Your Complete Guide to the Kentucky VA Loan for 2019

The Kentucky VA Loan isn’t just for active duty military. Check out this complete guide to see if you might be eligible to use the Kentucky VA Loan.

Source: Your Complete Guide to the VA Loan

Kentucky VA Mortgage Loan Approval Checklist
Kentucky VA Mortgage Loan Approval Checklist

You can find more information and how to prove your eligibility on the VA benefits website. The specific service requirements and time periods can be found here.

Unfortunately, the VA loan cannot be used for ANY type of purchase. Like many federally sponsored programs there are very specific requirements to what can be bought with a VA loan.

As defined by the VA, the loan can be used for five types of homes, all of which must be your personal home. The specific VA wording can be found here.

  1. Buy a home or condominium unit in a VA approved project.
  2. Build a Home.
  3. Simultaneously purchase and improve a home.
  4. Improve a home by installing energy-related features or making energy efficient improvements.
  5. Buy a manufactured home and/or lot.

Multi-plex for a VA loan – The VA allows you to buy a single family, duplex (2 units), triplex (3 units) and a quadplex (4 units). The key is that you have to live in one unit, however, you are still allowed to rent the other unit(s) out.

Eligibility for a VA loan
Once you know that you qualify, the next step is to figure out your eligibility. Unfortunately, it’s not as simple as it sounds because it’s based on your location. The lowest total amount is $484,350 for a single family. All the numbers after that are based on location and the number of times the loan has been used. The VA location list to check eligibility can be found here.

Multiple VA Loans
The great thing about the new VA rules is not only are you given a set amount, but you can buy as many houses under the amount of the last local place. You entitlement includes the purchase price AND the funding fee (described below) of your location.

This is the Equation: Current Location Entitlement – Previous Entitlement(s) if you have multiple (Funding Fee included) = amount you have left.

So just because you are “out” in one location in regards to your VA loan eligibility, does not mean you should not have your mortgage broker check your eligibility in the next place you go. It never hurts to ask, you could be missing out on an opportunity!

Financing Above Your VA Loan
The VA loan does allow you to finance above your VA loan amount. The key thing to note is anything above the VA funding amount requires a down payment of 25%. So if you go above your funding amount by 10,000 you will now owe a down payment of $2,500.

VA Funding Fee
The VA funding is the only downside to the VA loan and using it for multiple loans. The VA loan charges a funding fee for all their loans. The rates depends on a couple of different variables so certainly look at this chart to figure out your funding fee.

Waiving of the Funding Fee
If you have a VA disability rating then you should definitely check out this article. I explain all the regulations and how all those fees/other expenses could be waived.

The VA loan is truly an amazing loan. There are so many nuances and great benefits. I highly recommend you find a great mortgage broker who can walk you through all the different possibilities. Did I miss anything regarding the VA loan? What has been your experience?


American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#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.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.

Text/call:      502-905-3708

fax:            502-327-9119




Kentucky VA Mortgage Lender


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
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, motor-homes, 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