Tag: Active duty

Kentucky VA IRRRL Refinance Mortgage Guidelines for 2015

Kentucky VA IRRRL Refinance Mortgage Guidelines for 2014

Kentucky VA Mortgage Lender
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

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky VA IRRL Streamline Refinance Kentucky
Kentucky VA IRRL Streamline Refinance Kentucky

Do you have to do an appraisal on a Kentucky VA Streamline Refinance IRRL?

Kentucky VA IRRRL  offers Interest Rate Reduction Loans with or without an appraisal

Kentucky VA IRRL Streamline Refinance Kentucky
Kentucky VA IRRL Streamline Refinance Kentucky

Here are key features and benefits of a Ky VA Streamline Refinance:

No appraisal or 2055 required

  • Minimum 640 credit score
  • 1 unit primary residence only
  • LTV may be as high as 130% of the homes value.
  • Mortgage must be current.

For  Kentucky Veterans looking to refinance their existing Ky  VA loans, I can help! I’d be happy to go over our VANA feature, as well as our improved VA program.

Kentucky VA Streamline
Kentucky VA Streamline
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

2019 Kentucky VA Home Loans Requirements

BANKRUPTCY
Chapter 7 Two years from discharge date; evidence the applicants have demonstrated ability to handle their credit affairs; and that applicants have re-established acceptable credit (or chosen not to incur new credit). Discharged less than two (2) years – NOT eligible.
Chapter 13 A satisfactory performance history for one year of the pay-out period and MUST be discharged.
FORECLOSURE/DEED-IN-LIEU
If occurred in past three years, applicant is ineligible.
TAX LIENS
All federal tax liens will be required to be paid in full prior to the loan closing.

CAIVRS
CAIVRS is a HUD-maintained computer information system which enables lenders to learn when an applicant has previously defaulted on a federally-assisted loan. The system’s interactive voice response function provides instant credit information.
A CAIVRS screening on each veteran and any co-obligor is required. An applicant cannot be considered a satisfactory credit risk if he or she is presently delinquent or in default on any debt to the federal government until the delinquent account has been brought current or satisfactory arrangements have been made between the veteran and the federal agency.

Student Loans

If student loan repayments are scheduled to begin within 12 months of the date of 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 timeframe, the debt need not be considered in the analysis.

Interested-Party Contributions/Property Seller Concessions
A maximum of 4% of the value of the property as indicated on the Notice of Value (NOV) may be contributed from an interested party (property seller concession).
Any property seller concession or combination of concessions which exceeds 4% of the established reasonable value of the property is considered excessive and unacceptable for VA-guaranteed loans. A reduction of the sales price in the amount equal to the excess is required in these instances.
Property seller concessions include, but are not limited to, the following: Payment of the VA funding fee Prepayment of the veteran’s property taxes and insurance Gifts such as a television set or microwave oven Payment of additional discount points to provide permanent interest rate buydowns Provision of escrowed funds to provide temporary interest rate buydowns Payoff of credit balances or judgments on behalf of the veteran
Property seller concessions do not include: Payment of the veteran’s closing costs Payment of points as appropriate to the market
o For example: if the market dictates an interest rate of 7.50 with two discount points, the property seller’s payment of the two points would not be a property seller concession. If the property seller paid five points, three of these points would be considered a property seller concession.

VA ALLOWABLE CLOSING COST CHART
Closing Costs that CAN be Paid by the Veteran:
Appraisal Fee Recertification of Value Fee
Buydown Fee Recording of Deed
Compliance Inspection Recording of Mortgage
Credit Report Release Fee – Refinances Only
Discount Points Repairs listed on appraisal **
Documentary Mortgage Stamps Repair Inspection – Refinances Only
Flood Certification Septic Inspection Fee
Hazard Insurance Survey
Intangible Tax Title Insurance including: Abstract, Binder & Exam
Origination Fee – 1% Max * VA Funding Fee
Pest Inspection – Refinances Only*** Water Test Fee
Closing Costs that CANNOT be Paid by the Veteran:
Attorney Services (other than title work) Postage, Fax, Phone, Copy of Courier Fees
Broker Fees Sales Commissions
Pest Inspection on Purchase*** Realtor/Lender Transaction Fee

Volunteers needed to honor veterans – wave3.com-Louisville News, Weather & Sports

Volunteers needed to honor veterans – wave3.com-Louisville News, Weather & Sports.

Nation’s #1 dedicated VA lender celebrates opening in Elizabethtown, KY | Business | Hardin/Meade Counties News

Nation’s #1 dedicated VA lender celebrates opening in Elizabethtown, KY | Business | Hardin/Meade Counties News.

Poli: What you need to know to clean up your credit score

Poli: What you need to know to clean up your credit score.

 

If you should find that your credit score is lower than you would like, there are a few things you can do to shore up that number, starting with making an effort to pay off your debts. You should make timely payments and keep any credit card balances low; strive to pay off balances monthly.
 

Read more: http://www.wickedlocal.com/norwood/news/x638681944/Poli-What-you-need-to-know-to-clean-up-your-credit-score#ixzz2iN7PWWUY
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The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae

The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

via The difference between a front-end and a back-end debt-to-income ratio for a Kentucky Mortgage Loan FHA, VA, KHC, USDA, Fannie Mae.

LOCK AND SHOP PROGRAMS COMING BACK?

LOCK AND SHOP PROGRAMS COMING BACK?.

via LOCK AND SHOP PROGRAMS COMING BACK?.

Why You Can’t Get a Louisville Kentucky FHA, VA, KHC, USDA, Rural Housing and Fannie Mae Home Loan

It appears that today’s government shutdown has had very little impact on most loan programs so far, with the exception of Kentucky Rural Housing Loans for USDA.The USDA website and GUS are currently unavailable. Their underwriters and the call centers are also not available.Therefore, until further notice, USDA loan applications that have not yet received a firm commitment from Rural Development and have yet to receive a clear to close will not be allowed to close.
Until further notice, we will not issue any commitments on USDA applications but will continue to accept USDA applications and will process them as best we can.This situation is very fluid. We will have more guidance as more information becomes available.

As always, we appreciate your business.

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346