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 month
Seller 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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