Kentucky VA Mortgage Guidelines for Student Loans
If student loan repayments are scheduled to begin within 12 months of the date of the Kentucky VA loan closing, lenders should consider the anticipated monthly obligation in the loan analysis. If the borrower is able to provide evidence that the debt may be deferred for a period outside that time frame, the debt need not be considered in the analysis.
Guide Reference – Lenders Handbook Chapter 4, Section 5, Debts and Obligations
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!
Senior Loan Officer