the property purchase is still provided by a lender in Kentucky that does VA loans
Kentucky VA Borrowers will still need to be approved by a qualified lender under Kentucky VA loan conditions in order to secure this type of mortgage.
Kentucky specific requirements for A VA Mortgage loans.
While these loans generally follow the same processing steps nationwide, the VA does set specific requirements for some areas. Standards around energy efficiency, insect inspections and environmental hazards can all vary from state to state and borrowers are obligated to meet these standards for an approved loan.
Frequently asked questions for Kentucky VA Mortgage Loans:
What do I need to apply for a Kentucky VA Loan?
The Veteran or Active Duty soldier must get a Certificate of Eligibility to prove they can participate in the VA home loan program . This does not guarantee loan approval, but does allow the borrower to participate in the VA home loan program in Kentucky. See link below on how to obtain your COE from VA
https://www.va.gov/housing-assistance/home-loans/how-to-request-coe/
How is the interest determined on a Kentucky VA Mortgage Loan:
Mortgage rates change daily so whenever you go to apply for your VA loan, you can lock in your rate for a certain time period. This time period usually starts at 15 days and goes up to 90 day or some up to 180 days, but keep in mind, the longer you take out your loan lock, the higher the rate and costs of the VA loan.
Your credit score, loan amount, property state and lender you choose will set the mortgage rate for you. It pays to shop around for the best rate.
Mortgage terms are usually set on 30 year and 15 year terms. The shorter the term, the lower the rate on your loan.
Is there mortgage insurance on Kentucky VA Mortgage Loans:
They're no monthly mortgage insurance premiums for VA Mortgage loans. However, there is upfront mortgage insurance, in the form of an upfront funding fee that gets added on top of the base loan. See below Funding Fee Schedule
Review the VA funding fee rate charts on this page to determine the amount you’ll have to pay. Down payment and VA funding fee amounts are expressed as a percentage of total loan amount.
For example: Let’s say you’re using a VA-backed loan for the first time, and you’re buying a $200,000 home and paying a down payment of $10,000 (5% of the $200,000 loan). You’ll pay a VA funding fee of $2,850, or 1.5% of the $190,000 loan amount. The funding fee applies only to the loan amount, not the purchase price of the home.
VA-backed purchase and construction loans
Rates for Veterans, active-duty service members, and National Guard and Reserve members
| If your down payment is… | Your VA funding fee will be… | |
|---|---|---|
| First use | Less than 5% | 2.15% |
| 5% or more | 1.5% | |
| 10% or more | 1.25% | |
| After first use | Less than 5% | 3.3% |
| 5% or more | 1.5% | |
| 10% or more | 1.25% |
Note: If you used a VA-backed or VA direct home loan to purchase only a manufactured home in the past, you’ll still pay the first-time funding fee.
VA-backed cash-out refinancing loans
Rates for Veterans, active-duty service members, and National Guard and Reserve members
| First use | After first use |
|---|---|
| 2.15% | 3.3% |
Note: The VA funding fee rates for refinancing loans don’t change based on your down payment amount. If you used a VA-backed or VA direct home loan to purchase only a manufactured home in the past, you’ll still pay the first-time funding fee.
Native American Direct Loan (NADL)
| Type of use | VA funding fee |
|---|---|
| Purchase | 1.25% |
| Refinance | 0.5% |
Note: The VA funding fee rate for this loan doesn’t change based on your down payment amount or whether you’ve used the VA home loan program in the past.
Other VA home loan types
| Loan type | VA funding fee |
|---|---|
| Interest Rate Reduction Refinancing Loans (IRRRLs) | 0.5% |
| Manufactured home loans (not permanently affixed) | 1% |
| Loan assumptions | 0.5% |
| Vendee loan, for purchasing VA-acquired property | 2.25% |
Note: The VA funding fee rates for these loans don’t change based on your down payment amount or whether you’ve used the VA home loan program in the past.
Can I avoid a Kentucky Mortgage VA funding fee?
Yes. However, in order to avoid paying a Kentucky VA funding fee, your service history will have to match up with one of these requirements:
You already receive VA disability income.
You're eligible for disability income but receive active-duty or retirement pay.
You have a memorandum that states you're eligible for disability pay, dated before your loan closing.
You're an active duty Purple Heart recipient.
You're the surviving spouse of a veteran who died as a result of their military service.
Who pays for Closing Costs on a Kentucky Mortgage Loan:
Who pays for which closing costs?
The seller must pay these closing costs (sometimes called seller’s concessions):
- Commission for real estate professionals
- Brokerage fee
- Buyer broker fee
- Termite report (unless you’re using a refinancing loan)
You (the buyer) or the seller can negotiate who will pay other closing costs such as these:
- VA funding fee
- Loan origination fee
- Loan discount points or funds for temporary “buydowns”
- Credit report and payment of any credit balances or judgments
- VA appraisal fee
- Hazard insurance and real estate taxes
- State and local taxes
- Title insurance
- Recording fee
Note: We require that a seller can’t pay more than 4% of the total home loan in seller’s concessions. But this rule covers only some closing costs, including the VA funding fee. The rule doesn’t cover loan discount points.
- Does Kentucky offer VA loans to surviving spouses?
Purchase loan
Native American Direct Loan (NADL) program
Interest Rate Reduction Refinance Loan (IRRRL)
Cash-out refinance loan
What is the most you can borrow on a VA home loan in Kentucky?
This will come down to your debt to income ratio. Typically VA mortgage loans have two ratios.
A front-end ratio and an back-end ratio. The front end ratio is the house payment, and the back-end ratio is the new house payment plus the monthly payments listed on your credit report.
They then divide these two ratios by your gross monthly income to get your max dti requirement for a VA Loan.
see link below on how to figure out your debt to income ratio:
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
fax: 502-327-9119
email: kentuckyloan@gmail.com
email: kentuckyloan@gmail.com
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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