Tag: Fort Campbell

What do VA Home Lenders Look for on a Loan Approval in Kentucky

What do VA Home Lenders Look for on a Loan Approval in Kentucky

What are the qualification for a Kentucky VA Home Loan?

 

  • Consistent Job and Income Stability

    • For a currently serving service member, your service will immediately qualify as a stable job.
    • For Kentucky veterans no longer on active duty, you’ll want to have at least 12 months at your current job or be in a similar line of work to your most recent work. Two years or more with an employer is the ideal job history for a mortgage.
    • If you started a new job recently, you may be able to reference your previous work history, work in the service, or educational background to support the stability of your new job. In addition to standard paperwork, if it’s a brand new job, we’ll also be looking for an offer letter.
    • Some types of jobs are inherently less stable than others. If you’re receiving a salary, your income is guaranteed short of job loss. If you’re receiving an hourly pay, then there is a good idea of what you’ll likely be making. But if you’re working any type of commission related job, your income is volatile. It could be high one month and zero the next month. For commission jobs, you’ll want to have at least two years of history reported to your tax returns. We’ll then be able to use a two-year average to determine what we can use as your monthly income.
  • Good credit scores and credit history

  •          There is no minimum credit score for VA, but most Kentucky VA lenders that I            work with  will want a 580 to 620 minimum with no foreclosure or                                bankruptcies in the last 2 years
    • You should have zero late payments on either your rent or mortgage within the last 12 months – preferably having zero late payments. If this isn’t possible, focus on keeping all current accounts paid on time. Your new history will eventually bury the old late payments.
    • If you have no credit score, we can use alternative trade lines like rent, utility  bill and car insurance. 
  • Debt to Income Ratios under 41% for lower credit score, or higher than 41% for good credit scores

    • DTI will be referenced commonly throughout the loan process. This determines how much house you can afford as it’s your monthly debts considered against the gross monthly income (GMI) we’re able to use for your mortgage.
    • Ideally, your total DTI will be below 41% of your gross monthly income. This means someone who makes $5,000 monthly would want all of their collective credit related debts + new mortgage to be below $2,050 for the month. For example, According to CNBC, the average car loan is $523 a month. If you add in another $27 for a credit card, that would be $550 in credit debts + housing. So, your mortgage payment would want to be under $1,500. You can potentially be approved for more, but this would be the ideal number to aim for.
    • Residual Income requirements of $1000 or more a month for most veteran borrowers in Kentucky 
  • Your veteran status.
    • You must have at least 90 days of active duty service.
    • For Reserves, at least six years of service.
    • For veterans, you must have a discharge other than dishonorable.

How you apply for a VA Home loan In Kentucky

The first step is to get  your  (COE and DD Form 214 for A Kentucky VA Mortgage Loan) in order as well as reviewing your information to make sure you qualify. If you don’t, we can get you on the right track.

 

​Kentucky ​VA Loan limits ​​

 

Determining your eligibility and the maximum purchase price is the first step you’ll need to take for your ​Kentucky ​VA Loan. VA Loans don’t technically have a maximum mortgage/loan limit, but they do have a maximum amount they’ll 100% finance. On the other hand, FHA does have a maximum mortgage. This is an actual limit on the amount you can borrow.

Using a VA Loan allows you to finance up to 103.3% of the purchase price, with 100% going towards the purchase and the remaining 3.3% eligible to go towards your closing costs. Determining your eligibility will involve reviewing your veteran status, Certificate of Eligibility (COE), county limits, income, credit, and job stability. These factors will all contribute to your VA maximum mortgage.

The first thing you’ll need to do is to make sure you’re an eligible veteran and confirm your Certificate of Eligibility is ready for your VA Loan. If you’ve already got that sorted out, then you’re ready to start shopping for how much you’ll qualify for.

 

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 

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

Text/call:      502-905-3708

fax:            502-327-9119
email:
kentuckyloan@gmail.com
 
 

 

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Kentucky VA LOANS Guidelines

VA LOANS.

via VA LOANS.

Kentucky VA LOANS Guidelines

 

2012 BAH Kentucky

Sunday, May 13, 2012

2012 BAH Kentucky – Finance – MilitarySpot.com

2012 BAH Kentucky – Finance – MilitarySpot.com

2012 BAH Kentucky

Kentucky (FY2012)
Find your Location and the corresponding Basic Allowance for Housing (BAH) in the pay tables below. All pay is listed in terms of dollars per month.
Enlisted Personnel (Without Dependents)
Location E-1 E-2 E-3 E-4 E-5 E-6 E-7 E-8 E-9
FORT CAMPBELL 810 810 810 810 858 885 951 1065 1191
LEXINGTON 654 654 654 654 753 855 903 975 1056
LOUISVILLE 849 849 849 849 951 1014 1089 1188 1215
FORT KNOX 675 675 675 675 735 942 1017 1098 1176
OWENSBORO 567 567 567 567 642 762 777 867 924
FRANKFORT 630 630 630 630 702 756 843 951 972
BOWLING GREEN 678 678 678 678 744 813 780 933 1014
PADUCAH 633 633 633 633 708 792 852 969 1002
Enlisted Personnel (With Dependents)
Location E-1 E-2 E-3 E-4 E-5 E-6 E-7 E-8 E-9
FORT CAMPBELL 900 900 900 900 918 1125 1266 1422 1587
LEXINGTON 870 870 870 870 933 1140 1206 1275 1407
LOUISVILLE 1086 1086 1086 1086 1167 1263 1344 1431 1560
FORT KNOX 900 900 900 900 975 1254 1356 1454 1566
OWENSBORO 756 756 756 756 828 1017 1035 1053 1149
FRANKFORT 840 840 840 840 936 1008 1089 1176 1284
BOWLING GREEN 822 822 822 822 867 1083 1161 1242 1353
PADUCAH 846 846 846 846 945 1056 1095 1137 1215
Warrant Officers (Without Dependents)
Location W-1 W-2 W-3 W-4 W-5
FORT CAMPBELL 894 999 1194 1227 1329
LEXINGTON 858 972 1059 1155 1227
LOUISVILLE 1053 1185 1218 1284 1365
FORT KNOX 945 1050 1179 1281 1380
OWENSBORO 765 864 930 1020 1041
FRANKFORT 801 948 975 1026 1110
BOWLING GREEN 816 909 1017 1101 1179
PADUCAH 807 966 1005 1065 1104
Warrant Officers (With Dependents)
Location W-1 W-2 W-3 W-4 W-5
FORT CAMPBELL 1128 1329 1521 1614 1725
LEXINGTON 1143 1233 1320 1440 1475
LOUISVILLE 1266 1380 1488 1587 1707
FORT KNOX 1257 1401 1536 1578 1632
OWENSBORO 1020 1041 10687 1179 1311
FRANKFORT 1011 1125 1233 1302 1380
BOWLING GREEN 1086 1194 1296 1374 1467
PADUCAH 1059 1113 1167 1236 1317
Officers (Without Dependents)
Location O-1E O-2E O-3E O-1 O-2 O-3 O-4 O-5 O-6 O-7
FORT CAMPBELL 975 1119 1224 882 954 1197 1326 1461 1521 1551
LEXINGTON 933 1026 1140 807 912 1065 1224 1395 1407 1422
LOUISVILLE 1167 1209 1263 1002 1140 1230 1353 1464 1488 1518
FORT KNOX 1035 1137 1254 822 1020 1182 1368 1431 1536 1566
OWENSBORO 828 912 1017 684 804 948 1038 1185 1194 1206
FRANKFORT 936 966 1005 741 903 981 1098 1155 1233 1260
BOWLING GREEN 882 963 1083 774 873 1020 1167 1239 1296 1323
PADUCAH 945 993 1056 747 912 1014 1098 1125 1167 1188
Officers (With Dependents)
Location O-1E O-2E O-3E O-1 O-2 O-3 O-4 O-5 O-6 O-7
FORT CAMPBELL 1299 1491 1632 942 1122 1512 1767 1947 1965 1986
LEXINGTON 1221 1308 1461 957 1137 1317 1632 1857 1878 1896
LOUISVILLE 1362 1470 1605 1179 1260 1482 1752 1947 1965 1986
FORT KNOX 1377 1515 1587 1005 1248 1530 1650 1734 1752 1770
OWENSBORO 1038 1062 1200 849 1014 1065 1362 1578 1593 1611
FRANKFORT 1107 1218 1314 942 1005 1230 1413 1542 1557 1572
BOWLING GREEN 1176 1281 1389 891 1080 1293 1503 1653 1668 1686
PADUCAH 1104 1158 1248 957 1053 1164 1347 1479 1494 1509
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*

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