Does VA allows 100% equity Cash-Out on Refinances for Kentucky VA Mortgages?
Yes is the simple answer, but a lot of VA lenders will only go to 90%, so be careful shopping out there for quotes and qualifying info.
VA allows Kentucky VA Mortgage holders and veterans to finance 100% of the purchase price of a home, but they also allow Kentucky VA Mortgage veterans to take cash-out up to 100% of the value of their home! You are still subject to the funding fee unless disabled, and the cash out maybe limited in hand depending on your credit score.
This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines
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!
Who is eligible for Kentucky VA loans?
Kentucky VA loans are available to veterans of the United States Armed Forces, including those who are on active duty or reserve, as well as widows or widowers of veterans. There are also special circumstances under which spouses of veterans can also apply for eligibility.
Keep in mind, you’ll need to provide a Certificate of Eligibility (COE) in order to prove you are entitled to receive VA financing. Visit the U.S. Department of Veteran Affairs website to learn how to obtain a COE. Your lender can also help you obtain a COE based on your unique circumstances.
What benefits do Kentucky VA Loans offer veterans?
Kentucky VA loan program comes with special advantages other mortgage loan products don’t have. Here are just a few benefits of Kentucky VA loans:
Flexible qualifying and credit requirements
Lower interest rates
Zero down payment
No private monthly mortgage insurance (PMI)
Property tax exemptions
There are even grants that allow disabled veterans to make modifications to their home. Another important benefit to point out includes the ability to finance a substantial portion of the closing costs associated with purchasing a home.
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.
VA Loan 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
I don’t need originals, copies are fine. You can fax or email me the above documents.
Let me know your questions.
Thanks and look forward to helping you
VA Home Purchase Benefits
Option for no down payment, zero down home loan
Current 30 year fixed rate of 3.75%
No monthly mortgage insurance premium
Seller or lender may contribute to veteran’s closing costs
Termite report required on all VA loans
No closing costs option available
Close in as little as 30 days
Free Mortgage Approvals
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
Posted by joel lobb at 12:46 PM
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Labels: 100% cash out refinance, Current VA Mortgage Rates Louisville KY, IRRRLs Versus Cash-Out Refinancing Loans, Kentucky VA Home Loans, Louisville Kentucky VA Home, streamline refinance, zero down va loans
Kentucky VA Loan Requirements after a bankruptcy, foreclosure, short sale below:
- Foreclosure: 2 years from foreclosure completion date and date transferred back to the lender
- Deed in Lieu: 1-2 years with re-established credit and acceptable extenuating circumstances; 3 years without
- Short Sale: 2 years from previous sale closed date and new owner transfer date
- Bankruptcy Chapter 7: 2 years
- Bankruptcy Chapter 13: 1 year with bankruptcy court approval for mortgage process; 2 years from discharge
Credit Fico Score for a Kentucky Mortgage FHA VA KHC
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*