Louisville, Kentucky VA Loan Requirements for 2017

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VA Home Loans in Louisville, Kentucky Under the GI Bill, Active military personnel as well as their spouses may qualify a home loan in Louisville, Kentucky using the benefits for veterans. This loan program is designed to offer the most flexibility as well as affordability to veterans and their family for appreciation of services to our country. The VA’s guarantee a portion of the loan gives the veteran the ability to purchase a home with zero down payment. The most significant advantage of your VA home loans Louisville,  Kentucky is that you can buy your with little to nothing out of pocket. As a former 19 kilo Army Tanker , the VA loans are my favorite, as I am able to assist other military members in realizing their dream of home ownership.

The Key benefits of the Kentucky Veterans Administration Homes Loans  are:

  • Lowe  credit requirements (620 credit scores)
  • No money down loans
  • low closing costs
  • close in 30 days
  • free pre-approvals
  • Low interest rate
  • No mortgage insurance
  • No early repayment penalties

Eligibility for Louisville, KY VA Mortgage Loans

Although, the VA does not require a credit score, the fact is the mortgage lenders do. From the lender’s stand point, they require that you have a minimum credit score of 620 or above. With no money down, lenders take on ALL the risk when agreeing to finance a VA Loan. The bottom line: you will not be able to get a VA Loan With Bad Credit. VA Loan Rates are 30 Year Fixed to avoid fluctuation in payments that may lead to default. The VA loan is a special loan designated for united states veterans. All military service personally are no eligible; there are additional requirements when seeking a VA Home Loan.

One of the following must apply:

  • You logged in 90 consecutive service days during war time
  • You logged in 181 service days during peacetime
  • You were in the Reserves or the National Guard for a period of over 6 years
  • Your spouse was a service member who lost his/ her life on duty or owing to a disability that was service related

If you are a veteran and located in the Kentucky, this will  be your most cost effective loan option to finance your new home purchase. To learn more about the various loan types and options, contact us to today!

 

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

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3 thoughts on “Louisville, Kentucky VA Loan Requirements for 2017

  1. Pingback: Louisville, Kentucky VA Loan Requirements for 2016 | Louisville Kentucky Mortgage Loans

  2. Reblogged this on and commented:

    Net Tangible Benefit Form
    The Net Tangible Benefit Form for FHA Streamline loans has been updated to reflect all potential methods of meeting the current FHA Net Tangible Benefit requirement. The updated form has been uploaded to guidelines and can be found HERE. This version of the form should be used going forwards.

    Clarification of FHA Definition of “Family Member”
    In all instances where FHA uses the term “Family Member”, it is defined as any of the following:

    Child: defined as any son, stepson, daughter, stepdaughter, or foster child
    Parent: including step-parents and foster parents
    Grandparent: including step-grandparents and foster grandparents
    Sibling: defined as any brother, stepbrother, sister, or stepsister
    Uncle
    Aunt
    Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
    Spouse or domestic partner
    In-Laws: defined as any son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the borrower

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