The President is expected to sign H.R. 299, the ‘Blue Water Navy Vietnam Veterans Act.’ This legislation includes language which will eliminate the cap on the VA home loan guarantee.
Source: Congress Passes VA Loan Bill
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
Category: VA Mortgage Rates
The President is expected to sign H.R. 299, the ‘Blue Water Navy Vietnam Veterans Act.’ This legislation includes language which will eliminate the cap on the VA home loan guarantee.
Source: Congress Passes VA Loan Bill
Probably one of the most talked about GI benefits is the VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? Learn what it is & how can it help you here.
Probably one of the most talked about GI benefits is the Kentucky VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? Learn what it is & how can it help you here.
May 31, 2019 06:00AM
Those eligible for Kentucky VA loans, should at least look into taking advantage of this benefit.
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Source: Using Your Veterans Benefit to Buy a Home | Bellingham Bulletin
Service members are far more likely to opt for a Department of Veterans Affairs mortgage than any other type of loan when buying their first home, a new report from the Consumer Financial Protection Bureau shows. Here’s a look at how much more popular Kentucky VA loans have become for service members in the last decade.
Source: Kentucky VA loans skyrocket in popularity for first-time homebuyers
This report uses the term “servicemember” as those who are training for, serving in, or have previously served in the uniformed services, as defined in 10 U.S.C. § 101(a)(5).
2 “[N]early 90% of VA-backed loans are made with no down payment.” U.S. Department of Veterans Affairs (2018). Available at https://www.va.gov/housing-assistance/home-loans/.
3 These protections range from VA-provided loan counseling and assistance working with loan servicers, to VA’s authority to force a loan servicing transfer or servicing the loan in-house.
4 The funding fee ranges from 1.25 to 3.3 percent for home purchase loans, depending on veteran status, down-payment size, and first or subsequent use of VA loan benefits. The fee is waived for applicants with a service-connected disability. Other details on VA home loan benefits, costs, and eligibility requirements are available at https://www.va.gov/housing-assistance/home-loans/.
5 This report defines “first-time homebuyer” as individuals who open a new home loan anytime between 2006 and 2016, and do not have a prior home loan tradeline on their credit report as of the first quarter of 2006. This is stricter than the definition used by many first-time homebuyer assistance programs, which include anyone who has not owned a home in the previous three years.
6 These observations are based on Home Mortgage Disclosure Act (HMDA) data. “Data Point: 2017 Mortgage Market Activity and Trends”, Consumer Financial Protection Bureau (HMDA Report, 2018), Figure 2. Available at https://www.consumerfinance.gov/data-research/research-reports/cfpb-data-point-mortgage-market-activity-and-trends/.
The U.S. Government created the VA loan the help those brave men and women who serve our country purchase a home. VA Loans are guaranteed by the U.S Department of Veteran Affairs. This program has many distinct advantages over traditional mortgages and has placed over 20 million veterans and their families purchase a home of their own.
VA loans are long-term financing options for eligible American Veteran and their spouses.
There are many benefits of a Kentucky VA tailored mortgage to help Veterans get the assistance they need to get into a home and a reasonable financial situation.
If you are a Veteran, an active duty personnel, in the National Guard, or a surviving spouse, then you may qualify for a VA loan. Veterans can apply with any mortgage lender that participates in the VA home loan program.
However, they will need a certificate of eligibility for the loan. In some cases, they can attain this from the lender. The eligibility requirements are a suitable credit score and a sufficient income to insure the borrower will remain in good standing with mortgage payments.
If you or your spouse may qualify for a VA loan check out your options and talk to a lender today. This program is created to thank you for your service and help you find your dream home.
The Kentucky VA Loan isn’t just for active duty military. Check out this complete guide to see if you might be eligible to use the Kentucky VA Loan.
Source: Your Complete Guide to the VA Loan
https://media.tenor.com/videos/0ca1512f1f8afdcbb7a61669ff756563/mp4
You can find more information and how to prove your eligibility on the VA benefits website. The specific service requirements and time periods can be found here.
Unfortunately, the VA loan cannot be used for ANY type of purchase. Like many federally sponsored programs there are very specific requirements to what can be bought with a VA loan.
As defined by the VA, the loan can be used for five types of homes, all of which must be your personal home. The specific VA wording can be found here.
Multi-plex for a VA loan – The VA allows you to buy a single family, duplex (2 units), triplex (3 units) and a quadplex (4 units). The key is that you have to live in one unit, however, you are still allowed to rent the other unit(s) out.
Eligibility for a VA loan
Once you know that you qualify, the next step is to figure out your eligibility. Unfortunately, it’s not as simple as it sounds because it’s based on your location. The lowest total amount is $484,350 for a single family. All the numbers after that are based on location and the number of times the loan has been used. The VA location list to check eligibility can be found here.
Multiple VA Loans
The great thing about the new VA rules is not only are you given a set amount, but you can buy as many houses under the amount of the last local place. You entitlement includes the purchase price AND the funding fee (described below) of your location.
This is the Equation: Current Location Entitlement – Previous Entitlement(s) if you have multiple (Funding Fee included) = amount you have left.
So just because you are “out” in one location in regards to your VA loan eligibility, does not mean you should not have your mortgage broker check your eligibility in the next place you go. It never hurts to ask, you could be missing out on an opportunity!
Financing Above Your VA Loan
The VA loan does allow you to finance above your VA loan amount. The key thing to note is anything above the VA funding amount requires a down payment of 25%. So if you go above your funding amount by 10,000 you will now owe a down payment of $2,500.
VA Funding Fee
The VA funding is the only downside to the VA loan and using it for multiple loans. The VA loan charges a funding fee for all their loans. The rates depends on a couple of different variables so certainly look at this chart to figure out your funding fee.
Waiving of the Funding Fee
If you have a VA disability rating then you should definitely check out this article. I explain all the regulations and how all those fees/other expenses could be waived.
The VA loan is truly an amazing loan. There are so many nuances and great benefits. I highly recommend you find a great mortgage broker who can walk you through all the different possibilities. Did I miss anything regarding the VA loan? What has been your experience?
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.
Text/call: 502-905-3708
The first step is to get your (COE and DD Form 214 for A Kentucky VA Mortgage Loan) in order as well as reviewing your information to make sure you qualify. If you don’t, we can get you on the right track.
Determining your eligibility and the maximum purchase price is the first step you’ll need to take for your Kentucky VA Loan. VA Loans don’t technically have a maximum mortgage/loan limit, but they do have a maximum amount they’ll 100% finance. On the other hand, FHA does have a maximum mortgage. This is an actual limit on the amount you can borrow.
Using a VA Loan allows you to finance up to 103.3% of the purchase price, with 100% going towards the purchase and the remaining 3.3% eligible to go towards your closing costs. Determining your eligibility will involve reviewing your veteran status, Certificate of Eligibility (COE), county limits, income, credit, and job stability. These factors will all contribute to your VA maximum mortgage.
The first thing you’ll need to do is to make sure you’re an eligible veteran and confirm your Certificate of Eligibility is ready for your VA Loan. If you’ve already got that sorted out, then you’re ready to start shopping for how much you’ll qualify for.
Text/call: 502-905-3708
Kentucky veterans and active duty service members are eligible. However, all veterans, active duty service members and National Guard members must meet certain requirements.
see below requirements for Kentucky VA Mortgage Loans:
Also, Kentucky VA loans are available to the surviving spouses of military members who died in the line of duty.
The Veterans Administration guarantees the loan, but they do not make it.. VA sets forth the guidelines as far as credit, income, assets, property requirements and inspections, but the lenders use this to make a lending decision. Usually the credit, income and assets, i.e. bank statements, pay stubs and tax returns, along with credit report and credit score to get a pre-approval upfront. The appraisal report is done by VA assigned appraiser in the area and neither the lender, borrower, realtors, sellers, have no control as far as choosing the Kentucky VA appraiser. VA will typically give the VA approved appraiser 10 days to make contact, and usually get the appraisal report back within 7-10 days after inspections.
The Kentucky VA Mortgage Loan Limits for 2019 were just published. . Currently, loan limits are $484,500 for all Kentucky Counties in 2019. They go off conventional guidelines from Fannie Mae. Now, will you get approved for $484,500 loan limit?–That all depends on your credit, income, assets, monthly debts when they run the application through AUS or DU.
What is the credit score or fico score required for a Kentucky VA Mortgage loan?
VA has issued guidelines that calls for no minimum credit score. However, most VA Kentucky lenders will want to see a credit score of at least 620 before approving the mortgage. There are two lenders we work with currently that will do down to a 500 credit score, but it is very difficult to get them approved . The best thing to do is let someone pull your credit and see where you are at and go from there. A lot of lenders you will see will want a 620 credit score, with a few going down to 580. Again, this will vary greatly from lender to lender and be based upon our automated underwriting findings (AUS) from Desktop Underwriting.
Kentuck VA home buyers do not require a down payment. It does not matter if you have a 500 credit score or 780 credit score, all VA loans offer a no down payment option to applicants. The only reason you would need a down payment is if you had to qualify for the home loan payment, or if you were borrowing with a co-applicant, that is not married to the borrower. For example, if a veteran is legally married, and his wife is not a veteran, that is fine with VA and you would not need a down payment, However, let’s say the borrower and his friend or girlfriend wanted to buy a house together, and we needed the co-borrowers income and credit to make it work, then you would need to put down 12% on the home loan since the borrower and co-borrower are not legally married.
One of the great benefits of VA loans is that have no monthly mortgage insurance premium. When you compare this to FHA, USDA mortgage loans in Kentucky, you would need to pay monthly mortgage insurance.
There is an upfront funding fee from VA , but if you are disabled, you can get this waived sometimes. See chart below
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.
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
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% |
Assumptions | 0.50% | 0.50% |
Service-connected Veterans | 0.00% | N/A |
Read more: http://mylouisvillekentuckymortgage.com
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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There’s no set-in-stone time limit for how long the Kentucky VA loan process takes, but on average, you should be able to get it done within 30 days depending on the appraisal report and home inspections
VA mortgage loans is the only Government sponsored mortgage that requires a termite inspection., so keep that in mindo on your inspections when you are having them done after the accepted contract.
This is a common myth with many VA eligible home buyers and homeowners. If you’re eligible for the VA loan, then you’re eligible for your entire life. Plenty of home buyers end up using the VA loan more than once, mostly because it’s arguably the best loan program out there.
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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 Mortgage Pre-Approval Checklist
Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home.
Your first house payment usually starts 30-60 days after you close.
Your loan pre-approval is usually good for 60 days.
I don’t need originals, copies are fine. You can fax or email me the above documents, or meet me face-to-face if you wish to make copies and go over your options.
Let me know your questions.
Thanks and look forward to helping you.
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.
FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS