Louisville, Kentucky VA Loan Requirements for 2017

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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!

 

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

Kentucky VA Home Loans, Zero Down

Kentucky VA Home Loans, Zero Down.

via Kentucky VA Home Loans, Zero Down.

2014 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

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.

What You Need To Know About A Mortgage… BEFORE You Get One!!!

What You Need To Know About A Mortgage… BEFORE You Get One!!!.

via What You Need To Know About A Mortgage… BEFORE You Get One!!!.

HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans

HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans.

via HARP 2.0 Refinance Guidelines for Fannie Mae and Freddie Mac Louisville Kentucky Mortgage Loans.

— 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

Kentucky VA Funding Fee info for 2013 Mortgage Loans

Kentucky VA Funding Fee info for 2013 Mortgage Loans.

via Kentucky VA Funding Fee info for 2013 Mortgage Loans.

A Complete Guide to Closing Costs

A Complete Guide to Closing Costs.

via A Complete Guide to Closing Costs.

VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

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VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog.

VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

But do you know which VA loan option works for you in your situation? Can a Fannie or Freddie loan be refinanced as a VA mortgage, or can a conventional loan qualify for VA streamline refinancing?

There are several options for VA refinance loans. Borrowers who want to get cash back on the refinancing deal, regardless of the type of mortgage being refinanced must explore their VA Cash-Out Refinancing loan options. These loans are appraisal required and also require credit underwriting, which means you’ll be required to submit a credit application much like your original home loan.

Cash out for VA refinancing is not available for VA Streamline Loans, and the VA home loan program does not offer personal loans–borrowers who want cash back should apply for VA Cash-Out and expect the amount of the cash back to be calculated once the original mortgage has been paid off, plus the amount of any included/financed fees or points. VA loan rules permit any type of mortgage loan to be refinanced with a VA Cash-Out Refinance loan.

VA Streamline Refinancing, on the other hand, is aimed specifically at those who have existing VA loans. This type of VA refinance loan is meant to lower the payment and/or interest rate on the mortgage–in fact, there’s a requirement that this happens in most cases. Borrowers who include extras into the Streamline Loan such as the VA Energy Efficient Mortgage (EEM) Option may find their payments higher on the new loan. This can be allowed under the right circumstances, but if your payments increase by more than 20% you will be required to submit a credit application.

These options may or may not be right for you depending on your financial goals and needs. The best way to determine what’s right for you may include a chat with a loan officer about the VA EEM and the inclusion of the VA loan funding fee into the loan amount where applicable.

The VA Certificate Of Eligibility

 

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VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

the first requirements in the VA loan application process is that the borrower must show he or she is eligible for a VA guaranteed home loan. This is done by presenting the lender with a VA certificate of eligibility (COE), or asking the lender’s help in obtaining one.

Borrowers are free to request their own VA COE, which can be done online. The VA official site says the following about getting your COE online:

“To get your Certificate of Eligibility (COE) online, please go to the eBenefits portal. If you already have login credentials, click the Login box, and if you need login credentials, please click the Register box and follow the directions on the screen.  If you need any assistance please call the eBenefits Help Desk at 1-800-983-0937.  Their hours are Monday-Friday, 8am to 8pm EST.”

Borrowers may need to attach electronic copies of their DD Form 214 or evidence of their current military service status as part of the application form.

If you prefer to get your VA COE with the help of a lender, be ready to show required proof of military service including current military orders or a copy of your DD Form 214 report of discharge. You may also need to provide Social Security data or a copy of your Social Security card and other information.

You can also apply for a COE by mail–you’ll need to submit VA Form 26-1880, Request for Certificate of Eligibility  and any required additional paperwork to theDepartment of Veterans Affairs. Call them at 1-800-827-1000 to get the current mailing address for COE requests. Some applicants–surviving spouses of military members who died from a service-connected disability, for example–are required to apply by mail.

VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog