Kentucky VA Loan Cash Out Refinance Guidelines for 2014

Kentucky VA Loan Cash Out Refinance Guidelines for 2014

Kentucky VA Cash Out Refinance:

  • Now up to 100% of the home’s value or LTV – Plus VA Funding Fee Financed
  • Minimum Credit Score of 680 Required –
  • Approve/Eligible DU AUS Findings
  • Max DTI 45.00% –
  • Must Meet Minimum VA Guarantee Requirements
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Kentucky VA Loan Requirements after a bankruptcy, foreclosure, short sale

Kentucky VA Loan Requirements after a bankruptcy, foreclosure, short sale below:

Kentucky VA Mortgage Lender

Kentucky VA Mortgage Lender

  • Foreclosure: 2 years from foreclosure completion date and date transferred back to the lender
  • Deed in Lieu: 1-2 years with re-established credit and acceptable extenuating circumstances; 3 years without
  • Short Sale: 2 years from previous sale closed date and new owner transfer date
  • Bankruptcy Chapter 7: 2 years
  • Bankruptcy Chapter 13: 1 year with bankruptcy court approval for mortgage process; 2 years from discharge

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Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

What are the 2015 Kentucky VA Mortgage Approval Guidelines for a VA loan?

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2015 Kentucky VA Mortgages Qualifying Guidelines:

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

 

 

Louisville Kentucky Mortgage Loans

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Louisville Kentucky Mortgage Rates.

Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
(: (502) 905-3708 |7Fax: (502) 327-9119|

Company ID #1364 | MB73346

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Kentucky VA IRRRL Refinance Mortgage Guidelines for 2015

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Kentucky VA IRRRL Refinance Mortgage Guidelines for 2014

Kentucky VA Mortgage Lender

Kentucky VA Mortgage Lender

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

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky VA IRRL Streamline Refinance Kentucky

Kentucky VA IRRL Streamline Refinance Kentucky