Kentucky VA Mortgage Loans. 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
Borrow up to 100% of the home’s value. Unlike other programs that only allow 80% or 85% of the home’s value.
No Income or Asset verification is required. We don’t need your paystubs, w-2’s tax info, or bank statements. Much easier qualifying.
No Appraisal is required (unless Discount is being charged to borrower – see below)—-VA does not require a new appraisal. So even if your home has not equity or went down in value, we can go off on old value when doing a rate and term with no cash back.
No Credit Qualifying. Meaning we don’t have to repull credit again and check your fico scores. Just verify your last 12 months mortgage history is on time.
VA Funding Fee is .50%, much less than the 2 or 3% you pay when you buy the home, If disabled, you will not have to pay the funding fee.
Can refinance an investment property as long as you can document it was formerly the borrower’s primary residence
At least 6 monthly payments must have been made on the original loan being refinanced; AND
The first payment due date of the new loan must be at least 210 days after the first payment due date of the original loan being refinanced
A copy of the Note from the previous loan being refinanced must be provided
An IRRRL refinancing a Fixed Rate Mortgage into another Fixed Rate Mortgage must result in a rate reduction of at least 0.5%
An IRRRL refinancing a Fixed Rate Mortgage into an Adjustable Rate Mortgage must result in a rate reduction of at least 2.0%
IRRRLs in which a Discount is being charged to the borrower will now require an Exterior-Only Appraisal to be ordered
If the Discount being charged is 1% or less, the loan will be limited to 100% LTV based on the value of the Exterior-Only Appraisal
If the Discount being charged is more than 1%, the loan will be limited to 90% LTV based on the value of the Exterior-Only Appraisal
Loan must current be guaranteed by VA and must be current
Closing costs must be recouped within 36 months
Proposed P&I payment must be less than current payment unless:
Veteran refinancing ARM to Fixed
Term of IRRL is shorter than existing loan as long as payment does not increase over 20%
Energy efficiency improvements are included in the IRRL
Refinancing a Kentucky VA Loan
Kentucky VA loans may be used to replace an existing mortgage, called “refinancing.” A KY VA refinance may be used to reduce an existing interest rate, change loan terms or a combination of both. The most common reason to refinance is to lower the monthly payment. A borrower may take out a KY VA loan then later see that interest rates have fallen and are lower than an existing rate. By refinancing, the borrower can replace the old loan with a new one to obtain the lower rate and subsequent lower mortgage payment.
A refinance can also make sense when changing loan terms such as switching from an adjustable rate mortgage to a fixed rate or adjusting the term of the loan to save on interest charges. The Streamline
The Interest Rate Reduction Refinance Loan, or IRRRL is commonly referred to as the Kentucky Mortgage Refinance VA “streamline” refinance program. This is a special VA loan to VA loan refinance that requires very little documentation to obtain an approval. Some of the features of the VA streamline are:
• No appraisal needed
• Income or employment is not verified
• No credit review
• Closing costs may be rolled into the loan amount
As long as you’re reducing your current mortgage payment, not taking any cash out or switching from an adjustable rate mortgage to a fixed rate loan, you may qualify for this unique program and you don’t have to use your existing Kentucky VA lender in order to benefit from the Kentucky VA streamline mortgage. Cash Out VA loan Refinance
Cash out refinance loans allow the borrower to pull out equity in the home in the form of cash during the course of a refinance. While the VA doesn’t establish a maximum loan amount, most VA lenders do place limits on the loan based upon the current value of the property and the final loan amount. Lenders may limit any cash out loan to 80 or 90 percent of the property’s current value. If taking cash out of your home is needed and you have sufficient equity in your home, it may be better to obtain a home equity loan or refinance into a conventional mortgage.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
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.
Cash-Out Refinance up to 100% .Higher Credit Scores may be needed to get cash in hand after paying off existing mortgage. Subject to debt to income limits and acceptable appraisal. VA termite required again.
Min FICO 620 with no bankruptcies or foreclosure last 2 years
Max Loan Amount subject to VA County Loan Limits
0 x 30 days on mortgage in last 12 months
Can pay off existing VA, FHA or conventional mortgage (Note there MUST BE an existing lien against the property)
Must be first lien and owner occupied by the Veteran applicant. (Note: Property may NOT be owned free & clear)
Owner-occupancy cert is required
Properties listed for sale in the previous 6 months, prior to the date of the application (& appraisal) are not eligible
Kentucky VA IRRRL Refinance Mortgage Guidelines for 2014
Kentucky VA Mortgage Lender
Kentucky VA IRRRL Program Highlights for a VA Refinance
No Appraisal. (min 640 FICO)
640 Min FICO to 100% LTV
Mortgage only VA IRRRL allowed
No Manufactured Homes (single or double-wide)
The maximum loan term is the original term of the VA loan being refinanced plus ten years, but not to exceed 30 years
The borrower cannot pay off liens other than the existing VA loan from IRRRL proceeds.
Any second lien-holder would have to agree to subordinate. While the borrower may pay any reasonable amount of discount points in cash, only up to two discount points can be included in the loan amount.
An IRRRL cannot be used to take equity out of the property or pay off debts, other than the VA loan being refinanced. Loan proceeds may only be applied to paying off the existing VA loan and to the costs of obtaining or closing the IRRRL. Therefore, the general rule is that the borrower cannot receive cash proceeds from the loan