I have successfully originated over 100 VA Home loans in Kentucky. Put my experience to work for you. I offer 100% VA Home No Money Down Loans and 100% cashout refinance VA loans. Call or text me today at 502-905-3708 or email me at Kentuckyloan@gmail.com-This website is not affiliated with the VA or any other government agency. NMLS #57916 Equal Housing Lender. Same Day Approvals, Fast Closings, and a Local Veteran offering VA Home Loans in Kentucky. Free Credit Report and Pre-Approvals
620 Minimum Credit Score with most mortgage investors, though some mortgage companies will go all way down to a 530 credit score in some cases. No Bankruptcies in the last 2 years 100% Financing, Zero Down payment No monthly mortgage insurance Termite report required with a clean report Any damage noted on termite report must be fixed before closing Maximum debt to income rations are approved on AUS findings with a manual underwrite sticking at 41% on the dti. Residual Income Requirements on all VA loans with most set around $1200 a month
Seller can pay up to 4% of the sales price toward Veteran’s closing costs and prepaids. The Veteran cannot pay for the termite report fee.
Kentucky VA Mortgage Funding Fee are as follows:
KY VA mortgages have an upfront fee. It is called a VA funding fee and it may be financed rather than paid at the time of closing. The funding fee for a home purchase currently ranges from 2.1% for first time use, and 3.30% depending on down payment and whether or not the borrower has used VA benefits in the past. Some VA Funding Fees are exempt if the Veteran is disabled and it shows zero on the VA Certificate of Entitlement.
For purchase and construction loans, members of the regular military fall into the category of first time user or subsequent user. For first time users, no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.
For the category of Reserves / National Guard, first time users with no down payment requires a 2.4% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.
Cash-out refinancing loans for regular military requires a 2.15% fee for first time users and a 3.3% fee for subsequent users. For Reserves / National Guard, the requirement is a 2.4% fee for first time users and a 3.3% fee for subsequent users. On interest rate reduction loans, the VA funding fee is .50% and it is 1.0% on Manufactured Home Loans.
The following persons are exempt from paying the funding fee:
Veterans receiving VA compensation for service-connected disabilities.
Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
Please note that the VA has the final say on who is exempt
100% VA Cash-Out Refinance | Mortgage Information// //
100% VA Cash-Out Refinance
Does a 100% VA Cash-Out Refinance Make Sense?
Veterans with VA home loans can refinance the full amount of their mortgage. This allows homeowners the potential to reduce their interest rate while adding or consolidating debt.
100% VA Cash-Out Refinance
Adding debt to an existing first mortgage is considered a cash-out refinance. What kind of debt can you add?
Pay off high interest rate credit card balances.
Use equity to renovate and rehab your home.
Consolidate a 2nd mortgage or home equity line of credit.
Pay off high interest auto loans or recreational vehicles.
Take out cash to pay college tuition.
In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.
Kentucky VA Loan Approval Checklist
The following is a list of documents that may be required to process your VA mortgage loan: • One full month’s worth of pay stubs •Last 2 years W-2′s • Last 2 years tax returns •Copy of your DD214 •Your VA Certificate of Eligibility (we can help you get this if needed) • Last two months bank statements for all accounts
The funding fee for ALL subsequent use loans closed on or after October 1, 2006, and before October 1, 2007, is 3.35 percent. This applies to all purchase loans where no down payment of 5 percent or more is made as well as cash-out refinances where the fee would have been 3.3 percent. Effective October 1, 2007, the subsequent use fee reverts back to 3.3 percent.
Type of Veteran Down Payment % for First Time Use % for Subsequent Use
Regular None 2.15% 3.3%
Military 5% or more (up to 10%) 1.50% 1.50%
10% or more 1.25% 1.25%
Reserves/ None 2.4% 3.3%
National Guard 5% or more 1.75% 1.75%
10% or more 1.50% 1.50%
CASH OUT REFINANCE LOANS
Type of Veteran % for First Time Use % for Subsequent Use
Regular Military 2.15% 3.3%
Reserves/National Guard 2.4% 3.3%
Note: There are no reduced funding fees for regular refinances based on equity.
IRRRLs & Other Loan Type
Type of Loan % for Either Type of Veteran WHether First Time or Subsequent Use
Manufactured Home Loans (Not permanently attached) 1.00%