FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS

TEXT OR CALL 502-905-3708 WITH YOU KENTUCKY  VA HOME LOAN QUESTIONS.

 

 

 

FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS

What Does Having Basic Entitlement of $36,000 Mean?

The $36,000 does not represent the maximum loan amount you can obtain through the VA Home Loan Program. The figure merely provides evidence to your lender that you have full VA entitlement.

With this entitlement and underwriter approval, you can obtain a loan in an amount up to $417,000; some high cost counties have even higher limits.

I Now Have My COE, What Do I Do Next?

 Contact any VA approved lender and start the loan process. Do note that the COE does not guarantee you a VA loan; you still must qualify based upon your income and credit.

 

How Do I Apply For a Loan?

VA does not do any direct lending, and as such VA does not accept loan applications from veterans. You must contact a VA approved lender in order to apply for a VA loan. For more information about VA loans, visit www.benefits.va.gov/homeloans/.

 

 

What is the VA Interest Rate?

VA does not establish interest rates or closing costs for VA loans. Rates are negotiable between you and your lender. It is advisable to obtain quotes from at least three different lenders.

 

What is the Minimum Credit Score Required for a VA loan?

VA has no minimum credit score requirement. However, the lender you choose to do business with may have such a requirement.

 

What Types of Property Does My COE Cover?

The VA Home Loan program guarantees loans for real property that is to be used by the veteran as a primary residence. The program does not cover vacation homes, vacant land, multiplexes in excess of four units, motorhomes, small business loans, or commercial buildings.

 

Can I Use My VA Entitlement to Refinance?

Yes. You can refinance any type of loan on your property using your VA entitlement.

 

 

Why Does My COE Reflect a Paid-in-Full Loan With No Restoration of Entitlement?

In order for entitlement to be restored, the prior VA loan must be paid in full and the property disposed of. If you no longer own the property, please state as such on your application form 26- 1880 and resubmit. Do note that you can obtain a restoration of entitlement without disposing of the property when the loan is paid in full on a one time basis

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

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). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

I have originated over 125 Kentucky VA Mortgage loans in my career. As a former Army Tanker, put my experience to work for you. I offer free VA Home loan approvals & local service. I hope you find this website informative and hope it can give you more confidence as you shop for your next Kentucky VA loan. I can be reached locally in Louisville Kentucky Text/call 502-905-3708 NMLS 57916 Equal Housing Lender. Not affiliated with VA or any other government agency

 

 

 

 

 

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Benefits.gov Basic FHA Insured Home Mortgage Update

 

 

Source: Benefits.gov Basic FHA Insured Home Mortgage Update

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

 

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis.

APR 3.058% – based on $130,000 FHA loan at 2% interest rate.

This program is targeted to:
Households whose gross annual income does not exceed $40,000.
An existing or new construction property (purchase price limit $130,000).
620 minimum credit score.
FHA, VA, or RHS first mortgage options.
Households that include active / non-active duty veterans or other persons receiving VA benefits.
Down payment Assistance Programs (DAP) available up to $6,000. Qualifications apply.
Documentation may include but not limited to:
Leave and Earnings Statement (LES)
DD214 – Discharge from Active Duty
VA Award Letter
Must meet insuring agency guidelines.
Available statewide.
Both Regular and Affordable DAP are available

2 percent interest rate, First time home buyer, fixed for 30 years, fort knox ky zero down loan, kentucky first time home buyer grant, kentucky housing corporation khc, khc, khc loans, khc rates ky, KHC’s (Kentucky Housing ) First Mortgage Government, ky first time home buyer, Louisville Kentucky First Time Home Buyer, mortgage rate, Real Estate, va loans ky, Zero down home loans

Call us today for a free pre-approval at 502-905-3708 or email your mortgage questions to kentuckyloan@gmail.com

— 

 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com/

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

 

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

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, (http://www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, RHS, Fannie Mae Home Mortgage Loans in Kentucky for 2018

Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

Operation KY Home – MRB Special Funding Program

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today,Wednesday, September 6, 2017, with new reservations beginning at10 a.m.

This program is targeted to:

• Households whose gross annual income does not exceed $40,000.
• An existing or new construction property (purchase price limit $130,000).
• 620 minimum credit score.
• FHA, VA or RHS first mortgage options.
• Households who include active or non-active duty veterans. Documentation may include but not limited to:
  • Leave and Earnings Statement (LES)
  • DD214 – Discharge from Active Duty
  • VA Award Letter
• Must meet insuring agency guidelines.

View original post 676 more words

Kentucky VA Mortgage Guidelines for Student Loans

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

 

Kentucky VA Mortgage Changes for Student Loans Guidelines 2017

 

Kentucky VA Mortgage Student Loan Policy  Guideline Changes

VA loans in Kentucky has issued Circular 26-17-02 regarding student loans.  This policy will be effective immediately for all Kentucky VA loans.

How to Calculate a Student Loan Monthly Payment:

If the Veteran or other borrower provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing, a monthly payment does not need to be considered.

If a student loan is in repayment or scheduled to begin within 12 months from the date of closing, the lender must consider the anticipated monthly obligation in the loan analysis and utilize the payment established in one of the options below.  Calculate each loan at a rate of 5%of the outstanding balance divided by 12 months.

 (Example: $25,000 student loan balance x 5% = $1,250 divided by 12 months = $104.17 per month is the monthly payment for debt ratio purposes).

• The lender must use the payment reported on the credit report for each student loan if the reported payment is greater than the threshold payment calculation above, OR

• If the payment reported on the credit report is less than the threshold payment calculation above, the loan file must contain a statement from the student loan servicer that reflects the actual loan terms and payment information for each student loan.  The statement must be dated within 60 days of the loan closing and may be an electronic copy from the student loan servicer’s website or a printed statement provided by the student loan servicer.  It is the lender’s discretion as to whether the credit report should be supplemented with this information.

1. What are the most popular mortgages you offer?
Why are they so popular?

2. Which type of mortgage plan do you think would
be best for me? Why?

3. Will I have to buy private mortgage insurance?
If so, how much will it cost, and how long will it
be required. (NOTE: Private mortgage insurance
is usually required if your down payment is less than
20%. However, most lenders will let you discontinue
PMI when you’ve acquired a certain amount of equity
by paying down the loan.)

4. Are your rates, terms, and closing costs negotiable?

5. Who will service the loan – your bank or another?

6. What escrow requirements do you have?

7. How long will this loan be in a lock-in period
(in other words, the time that the quoted interest
rate will be honored)? Will I be able to obtain a
lower rate if it drops during this time period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties
for prepaying the loan?

KHC Hardest Hit Funds Just announced for Louisville Kentucky 2017!

This specific program is for new loan reservation on or after January 11, 2017. KY Housing has $4 Million Dollars set aside for this program and is utilized on a first-come, first-served basis.

• The funds are for eligible first time home buyers or for those who have not owned a home in the previous 3 years
• The program is a 2^nd mortgage down payment assistance loan up to $10,000, 0% interest rate, forgivable second mortgage loan with a five-year term
• There is no monthly payment on the down payment assistance loan and 1/5^th of the loan is forgiven for 5 years and at that point the loan is fully forgiven
• The property must remain as your primary residence for those 5 years
• The down payment assistance loan can be used to cover your closing costs and down payment
• Max purchase price $283,900
• Max income for person or persons on the loan in Jefferson County is $117,250
• The down payment assistance loan must be used in conjunction with KY Housing first mortgage program (conventional or FHA)
• Minimum 640 credit score to be eligible but we can generally provide advice how to improve your score to that level if needed
• The property (new or existing) must be located in one of these four counties:
  • Jefferson
  • Christian
  • Hardin
  • Kenton
  • Other counties are not eligible for this specific program but there is a down payment assistance loan for other counties

 

 

 

 

 

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

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). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

 

 

 

 

 

 .

Labels: $10000 grant, $10000 KHC HHF DAP, $10k khc grant ky, 100% Financing, 10000 KY Housing Grant, 2017 KY First Time Buyer Programs, down payment assistance, First Time Home Buyers, khc, louisville 10k grant 2017

NMLS No. 57916.

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.

List of Government Foreclosed Homes in Kentucky to include VA, FHA, HUD, Fannie Mae and USDA

Sort by: Highest Price | Lowest Price | Newest Listing | # Beds | # Baths | # Square Ft

Photo	City	State	ZipCode	Beds	Baths	Sq. Ft.	Price
	ALEXANDRIA	KY	41001	3.0	2.5	1848	$126,900.00
	ANNVILLE	KY	40402	3.0	2.0	2144	$49,900.00
	BELFRY	KY	41514	3.0	2.0	1800	$65,900.00
	BLAINE	KY	41124	11.0	0.0	0	$17,500.00
	BOSTON	KY	40107	4.0	1.5	1612	$64,000.00
	BRANDENBURG	KY	40108	3.0	2.5	1772	$154,900.00
	BURLINGTON	KY	41005	3.0	2.5	1966	$127,900.00
	CAMPBELLSBURG	KY	40011	3.0	2.0	1904	$50,000.00
	CAMPTON	KY	41301	2.0	2.0	1650	$17,900.00
	CATLETTSBURG	KY	41129	3.0	2.0	1765	$21,900.00

$115,000Just Listed 5129 Catesville Providence Rd Dixon, KY 42409 3 Beds |2 Baths | 1605 sq. ft. View Property $22,900Just Listed 1338 Hazen St Covington, KY 41016 1 Beds |1 Baths | 912 sq. ft. View Property $75,500Just Listed 520 E 20th St Covington, KY 41014 4 Beds |2 Baths | 2266 sq. ft. View Property $62,000Just Listed 719 E 7th St Hopkinsville, KY 42240 3 Beds |2 Baths | 4167 sq. ft. View Property $15,000Back on Market 2030 Clay St Paducah, KY 42001 4 Beds |2 Baths | 1660 sq. ft. View Property Coming Soon 3848 W Muhammad Ali Blvd Louisville, KY 40212 2 Beds |1 Baths | 720 sq. ft. View Property Coming Soon 7097 N Dixie Hwy Bonnieville, KY 42713 2 Beds |1 Baths | 877 sq. ft. View Property Coming Soon 910 S 44th St Louisville, KY 40211 3 Beds |2 Baths | 1422 sq. ft. View Property Coming Soon 2250 Clearwater Dr Lawrenceburg, KY 40342 3 Beds |2.5 Baths | 1819 sq. ft. View Property   3109 HORSESHOE CT, CRESTWOOD KY 40014 $178,500.00 Bed/Bath: 3.0/2.0 Year Built: 2001 Square Feet: 1748 Lot Size: 1-2 ac MLS: 1460336 Property Type: Single Family Status: Not Available – Pending Sale 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). Property Details Basement Description: Finished SQFT:1193 Sewer Description: Waste DisposalSeptic Utilities Description: Water SourcePublic List Price: $178,500.00 List Date: 10/12/2016 Listing Agent Sherry Bennett Webb Bennett Webb Realty c21sherry@aol.com (502) 245-2105

Search Results for HUD Homes in KY

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42 listings found List Gallery Save Search Email Search View Map Export to Display: 5 10 20

	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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
	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

 

201-436876 116 Cherokee Dr West Van Lear, KY, 41268 Johnson County $152,000 3 2.10 Extended  01/02/2017 View Street Map it Email Info 201-437021 75 Phillips Lane London, KY, 40741 Laurel County $75,000 3 2.00 Extended  01/02/2017 View Street Map it Email Info 201-445253 8303 Smyrna Pkwy Louisville, KY, 40228 Jefferson County $105,000 3 2.00 Exclusive  01/02/2017 View Street Map it Email Info 201-451036 339 College Manor Harrodsburg, KY, 40330 Mercer County $75,000 3 1.00 Extended  01/02/2017 View Street Map it Email Info 201-452225 176 Ratliff Rd Pikeville, KY, 41501 Pike County $172,800 4 2.00 Extended  01/02/2017 View Street Map it Email Info 201-454711 2520 W Jarvis Rd Ashland, KY, 41102 Boyd County $86,000 2 1.00 Extended  01/02/2017 View Street Map it Email Info 201-456418 102 Forest Hill Dr Hodgenville, KY, 42748 Larue County $125,000 3 2.00 Extended  01/02/2017 View Street Map it Email Info 201-462007 129 Bourne Ave Somerset, KY, 42501 Pulaski County $90,300 6 2.00 Exclusive  01/02/2017 View Street Map it Email Info 201-471777 60 Cloud Subdivision London, KY, 40741 Laurel County $78,300 2 1.00 Extended  01/02/2017 View Street Map it Email Info 201-472986 1107 Donald St Ashland, KY, 41102 Boyd County $86,000 3 2.00 Exclusive  01/09/2017 View Street Map it Email Info 201-473861 927 Summitridge Ln Erlanger, KY, 41018 Kenton County $126,000 2 2.00 Extended  01/02/2017 View Street Map it Email Info 201-475559 101 Sandy Hills Cir Corbin, KY, 40701 Laurel County $95,000 3 2.00 Extended  01/02/2017 View Street Map it Email Info 201-481162 60 Grant Dr Somerset, KY, 42503 Pulaski County $116,100 3 2.00 Extended  01/02/2017 View Street Map it Email Info 201-491948 102 Grant Drive Lawrenceburg, KY, 40342 Anderson County $80,000 3 1.00 Extended  01/02/2017 View Street Map it Email Info 201-506662 1802 Jefferson Ave Covington, KY, 41014 Kenton County $76,000 3 1.10 Extended  01/02/2017 View Street Map it Email Info 201-511886 407 Western Ave Covington, KY, 41011 Kenton County $88,000 2 1.00 Exclusive  01/02/2017 View Street Map it Email Info 201-515013 3422 Olive Rd Louisville, KY, 40219 Jefferson County $90,000 3 2.10 Exclusive  01/02/2017 View Street Map it Email Info 201-526573 8819 Old Ironsides Louisville, KY, 40228 Jefferson County $110,000 3 1.00 Exclusive  01/02/2017 View Street Map it Email Info 201-537022 139 Lake Forest Dr Georgetown, KY, 40324 Scott County $126,000 3 2.00 Exclusive  01/02/2017 View Street Map it Email Info 201-540500 3841 Carpenter Dr Owensboro, KY, 42301 Daviess County $78,000 3 1.00 Exclusive  01/09/2017 View Street Map it Email Info

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2017 Kentucky VA LOAN LIMITS

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.

 

 

December 6, 2016   2017 KENTUCKY VA LOAN LIMITS VA has announced loan limit changes for the year 2017. The base limit will be increased to $424,100 for 2017 for all Kentucky VA Home Loans.  This limit applies to the loan amount for KY VA loans with no down payment and with full entitlement of $36,000 These new Kentucky VA loan limits will be effective for loans closing on or after January 1, 2017. Revised Loan limits (for counties in excess of $424,100) by county/state for 2017 can be found online at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2017_HERA-BASED_FINAL.PDF In addition, for comparison, the prior year limits (for counties previously in excess of $417,000) are available at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2016_HERA-BASED_FINAL.pdf

 

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.

 

 

 

 

 

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

American Mortgage Solutions, Inc.

10602 Timberwood Circle, Suite 3

Louisville, KY 40223

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com

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). Mortgage loans only offered in Kentucky.

All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

 

 

 

 

 

 .

Posted by joel lobb at 4:52 AM

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Labels: 100% Financing, 2017 KY First Time Buyer Programs, conventional loans, down payment assistance, fha, First Time Home Buyers, grants first time home buyer kentucky, kentucky va mortgage, khc, rhs, usda

How to Get Your VA Certificate of Eligibility for a VA Home Loan Approval.

.

TIPS FROM VA FOR ORDERING COE OR CERTIFICATE OF ELIGIBILITY

TIP #1: If you don’t have an urgent need (like an impending closing date), or a potentially deal-breaking question or concern please give VA a few business days to process your COE request, before checking on status.

Currently, the majority of our incoming calls relate to Certificate of Eligibility (COE) processing – particularly requests for status updates. While VA’s COE staff is here to help answer your questions about COEs, it is important to note that the staff is currently processingCOE requests in about 4 business days, on average. Despite system enhancements that allow us to provide you instant COEs in over two-thirds of cases, record-setting loan volume means that our COE staff is working as hard as ever to process the remainder as quickly as possible.

TIP #2: Please be sure the “T’s” are crossed and the “I’s” are dotted prior to submission of a COE request. Providing a complete and accurate submission increases the probability that VA can process your request instantaneously.

We sometimes find that COE requests are missing critical pieces of information or that the submitter has forgotten to provide a required form (such as a National Guard member’s NGB-22 or a Reservist’s Points Statement). It may also be helpful to proof the forms you’re uploading to ensure they’re legible and complete. We find that oftentimes, submissions cannot be processed immediately online, only because a key data field or required piece of evidence is illegible, or missing.

Some commonly required (but often omitted) forms are:

• For Veteran borrowers, the DD214 copy that includes the Character of Service

• For Reservist borrowers, the Point Statements document, which proves 6 Creditable Years and Character of Service
• For National Guard borrowers, the Form NGB 22
• For Active-Duty Servicemember borrowers, the Statement of Service from a commanding officer

 

TIP #3: Please help us help you with your ‘special requests’ regarding COEs.

If your borrower has a special circumstance that requires you to submit a request for more than just a standard COE issuance, it is helpful to provide details about that special circumstance in the “Notes” field of the COE submission page. Our staff can process your full request in an accurate and timely fashion if all the details are easily discernable.

For example, if your borrower is submitting evidence of a name change along with her request for a COE, and you note both requests in the submission, our staff can easily and quickly discern that two actions are required of them and quickly process your request. If that same submission did not note the requested name change, staff may attempt to process only the COE request and initially reject it, due to non-matching information in our system. The “Notes” field can be found in the left-side vertical toolbar on the submission page.

 TIP #4: Please be sure your COE request makes it to the Internet in complete form.

You may be used to other online web forms that allow you to hit “Enter” on your keyboard to navigate through sections of the form or complete a transaction. However, our online COE tool is a bit different. Hitting “Enter” to navigate through the page can result in your incomplete form being submitted to VA. If you hit “Enter” multiple times, we can get multiple incomplete requests for the same COE. Please also note that after you complete the form/process, you should click the “Submit” button in order for the request to be transmitted to our processing system. The “Submit” button can be found at the bottom center of the COE submission page.

 TIP #5: If you’re stuck or have a general question, you may find the answers you need in our web tutorials and guides.

Helpful information can be found at:

• The Lender’s Tutorial “How to Order a Certificate of Eligibility on the VA Portal” [click here]
• Information on how to correct your COE submission [click here]

 

TIP #6: If you have issues with the web form or are experiencing other technological issues, the BEST way to report a problem or get help with a problem, is to email the system Help Desk atVIP.VBACO@va.gov rather than call the COE toll-free line.

Joel Lobb (NMLS#57916)
Senior  Loan Officer

 

American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3

Louisville, KY 40223

Company ID #1364 | MB73346

 

Text/call 502-905-3708
kentuckyloan@gmail.com

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). I lend in the following states: Kentucky

 

 

Kentucky VA Mortgage Guidelines for 2016

Louisville, Kentucky VA Loan Requirements for 2017

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!

 

 

 

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

 

phone: (502) 905-3708

 Fax:     (502) 327-9119

kentuckyloan@gmail.com

 

 

 

http://www.mylouisvillekentuckymortgage.com/