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
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 Funding Fee Chart
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%
Loan Assumptions .50%
Chapter 7 Two years from discharge date; evidence the applicants have demonstrated ability to handle their credit affairs; and that applicants have re-established acceptable credit (or chosen not to incur new credit). Discharged less than two (2) years – NOT eligible.
Chapter 13 A satisfactory performance history for one year of the pay-out period and MUST be discharged.
If occurred in past three years, applicant is ineligible.
All federal tax liens will be required to be paid in full prior to the loan closing.
CAIVRS is a HUD-maintained computer information system which enables lenders to learn when an applicant has previously defaulted on a federally-assisted loan. The system’s interactive voice response function provides instant credit information.
A CAIVRS screening on each veteran and any co-obligor is required. An applicant cannot be considered a satisfactory credit risk if he or she is presently delinquent or in default on any debt to the federal government until the delinquent account has been brought current or satisfactory arrangements have been made between the veteran and the federal agency.
If student loan repayments are scheduled to begin within 12 months of the date of 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 timeframe, the debt need not be considered in the analysis.
Interested-Party Contributions/Property Seller Concessions
A maximum of 4% of the value of the property as indicated on the Notice of Value (NOV) may be contributed from an interested party (property seller concession).
Any property seller concession or combination of concessions which exceeds 4% of the established reasonable value of the property is considered excessive and unacceptable for VA-guaranteed loans. A reduction of the sales price in the amount equal to the excess is required in these instances.
Property seller concessions include, but are not limited to, the following: Payment of the VA funding fee Prepayment of the veteran’s property taxes and insurance Gifts such as a television set or microwave oven Payment of additional discount points to provide permanent interest rate buydowns Provision of escrowed funds to provide temporary interest rate buydowns Payoff of credit balances or judgments on behalf of the veteran
Property seller concessions do not include: Payment of the veteran’s closing costs Payment of points as appropriate to the market
o For example: if the market dictates an interest rate of 7.50 with two discount points, the property seller’s payment of the two points would not be a property seller concession. If the property seller paid five points, three of these points would be considered a property seller concession.
VA ALLOWABLE CLOSING COST CHART
Closing Costs that CAN be Paid by the Veteran:
Appraisal Fee Recertification of Value Fee
Buydown Fee Recording of Deed
Compliance Inspection Recording of Mortgage
Credit Report Release Fee – Refinances Only
Discount Points Repairs listed on appraisal **
Documentary Mortgage Stamps Repair Inspection – Refinances Only
Flood Certification Septic Inspection Fee
Hazard Insurance Survey
Intangible Tax Title Insurance including: Abstract, Binder & Exam
Origination Fee – 1% Max * VA Funding Fee
Pest Inspection – Refinances Only*** Water Test Fee
Closing Costs that CANNOT be Paid by the Veteran:
Attorney Services (other than title work) Postage, Fax, Phone, Copy of Courier Fees
Broker Fees Sales Commissions
Pest Inspection on Purchase*** Realtor/Lender Transaction Fee
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I have originated over 300 VA Home loans in Kentucky and I know how great they are for Kentucky Families; a home loan with zero down, at a very low 30 year fixed rate with no monthly mortgage insurance. I consider myself a VA Home loan expert from Louisville Kentucky and I would like to assist you in your next VA home loan in Kentucky. I have created a Kentucky VA home mortgage website for information and insights to the VA Home Loan NMLS #57916
Purchase: 100/100 Max LTV/CLTV
Refinance: 100/100 Max LTV/CLTV (VA Cash-Outs greater than 90% have additional guideline requirements)
A minimum of 1 credit score is required. A standard Tri-Merge Credit Report is generally required; however a Mortgage Only Credit Report will also be accepted for IRRRLs ONLY so long as it includes valid FICO scores.
Minimum Credit scores for VA loans (including IRRRLs) are:
- Automated Approval: 580
- Manual Underwriting: 560
Automated Approval: No maximum DTI
Manual Underwriting: Maximum 43% backend DTI
An NOV (Notice of Value) from VA is required.
Maximum Loan Amount
Individual county loan limits may differ. You can find the link to determine loan limits for the subject property county here.
The maximum potential loan amount for a purchase transaction with full entitlement is $1,094,625. Loan amounts up to $1,500,000 are allowed as long as the VA guaranty plus the veteran’s down payment and/or equity equal 25% of the lesser of the sales price or Notice of Value (NOV).
Under certain conditions (see below), Non-IRRRL refinance transactions are allowed up to 100/100 LTV/CLTV. Refinances not meeting these conditions are limited to a maximum 90/90 LTV/CLTV of the property value shown on the CRV or NOV plus the cost of any energy efficient improvements (up to $6,000) plus the VA Funding Fee.
For IRRRLs, Maximum loan amount is the existing VA loan balance plus the following
- Allowable fees and charges, plus
- The cost of energy efficiency improvements, and
- The VA funding fee = .50.
Cash-Out Refinance Loans greater than 90% LTV
VA Cash-Out Refinance loans will now be offered with LTV/CLTV up to 100%. If the LTV or CLTV greater than 90%, the following additional requirements will apply
- The cash-out loan may be paying off a current mortgage loan (VA or otherwise), a second (seasoned or unseasoned), and/or another non-mortgage debt.
- Maximum cash in hand after all payoffs cannot be greater than $50,000
- Minimum FICO 660
- An additional adjustment of -0.5
- The loan must have a DU Approve/Eligible (No manual underwrites allowed)
A minimum of 25% of the loan amount must consist of available guaranty. If less than 25% guaranty is indicated on the Loan Guaranty Certificate (LGC), a calculation worksheet must be enclosed indicating the calculations used to determine the full 25% guaranty.
The maximum guaranty is the lesser of the veteran’s available entitlement or the maximum potential guaranty amount detailed below:
Up to $45,000 50% of the loan amount $45,001 – $56,250 $22,500 $56,251 – $144,000 40% of the loan amount with a maximum of $36,000 $144,001 – $417,000 25% of the loan amount with a maximum of $104,250 $417,001 – $1,500,000 25% of the loan amount with a maximum of $273,656
Note: the maximum guaranty for loan amounts > $417,000 varies depending upon the location of the property.
VA Funding Fees
All IRRRLs have a funding fee of 0.50. For other loans, see the table below
Purchase and Construction Loans Type of Veteran Down Payment Percentage for First-Time Use Percentage for Subsequent Use Regular Military 0 – 4.99%
5 – 9.99%
10% or more
Reserves/National Guard 0 – 4.99%
5 – 9.99%
10% or more
Refinance Loans Type of Veteran Percentage for First-Time Use Percentage for Subsequent Use Regular Military 2.15% 3.30% Reserves/National Guard 2.40% 3.30%
Funding Fee Exemption
A veteran must establish any claim for exemption from the fee with documentation included in the loan file. The following are the only exceptions allowed:
- 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 (regardless of whether such surviving spouses are veterans with their own entitlements and whether they are suing their own entitlements on the loan)
- Veterans who are rated by the VA as eligible to receive compensation as a result of pre-discharge disability examination and rating.
VA Student Loans
- Student Loans deferred at least 12 months may still be excluded
- When repayment will begin within the next 12 months, calculate a 5% yearly payment. Then divide that by 12 to get the monthly payment.
- If the reported payment on the credit report is higher than the above calculated payment, the payment on the credit report must be used.
- A lower payment reported on the credit report can only be used if corroborated with an official statement from the student loan servicer(s) confirming the loan terms and payment information. This statement can be no more than 60 days old at the time of VA loan closing.
Credit Report and AUS Fee Requirement
- The combined total of Credit Report Fees and AUS charges cannot exceed $100.
- The only time a Veteran can be charged with both Credit Report Fees and AUS charges is on AUS “Refer” cases.
VA Short Sales
A borrower with a previous Short Sale will now be eligible without the standard waiting period if they meet all of the following
- Borrower was current on all mortgage payments for the prior mortgage during the 12 months prior to the Short Sale
- No 30 day lates on any installment loans during the 12 months prior to the Short Sale.
- No late payments at all within the last 24 months
- 660 FICO
- Loan must receive DU approval
IRRRL QM Requirements
VA IRRRLs must meet the following requirements:
- The loan being refinanced was originated at least 6 months prior to the IRRRL closing date,
- At least 6 payments must have been made on the original loan,
- The borrower has not been more than 30 days late on a payment in the past six months,
- The recoupment period for all allowable fees and charges financed as part of the loan or paid at closing does not exceed 36 months,
- The refinance does not increase the principal balance outstanding on the prior loan, except to the extent of fees and charges allowed by the VA,
- Points and fees do not exceed 3% ,
- regardless of loan amount—this applies even to lower-balance loans,
- Loan must also comply with VA limitations on fees and charges,
- The interest rate on the IRRRL is lower than the interest rate on the loan being refinanced (unless the borrower is refinancing from an adjustable rate loan to a fixed rate loan under VA guidelines),
- The refinance is fully amortizing and there is no balloon payment,
- The loan being refinanced is a loan that VA has already guaranteed, and
- Both the loan being refinanced and the IRRRL meet all other VA requirements.
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Mortgage Loan Officer
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).
Kentucky VA Funding Fee Information
In order for VA to guarantee the home loan, there is a closing cost assessed by the VA to originate the loan called a funding fee. This fee will vary, depending upon the type of Kentucky VA loan, whether this is your first time to use your entitlement, if you are a disabled veteran, the down payment and if you served active duty or in the National Guard/Reserves.
Current Funding Fee Charts for Kentucky VA Guaranteed Loans:
First Time Use, Purchase & Construction Loans
|Down Payment Amount||Veteran/Active Duty||Reservist/National Guard|
|Less than 5%*||2.15%||2.40%|
|5% to 9.99%||1.50%||1.75%|
|10% or more||1.25%||1.50%|
*Includes “Cash-out” Refinancing Loans
Second Time Use, Purchase & Construction Loans
|Down Payment Amount||Veteran/Active Duty||Reservist/National Guard|
|Less than 5%*||3.30%||3.30%|
|5% to 9.99%||1.50%||1.75%|
|10% or more||1.25%||1.50%|
*Includes “Cash-out” Refinancing Loans
|VA Backed Usage||Veteran/Active Duty||Reservist/National Guard|
|First time use||0.50%||0.50%|
|Second time use||0.50%||0.50%|
|A Funding Fee Changes Effective October 1, 2011|
Vets and Reserves/National Guard will get a significant benefit October 1st. Check the chart below to see how much they’ll save in fees. We hope this helps you help our military folks become homeowners!
If you have any questions about this or a specific situation, please don’t hesitate to email or call.
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VA Loans Louisville Kentucky
VA Loans in Louisville Kentucky | Ky Va home loans info
What are VA Home Loans?
VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today’s VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no down payment with no mortgage insurance or refinance up to 90% of a homes current equity.
What are the eligibility requirements for a VA Loan in Kentucky?
Veterans Affairs loan guidelines use two methods of income qualification in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval.
How much can I borrow?
The maximum VA Mortgage amount is determined by:
Maximum VA Loan in Kentucky: The largest loan allowed for VA mortgages with zero down is $417,000 in KY. Please refer to the Kentucky VA Loan Limit chart at the bottom of this page to see your area’s limit.
Maximum Finance: For purchase transactions, the Maximum VA Loan will be 100% of the lower of the selling price or the appraised value.
What will the down payment and closing costs be?
Kentucky VA loans have zero money down up to $417,000 in most counties.
What property types are allowed for VA Loans in Kentucky?
VA Loans may be used to purchase or refinance single family residences and VA approved condo projects if the property is the veteran’s primary residence.
Can I do a VA refinance in Kentucky?
Three kinds of VA Refinance programs are available for veterans in Kentucky.
Rate/Term VA Refinance
The Rate/Term VA Refinance can be used to refinance a conventional, FHA or subprime mortgage into a stable, fixed rate VA Loan.
VA Cash-Out Refinance
A Cash-Out VA Refinance is very beneficial for the veteran who wants to access the equity that they have built up in their home. VA Loans can be used to refinance up to 90% of a homes current value and take cash out for any reason.
The VA Streamline Refinance is designed to lower the interest rate on a current VA mortgage or convert a current VA adjustable rate mortgage into a fixed rate. A VA Streamline Refinance Loan can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.
How much can I refinance in Kentucky?
The maximum amount for an KY VA loan is determined by:
Maximum VA Loan in Kentucky: The largest loan allowed for a VA Mortgage varies from county to county. The highest maximum VA Mortgage right now is $1,094,625. The lowest maximum VA Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you’re interested, visit the following page http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf. This site lists U.S. territories as well as states.
Maximum Finance: In Kentucky, The maximum VA refinance loan amount will be 100% of the appraised value of the home for a rate/term refinance or 90% of the appraised value for a VA cash out refinance.
What factors determine if I am eligible for a VA Refinance Loan?
VA refinance loans use two methods for income qualification purposes in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval.
Why choose a VA Home Loan?
Kentucky VA Mortgages require no down payment.
There are no prepayment penalties for VA Home Loans.
An Kentucky VA Loan is fully assumable, provided the person assuming is qualified.
VA Mortgage Loans have no PMI premiums.
A VA Mortgage Loan is eligible for non-credit qualifying, Streamline Refinance or “IRRRL”.
A VA Home Mortgage is available all areas of the country, provided a market exists for the property and the home meets VA’s property standards.
A VA Home Loan may be used to purchase or refinance a new or existing home.
Kentucky VA Loans are offered at terms of 15 or 30 years.
VA Refinance Questions & Answers
1. What are the guidelines for a VA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 90% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be 100% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.
2. Why should I consider refinancing into a VA-insured mortgage?
VA refinance mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.
3. What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new VA mortgage, then you should ask your current lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.
4. Does it matter that the value of my home is now less than what I still owe?
Not to VA, but the current mortgage lender considering the refinance would have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.
5. I have already obtained one VA loan. Can I get another one?
Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property.
6. Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.
7. Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, please contact us.
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