Kentucky VA Mortgage Guidelines for 2016

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Who is eligible for Kentucky VA loans?

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Who is eligible for Kentucky VA loans?

Kentucky VA loans are available to veterans of the United States Armed Forces, including those who are on active duty or reserve, as well as widows or widowers of veterans. There are also special circumstances under which spouses of veterans can also apply for eligibility.
Keep in mind, you’ll need to provide a Certificate of Eligibility (COE) in order to prove you are entitled to receive VA financing. Visit the U.S. Department of Veteran Affairs website to learn how to obtain a COE. Your lender can also help you obtain a COE based on your unique circumstances.

What benefits do Kentucky VA Loans offer veterans?

Kentucky VA loan program comes with special advantages other mortgage loan products don’t have. Here are just a few benefits of Kentucky VA loans:
Flexible qualifying and credit requirements
Lower interest rates
Zero down payment
No private monthly mortgage insurance (PMI)
Property tax exemptions
There are even grants that allow disabled veterans to make modifications to their home. Another important benefit to point out includes the ability to finance a substantial portion of the closing costs associated with purchasing a home.

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.

VA Loan 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

I don’t need originals, copies are fine. You can fax or email me the above documents.

Let me know your questions.

Thanks and look forward to helping you

VA Home Purchase Benefits

Option for no down payment, zero down home loan
Current 30 year fixed rate of 3.75%
No monthly mortgage insurance premium
Seller or lender may contribute to veteran’s closing costs
Termite report required on all VA loans
No closing costs option available
Close in as little as 30 days
Free Mortgage Approvals

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

Posted by joel lobb at 12:46 PM
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Labels: 100% cash out refinance, Current VA Mortgage Rates Louisville KY, IRRRLs Versus Cash-Out Refinancing Loans, Kentucky VA Home Loans, Louisville Kentucky VA Home, streamline refinance, zero down va loans

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

 

 

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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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2014 Kentucky VA Home Loans Requirements

BANKRUPTCY


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.
FORECLOSURE/DEED-IN-LIEU
If occurred in past three years, applicant is ineligible.
TAX LIENS
All federal tax liens will be required to be paid in full prior to the loan closing.

CAIVRS


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.

Student Loans

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.

Interested-Party Contributions/Property Seller Concessions


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

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— 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

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via A Complete Guide to Closing Costs.

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