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!!!.

Kentucky VA Loans

Kentucky VA Loans.

via Kentucky VA Loans.

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Kentucky VA Loans

What are KEntucky VA Home Loans?
VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today’s VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no down payment with no mortgage insurance or refinance up to 90% of a homes current equity.

What are the eligibility requirements for a VA Loan in Kentucky?
Veterans Affairs loan guidelines use two methods of income qualification in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval.

How much can I borrow?
The maximum Kentucky VA Mortgage amount is determined by:

Maximum VA Loan in Kentucky: The largest loan allowed for Kentucky VA Mortgage   with zero down is $417,000 in KY. Please refer to the  Kentucky VA Mortgage  chart at the bottom of this page to see your area’s limit.

Maximum Finance: For purchase transactions, the Maximum VA Loan will be 100% of the lower of the selling price or the appraised value.

What will the down payment and closing costs be?
 Kentucky VA Mortgage  have zero money down up to $417,000 in most counties.

What property types are allowed for VA Loans in Kentucky?
VA Loans may be used to purchase or refinance single family residences and VA approved condo projects if the property is the veteran’s primary residence.

Can I do a VA refinance in Kentucky?
Three kinds of  Kentucky VA Mortgage programs are available for veterans in Kentucky.

. Rate/Term VA Refinance for Kentucky
The Rate/Term VA Refinance can be used to refinance a conventional, FHA or subprime mortgage into a stable, fixed rate VA Loan.

. VA Cash-Out Refinance
A Cash-Out VA Refinance is very beneficial for the veteran who wants to access the equity that they have built up in their home. VA Loans can be used to refinance up to 90% of a homes current value and take cash out for any reason.

Kentucky VA Loans

. Streamline Refinance
The VA Streamline Refinance is designed to lower the interest rate on a current VA mortgage or convert a current VA adjustable rate mortgage into a fixed rate. A VA Streamline Refinance Loan can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Kentucky? 
The maximum amount for an KY VA loan is determined by:

. Maximum VA Loan in Kentucky: The largest loan allowed for a VA Mortgage varies from county to county. The highest maximum VA Mortgage right now is $1,094,625. The lowest maximum VA Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you’re interested, visit the following page http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf. This site lists U.S. territories as well as states.

. Maximum Finance: In Kentucky, The maximum VA refinance loan amount will be 100% of the appraised value of the home for a rate/term refinance or 90% of the appraised value for a What factors determine if I am eligible for a VA Refinance Loan?
VA refinance loans use two methods for income qualification purposes in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval.

Kentucky VA Loans

Kentucky VA Loan Limits

Area
County Name
Maximum Single Family Mortgage
(No Money Down)
Maximum VA Jumbo
(0$ Down to 417k, 25% Down Above)
NON-METRO
ADAIR
417,000
1,094,625
NON-METRO
ALLEN
417,000
1,094,625
FRANKFORT, KY (MICRO)
ANDERSON
417,000
1,094,625
PADUCAH, KY-IL (MICRO)
BALLARD
417,000
1,094,625
GLASGOW, KY (MICRO)
BARREN
417,000
1,094,625
MOUNT STERLING, KY (MICRO)
BATH
417,000
1,094,625
MIDDLESBOROUGH, KY (MICRO)
BELL
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
BOONE
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
BOURBON
417,000
1,094,625
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)
BOYD
417,000
1,094,625
DANVILLE, KY (MICRO)
BOYLE
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
BRACKEN
417,000
1,094,625
NON-METRO
BREATHITT
417,000
1,094,625
NON-METRO
BRECKINRIDGE
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
BULLITT
417,000
1,094,625
NON-METRO
BUTLER
417,000
1,094,625
NON-METRO
CALDWELL
417,000
1,094,625
MURRAY, KY (MICRO)
CALLOWAY
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
CAMPBELL
417,000
1,094,625
NON-METRO
CARLISLE
417,000
1,094,625
NON-METRO
CARROLL
417,000
1,094,625
NON-METRO
CARTER
417,000
1,094,625
NON-METRO
CASEY
417,000
1,094,625
CLARKSVILLE, TN-KY (MSA)
CHRISTIAN
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
CLARK
417,000
1,094,625
NON-METRO
CLAY
417,000
1,094,625
NON-METRO
CLINTON
417,000
1,094,625
NON-METRO
CRITTENDEN
417,000
1,094,625
NON-METRO
CUMBERLAND
417,000
1,094,625
OWENSBORO, KY (MSA)
DAVIESS
417,000
1,094,625
BOWLING GREEN, KY (MSA)
EDMONSON
417,000
1,094,625
NON-METRO
ELLIOTT
417,000
1,094,625
NON-METRO
ESTILL
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
FAYETTE
417,000
1,094,625
NON-METRO
FLEMING
417,000
1,094,625
NON-METRO
FLOYD
417,000
1,094,625
FRANKFORT, KY (MICRO)
FRANKLIN
417,000
1,094,625
UNION CITY, TN-KY (MICRO)
FULTON
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
GALLATIN
417,000
1,094,625
NON-METRO
GARRARD
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
GRANT
417,000
1,094,625
MAYFIELD, KY (MICRO)
GRAVES
417,000
1,094,625
NON-METRO
GRAYSON
417,000
1,094,625
NON-METRO
GREEN
417,000
1,094,625
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)
GREENUP
417,000
1,094,625
OWENSBORO, KY (MSA)
HANCOCK
417,000
1,094,625
ELIZABETHTOWN, KY (MSA)
HARDIN
417,000
1,094,625
NON-METRO
HARLAN
417,000
1,094,625
NON-METRO
HARRISON
417,000
1,094,625
NON-METRO
HART
417,000
1,094,625
EVANSVILLE, IN-KY (MSA)
HENDERSON
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
HENRY
417,000
1,094,625
NON-METRO
HICKMAN
417,000
1,094,625
MADISONVILLE, KY (MICRO)
HOPKINS
417,000
1,094,625
NON-METRO
JACKSON
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
JEFFERSON
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
JESSAMINE
417,000
1,094,625
NON-METRO
JOHNSON
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
KENTON
417,000
1,094,625
NON-METRO
KNOTT
417,000
1,094,625
NON-METRO
KNOX
417,000
1,094,625
ELIZABETHTOWN, KY (MSA)
LARUE
417,000
1,094,625
LONDON, KY (MICRO)
LAUREL
417,000
1,094,625
NON-METRO
LAWRENCE
417,000
1,094,625
NON-METRO
LEE
417,000
1,094,625
NON-METRO
LESLIE
417,000
1,094,625
NON-METRO
LETCHER
417,000
1,094,625
MAYSVILLE, KY (MICRO)
LEWIS
417,000
1,094,625
DANVILLE, KY (MICRO)
LINCOLN
417,000
1,094,625
PADUCAH, KY-IL (MICRO)
LIVINGSTON
417,000
1,094,625
NON-METRO
LOGAN
417,000
1,094,625
NON-METRO
LYON
417,000
1,094,625
RICHMOND-BEREA, KY (MICRO)
MADISON
417,000
1,094,625
NON-METRO
MAGOFFIN
417,000
1,094,625
NON-METRO
MARION
417,000
1,094,625
NON-METRO
MARSHALL
417,000
1,094,625
NON-METRO
MARTIN
417,000
1,094,625
MAYSVILLE, KY (MICRO)
MASON
417,000
1,094,625
PADUCAH, KY-IL (MICRO)
MCCRACKEN
417,000
1,094,625
NON-METRO
MCCREARY
417,000
1,094,625
OWENSBORO, KY (MSA)
MCLEAN
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
MEADE
417,000
1,094,625
MOUNT STERLING, KY (MICRO)
MENIFEE
417,000
1,094,625
NON-METRO
MERCER
417,000
1,094,625
GLASGOW, KY (MICRO)
METCALFE
417,000
1,094,625
NON-METRO
MONROE
417,000
1,094,625
MOUNT STERLING, KY (MICRO)
MONTGOMERY
417,000
1,094,625
NON-METRO
MORGAN
417,000
1,094,625
CENTRAL CITY, KY (MICRO)
MUHLENBERG
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
NELSON
417,000
1,094,625
NON-METRO
NICHOLAS
417,000
1,094,625
NON-METRO
OHIO
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
OLDHAM
417,000
1,094,625
NON-METRO
OWEN
417,000
1,094,625
NON-METRO
OWSLEY
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
PENDLETON
417,000
1,094,625
NON-METRO
PERRY
417,000
1,094,625
NON-METRO
PIKE
417,000
1,094,625
NON-METRO
POWELL
417,000
1,094,625
SOMERSET, KY (MICRO)
PULASKI
417,000
1,094,625
NON-METRO
ROBERTSON
417,000
1,094,625
RICHMOND-BEREA, KY (MICRO)
ROCKCASTLE
417,000
1,094,625
NON-METRO
ROWAN
417,000
1,094,625
NON-METRO
RUSSELL
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
SCOTT
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
SHELBY
417,000
1,094,625
NON-METRO
SIMPSON
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
SPENCER
417,000
1,094,625
CAMPBELLSVILLE, KY (MICRO)
TAYLOR
417,000
1,094,625
NON-METRO
TODD
417,000
1,094,625
CLARKSVILLE, TN-KY (MSA)
TRIGG
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
TRIMBLE
417,000
1,094,625
NON-METRO
UNION
417,000
1,094,625
BOWLING GREEN, KY (MSA)
WARREN
417,000
1,094,625
NON-METRO
WASHINGTON
417,000
1,094,625
NON-METRO
WAYNE
417,000
1,094,625
EVANSVILLE, IN-KY (MSA)
WEBSTER
417,000
1,094,625
CORBIN, KY (MICRO)
WHITLEY
417,000
1,094,625
NON-METRO
WOLFE
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
WOODFORD
417,000
1,094,625
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

 We lend in all of Kentucky’s top cities:

Louisville Kentucky VA Loans Lexington Kentucky VA Loans Fayette Kentucky VA Loans
Owensboro Kentucky VA Loans Bowling Green Kentucky VA Loans Florence Kentucky VA Loans
Paduca Kentucky VA Loans Richmond Kentucky VA Loans Elizabethtown Kentucky VA Loans
Kentucky VA Loans

Kentucky VA Loans

va loans for homes in kentucky

Kentucky VA Loans

Louisville Kentucky VA Refinance Loans

Featured

Louisville Kentucky VA Refinance Loans

VA Refinancing for Kentucky VA Mortgages
Can the VA Loan help me lower my monthly bills?
The VA has two major refinance programs. One, the Interest Rate Reduction Refinance Loan, better known as a VA Streamline, helps homeowners get into a lower-rate mortgage to reduce their monthly payment. VA Streamlines come with minimal hassle and paperwork. The VA does not require appraisals or credit checks on Streamlines, but some lenders have recently made them mandatory. We are still able to process some Streamlines without an appraisal, which is a tremendous benefit given the decline in home values across the country. Homeowners have to pay closing costs on a VA Streamline. But these can be rolled into the overall loan amount, along with up to $6,000 in energy efficiency improvements.
Can I refinance my home if I don’t currently have a Kentucky VA Loan?
Kentucky Veterans and active duty homeowners who qualify can refinance into a KEntucky VA loan using the program’s cash-out refinance program. The process for obtaining a Cash-Out Refinance is similar to the process borrowers go through for a VA purchase loan, from the income verification and debt-to-income ratio to a home appraisal. Qualified homeowners with conventional or FHA mortgages do not have to take out cash when they refinance into a VA loan. But they are ineligible for the simpler VA Streamline program.

502-905-3708 or click on link to apply for your free VA refinance loan in Ky. Same day loan approval

Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.

Featured

Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial

Compensating factors may affect the loan decision for a Kentucky VA Mortgage.  These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio.  They cannot be used to compensate for unsatisfactory credit.
Valid compensating factors to over turn a Kentucky VA Mortgage loandenial should represent unusual strengths rather than mere satisfaction of basic program requirements.  For example, the fact that an applicant has sufficient assets for closing purposes, or meets the residual income guideline, is not a compensating factor.
Valid compensating factors should logically be able to compensate (to some extent) for the identified weakness in the loan.  For example, significant liquid assets may compensate for a residual income shortfall whereas long-term employment would not.

Compensating factors include, but are not limited to the following:

 

·   excellent credit history,

·   conservative use of consumer credit,

·   minimal consumer debt,

·   long-term employment,

·   significant liquid assets,

·   sizable downpayment,

·   the existence of equity in refinancing loans,

·   little or no increase in shelter expense,

·   military benefits,

·   satisfactory homeownership experience,

·   high residual income,

·   low debt-to-income ratio,

·   tax credits for child care, and

·   tax benefits of home ownership.

If you looking to get approved for a Kentucky VA Mortgage, give us a call today. We can go down to 640 credit scores for VA loans in Kentucky, and the maximum debt to income ratio on some cases can go as high as 50% with the above compensating factors.

 

Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*