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
| Photo | City | State | ZipCode | Beds | Baths | Sq. Ft. | Price |
|---|---|---|---|---|---|---|---|
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ALEXANDRIA | KY | 41001 | 3.0 | 2.5 | 1848 | $126,900.00 |
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ANNVILLE | KY | 40402 | 3.0 | 2.0 | 2144 | $49,900.00 |
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BELFRY | KY | 41514 | 3.0 | 2.0 | 1800 | $65,900.00 |
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BLAINE | KY | 41124 | 11.0 | 0.0 | 0 | $17,500.00 |
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BOSTON | KY | 40107 | 4.0 | 1.5 | 1612 | $64,000.00 |
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BRANDENBURG | KY | 40108 | 3.0 | 2.5 | 1772 | $154,900.00 |
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BURLINGTON | KY | 41005 | 3.0 | 2.5 | 1966 | $127,900.00 |
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CAMPBELLSBURG | KY | 40011 | 3.0 | 2.0 | 1904 | $50,000.00 |
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CAMPTON | KY | 41301 | 2.0 | 2.0 | 1650 | $17,900.00 |
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CATLETTSBURG | KY | 41129 | 3.0 | 2.0 | 1765 | $21,900.00 |
3109 HORSESHOE CT, CRESTWOOD KY 40014 $178,500.00
     
Check out this spacious walk out ranch with 3 BR’s & 2 full bath with a split floor plan located on 1.25 acres. This house sits on a partially wooded lot on a quiet cul-de-sac in Kentucky Acres. Vaulted ceiling in the living room with fireplace and tile flooring. Nice eat in kitchen which has lots of cabinets and counter space. HUGE family room in the basement and also 2 car garage in the lower level. If built prior to 1978 lead-based paint potentially exists. Seller’s name is Secretary of Veterans Affairs. Seller does not pay customary closing cost: including title policy, escrow fees, survey or transfer fees. Proof of funds required on cash transactions; Lender pre-approval letter for financed offer (dated within last 30 days).
Listing Agent Sherry Bennett Webb |
Search Results for HUD Homes in KY |
| 1 | 2 | 3 | |
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Property Case |
Address | Price |
Status | Bed |
Bath |
Listing Period |
Bid Open Date |
Details | ||
| 201-356622 | 206 Pappy Dr Oak Grove, KY, 42262 Christian County |
$88,000 | 3 | 2.00 | Extended  |
01/02/2017 | View Street Map it Email Info |
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| 201-363952 | 3807 Maxon Rd Paducah, KY, 42001 Mccracken County |
$100,000 |  |
3 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-364387 | 10205 Winding River Way Louisville, KY, 40229 Jefferson County |
$99,000 | 2 | 2.10 | Exclusive |
01/02/2017 | View Street Map it Email Info |
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| 201-369019 | 57 Sea Cadet Rd Lancaster, KY, 40444 Garrard County |
$120,000 | 3 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-370520 | 10010 Park Lake Dr Louisville, KY, 40229 Jefferson County |
$87,000 | 3 | 2.00 | Exclusive |
01/02/2017 | View Street Map it Email Info |
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| 201-376124 | 308 Grant Ave Oak Grove, KY, 42262 Christian County |
$90,000 | 3 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-376390 | 3668 Bold Bidder Dr Lexington, KY, 40517 Fayette County |
$115,000 | 3 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-379788 | 2557 Ratliff Creek Pikeville, KY, 41501 Pike County |
$121,500 | |
4 | 2.20 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-383534 | 6246 Main St Burlington, KY, 41005 Boone County |
$99,200 | |
3 | 2.10 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-383947 | 265 Clifton Ln Owenton, KY, 40359 Owen County |
$132,000 | 3 | 2.00 | Exclusive |
01/02/2017 | View Street Map it Email Info |
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| 201-385672 | 555 Saint Anthony D Lexington, KY, 40505 Fayette County |
$90,000 | |
4 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-389790 | 151 Robards Ct Harrodsburg, KY, 40330 Mercer County |
$78,000 | 3 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-389913 | 5256 Jewell Ln Paducah, KY, 42001 Mccracken County |
$184,500 | |
4 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-395311 | 64 Mossey Oak Rd Whitley City, KY, 42653 Mccreary County |
$95,000 |  |
4 | 1.00 | Exclusive |
01/03/2017 | View Street Map it Email Info |
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| 201-396495 | 470 Poplar Haven Rd Scottsville, KY, 42164 Allen County |
$176,000 | 4 | 3.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-401895 | 6800 Sandstone Blvd Louisville, KY, 40219 Jefferson County |
$80,000 | 3 | 1.10 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-407017 | 301 E 1st St Silver Grove, KY, 41085 Campbell County |
$105,000 | |
5 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-409412 | 145 Tumbleweed Cour Elizabethtown, KY, 42701 Hardin County |
$170,000 | 3 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-430492 | 7808 Pleasure Walk Cir Louisville, KY, 40258 Jefferson County |
$77,400 | |
2 | 2.00 | Extended |
01/02/2017 | View Street Map it Email Info |
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| 201-432835 | 716 Idaho Ln Owensboro, KY, 42301 Daviess County |
$77,000 | |
3 | 1.00 | Exclusive |
01/02/2017 | View Street Map it Email Info |
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There actually is no max Kentucky VA loan Limits set by VA. However, if you go over the standard VA Max County Loan Limits, in Kentucky this year it is set at $424,000, then you would need to come up with difference in the form of the down payment by taking the Sales price, minus the max va loan limits for County, then take 25% of that for your max loan. The fact is there’s actually no maximum loan amount on a VA loan. What those loan limits represent is how much a qualified military borrower can obtain without making a down payment.
Here’s an example. Let’s say you have full VA loan entitlement and the county in which you’re purchasing has the standard $424,100. The home you want to purchase is $650,000. There’s a $225,900 difference between the two, and one quarter of that is $56,475, which is how much the borrower would need as a down payment.
This is based on your maximum VA entitlement of $36,000 not being used.
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YES – You CAN Buy a Home OVER $417,000 with a VA Mortgage Loan |
| KY VA Home loans are zero down payment up to $417,000. If you wish you buy a more expensive home with a VA loan, you will need a small down payment.
The exact formula to determined the VA down payment is a bit more complicated, but the simple quick math is you’ll need about 25% of the difference between the purchase price, and $417,000. So if you were to buy a $517,000 home. There is a $100,000 difference over the zero down maximum $417,000 loan. Therefore you’ll need a down payment of about $25,000. |
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Text/call 502-905-3708
kentuckyloan@gmail.com
The Key benefits of the Kentucky Veterans Administration Homes Loans are:
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:
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
—
Joel Lobb
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223
phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
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
2015 Kentucky VA Mortgages Qualifying Guidelines:
620 Minimum Credit Score with most mortgage investors, though some mortgage companies will go all way down to a 530 credit score in some cases.
No Bankruptcies in the last 2 years
100% Financing, Zero Down payment
No monthly mortgage insurance
Termite report required with a clean report Any damage noted on termite report must be fixed before closing
Maximum debt to income rations are approved on AUS findings with a manual underwrite sticking at 41% on the dti.
Residual Income Requirements on all VA loans with most set around $1200 a monthSeller can pay up to 4% of the sales price toward Veteran’s closing costs and prepaids. The Veteran cannot pay for the termite report fee.
Kentucky VA Mortgage Funding Fee are as follows:
KY VA mortgages have an upfront fee. It is called a VA funding fee and it may be financed rather than paid at the time of closing. The funding fee for a home purchase currently ranges from 2.1% for first time use, and 3.30% depending on down payment and whether or not the borrower has used VA benefits in the past. Some VA Funding Fees are exempt if the Veteran is disabled and it shows zero on the VA Certificate of Entitlement.
For purchase and construction loans, members of the regular military fall into the category of first time user or subsequent user. For first time users, no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.
For the category of Reserves / National Guard, first time users with no down payment requires a 2.4% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.
Cash-out refinancing loans for regular military requires a 2.15% fee for first time users and a 3.3% fee for subsequent users. For Reserves / National Guard, the requirement is a 2.4% fee for first time users and a 3.3% fee for subsequent users. On interest rate reduction loans, the VA funding fee is .50% and it is 1.0% on Manufactured Home Loans.
The following persons are exempt from paying the funding fee:
- 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 (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
Please note that the VA has the final say on who is exempt
100% VA Cash-Out Refinance | Mortgage Information// //
Kentucky VA Loan Approval 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
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