I have successfully originated over 100 VA Home loans in Kentucky. Put my experience to work for you. I offer 100% VA Home No Money Down Loans and 100% cashout refinance VA loans. Call or text me today at 502-905-3708 or email me at Kentuckyloan@gmail.com-This website is not affiliated with the VA or any other government agency. NMLS #57916 Equal Housing Lender. Same Day Approvals, Fast Closings, and a Local Veteran offering VA Home Loans in Kentucky. Free Credit Report and Pre-Approvals
TIPS FROM VA FOR ORDERING COE OR CERTIFICATE OF ELIGIBILITY
TIP #1: If you don’t have an urgent need (like an impending closing date), or a potentially deal-breaking question or concern please give VA a few business days to process your COE request, before checking on status.
Currently, the majority of our incoming calls relate to Certificate of Eligibility (COE) processing – particularly requests for status updates. While VA’s COE staff is here to help answer your questions about COEs, it is important to note that the staff is currently processingCOE requests in about 4 business days, on average. Despite system enhancements that allow us to provide you instant COEs in over two-thirds of cases, record-setting loan volume means that our COE staff is working as hard as ever to process the remainder as quickly as possible.
TIP #2: Please be sure the “T’s” are crossed and the “I’s” are dotted prior to submission of a COE request. Providing a complete and accurate submission increases the probability that VA can process your request instantaneously.
We sometimes find that COE requests are missing critical pieces of information or that the submitter has forgotten to provide a required form (such as a National Guard member’s NGB-22 or a Reservist’s Points Statement). It may also be helpful to proof the forms you’re uploading to ensure they’re legible and complete. We find that oftentimes, submissions cannot be processed immediately online, only because a key data field or required piece of evidence is illegible, or missing.
Some commonly required (but often omitted) forms are:
For Veteran borrowers, the DD214 copy that includes the Character of Service
For Reservist borrowers, the Point Statements document, which proves 6 Creditable Years and Character of Service
For National Guard borrowers, the Form NGB 22
For Active-Duty Servicemember borrowers, the Statement of Service from a commanding officer
TIP #3: Please help us help you with your ‘special requests’ regarding COEs.
If your borrower has a special circumstance that requires you to submit a request for more than just a standard COE issuance, it is helpful to provide details about that special circumstance in the “Notes” field of the COE submission page. Our staff can process your full request in an accurate and timely fashion if all the details are easily discernable.
For example, if your borrower is submitting evidence of a name change along with her request for a COE, and you note both requests in the submission, our staff can easily and quickly discern that two actions are required of them and quickly process your request. If that same submission did not note the requested name change, staff may attempt to process only the COE request and initially reject it, due to non-matching information in our system. The “Notes” field can be found in the left-side vertical toolbar on the submission page.
TIP #4: Please be sure your COE request makes it to the Internet in complete form.
You may be used to other online web forms that allow you to hit “Enter” on your keyboard to navigate through sections of the form or complete a transaction. However, our online COE tool is a bit different. Hitting “Enter” to navigate through the page can result in your incomplete form being submitted to VA. If you hit “Enter” multiple times, we can get multiple incomplete requests for the same COE. Please also note that after you complete the form/process, you should click the “Submit” button in order for the request to be transmitted to our processing system. The “Submit” button can be found at the bottom center of the COE submission page.
TIP #5: If you’re stuck or have a general question, you may find the answers you need in our web tutorials and guides.
Helpful information can be found at:
The Lender’s Tutorial “How to Order a Certificate of Eligibility on the VA Portal” [click here]
Information on how to correct your COE submission [click here]
TIP #6: If you have issues with the web form or are experiencing other technological issues, the BEST way to report a problem or get help with a problem, is to email the system Help Desk atVIP.VBACO@va.gov rather than call the COE toll-free line.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
, NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky
Does VA allows 100% equity Cash-Out on Refinances for Kentucky VA Mortgages?
Yes is the simple answer, but a lot of VA lenders will only go to 90%, so be careful shopping out there for quotes and qualifying info.
VA allows Kentucky VA Mortgage holders and veterans to finance 100% of the purchase price of a home, but they also allow Kentucky VA Mortgage veterans to take cash-out up to 100% of the value of their home! You are still subject to the funding fee unless disabled, and the cash out maybe limited in hand depending on your credit score.
Cash-Out Refinance up to 100% .Higher Credit Scores may be needed to get cash in hand after paying off existing mortgage. Subject to debt to income limits and acceptable appraisal. VA termite required again.
Min FICO 620 with no bankruptcies or foreclosure last 2 years
Max Loan Amount subject to VA County Loan Limits
0 x 30 days on mortgage in last 12 months
Can pay off existing VA, FHA or conventional mortgage (Note there MUST BE an existing lien against the property)
Must be first lien and owner occupied by the Veteran applicant. (Note: Property may NOT be owned free & clear)
Owner-occupancy cert is required
Properties listed for sale in the previous 6 months, prior to the date of the application (& appraisal) are not eligible
620 Minimum Credit Score with most mortgage investors, though some mortgage companies will go all way down to a 530 credit score in some cases. No Bankruptcies in the last 2 years 100% Financing, Zero Down payment No monthly mortgage insurance Termite report required with a clean report Any damage noted on termite report must be fixed before closing Maximum debt to income rations are approved on AUS findings with a manual underwrite sticking at 41% on the dti. Residual Income Requirements on all VA loans with most set around $1200 a month
Seller can pay up to 4% of the sales price toward Veteran’s closing costs and prepaids. The Veteran cannot pay for the termite report fee.
Kentucky VA Mortgage Funding Fee are as follows:
KY VA mortgages have an upfront fee. It is called a VA funding fee and it may be financed rather than paid at the time of closing. The funding fee for a home purchase currently ranges from 2.1% for first time use, and 3.30% depending on down payment and whether or not the borrower has used VA benefits in the past. Some VA Funding Fees are exempt if the Veteran is disabled and it shows zero on the VA Certificate of Entitlement.
For purchase and construction loans, members of the regular military fall into the category of first time user or subsequent user. For first time users, no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.
For the category of Reserves / National Guard, first time users with no down payment requires a 2.4% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.
Cash-out refinancing loans for regular military requires a 2.15% fee for first time users and a 3.3% fee for subsequent users. For Reserves / National Guard, the requirement is a 2.4% fee for first time users and a 3.3% fee for subsequent users. On interest rate reduction loans, the VA funding fee is .50% and it is 1.0% on Manufactured Home Loans.
The following persons are exempt from paying the funding fee:
Veterans receiving VA compensation for service-connected disabilities.
Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
Please note that the VA has the final say on who is exempt
100% VA Cash-Out Refinance | Mortgage Information// //
100% VA Cash-Out Refinance
Does a 100% VA Cash-Out Refinance Make Sense?
Veterans with VA home loans can refinance the full amount of their mortgage. This allows homeowners the potential to reduce their interest rate while adding or consolidating debt.
100% VA Cash-Out Refinance
Adding debt to an existing first mortgage is considered a cash-out refinance. What kind of debt can you add?
Pay off high interest rate credit card balances.
Use equity to renovate and rehab your home.
Consolidate a 2nd mortgage or home equity line of credit.
Pay off high interest auto loans or recreational vehicles.
Take out cash to pay college tuition.
In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.
Kentucky VA Loan Approval Checklist
The following is a list of documents that may be required to process your VA mortgage loan: • One full month’s worth of pay stubs •Last 2 years W-2′s • Last 2 years tax returns •Copy of your DD214 •Your VA Certificate of Eligibility (we can help you get this if needed) • Last two months bank statements for all accounts
The funding fee for ALL subsequent use loans closed on or after October 1, 2006, and before October 1, 2007, is 3.35 percent. This applies to all purchase loans where no down payment of 5 percent or more is made as well as cash-out refinances where the fee would have been 3.3 percent. Effective October 1, 2007, the subsequent use fee reverts back to 3.3 percent.
Type of Veteran Down Payment % for First Time Use % for Subsequent Use
Regular None 2.15% 3.3%
Military 5% or more (up to 10%) 1.50% 1.50%
10% or more 1.25% 1.25%
Reserves/ None 2.4% 3.3%
National Guard 5% or more 1.75% 1.75%
10% or more 1.50% 1.50%
CASH OUT REFINANCE LOANS
Type of Veteran % for First Time Use % for Subsequent Use
Regular Military 2.15% 3.3%
Reserves/National Guard 2.4% 3.3%
Note: There are no reduced funding fees for regular refinances based on equity.
IRRRLs & Other Loan Type
Type of Loan % for Either Type of Veteran WHether First Time or Subsequent Use
Manufactured Home Loans (Not permanently attached) 1.00%
Kentucky VA IRRRL Refinance Mortgage Guidelines for 2014
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
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.
If occurred in past three years, applicant is ineligible.
All federal tax liens will be required to be paid in full prior to the loan closing.
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.
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.
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