Guide to Kentucky VA Loans
Requirements for Kentucky VA Loan Approval
To get a Kentucky VA loan, the law requires that:
- You must be an eligible veteran who has available home loan entitlement (except in the case of an interest rate reduction refinancing loan);
- The loan must be for an eligible purpose;
- You must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan;
- You must have enough income to meet the new mortgage payments on the loan, cover the costs of owning a home, take care of other obligations and expenses, and still have enough income left over for family support (a spouse’s income is considered in the same manner as the veteran’s); and
- You must have a good credit record.
VA guaranteed loans are made by private lenders such as banks, savings and loan associations, or mortgage companies. To get a loan, you apply to the lender. If the loan is approved, VA guarantees the loan when it is closed. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan.
QUESTIONS AND ANSWERS
1. How much is the guaranty?
2. Is $104,250 the biggest loan a veteran can get?
3. What is the maximum VA loan?
4. Is a guaranteed loan a gift?
5. Does VA make any loan directly to eligible veterans?
- FHA Mortgage Insurance for Kentucky Mortgage Loans (louisvillemortgageguide.com)
- VA Home Loan Centers Announces Summer Stimulus Offer (prweb.com)
- Kentucky VA Home Loans Approval Criteria (kentuckyvaloan.wordpress.com)
- Louisville Kentucky VA Home Loan Info (kentuckyvaloan.wordpress.com)
- Kentucky VA Home Loans, Zero Down (louisvillekentuckymortgagerates.com)
- Kentucky USDA Guaranteed Rural Housing Mortgage Guidelines (kentuckyusdaloan.wordpress.com)
- Overseas Military May Miss Out On Low VA Loan Interest Rates (prweb.com)
- LowVARates Advocates for Overseas Military (prweb.com)
- Qualifying For VA Jumbo Loans (prweb.com)