Tag: louisville ky va mortgage

Kentucky VA Loans: What to Know about Qualifying for a VA loan in 2019

What are the updated guidelines for qualifying for a Kentucky VA Mortgage in 2019

va pic for blog

What is a Kentucky VA Mortgage loan?

A Kentucky VA loan is issued by a private lender in Kentucky and insured by the Department of Veterans Affairs or VA . for qualified U.S. veterans, active-duty military personnel and certain surviving spouses.

Who is eligible for a Kentucky Mortgage VA loan?

You are likely to be entitled to apply for a Kentucky VA mortgage if:

  • You are active-duty military.

  • You were separated from military service in a situation “other than dishonorable discharge.”

  • As a veteran or active military, you meet specific length-of-service requirements.

  • You are a reservist or a member of the National Guard.

  • You are a qualified surviving spouse of a deceased veteran.

In addition, there are these requirements:

  • The home must be your primary residence.

  • You must have a valid certificate of eligibility from the VA.

  • Although the VA has no minimum credit score requirement, most lenders do.

Kentucky VA Mortgage Loan Benefits.

A Kentucky VA loan begins with one important distinction: relaxed credit-qualifying standards in regards to credit scores, past bankruptcies and foreclosures

VA has no minimum credit score requirement, lenders often require scores of at least 580 A few lenders will approve loans with credit scores as low as 500 in some cases .2 year removed from bankruptcy and foreclosure is required too with a clear Cavirs number.

THE MAJOR BENEFITS of a Kentucky VA mortgage are as follows:

  • $0 down payment unless the purchase price is more than the appraised value of the property or it’s higher than the local VA loan limit.

  • Mortgage rates are typically lower than rates on conventional loans.

  • No mortgage insurance is required monthly, just upfront funding fees.

  • You can reuse your VA loan benefit.

  • You don’t have to be a first-time home buyer.

  • VA-backed loans can be assumable — this means they can be taken over by someone you sell the house to, even if that person isn’t a service member.

  • A bankruptcy discharged more than two years ago — and in some cases, within one to two years — will not preclude you from getting a VA loan.

Types of Kentucky Mortgage VA loans

Home purchase in Kentucky: A Kentucky VA loan can be used to buy an existing home or a condominium in a VA-approved development, or to build a home.

Cash-out refinance in Kentucky:VA cash-out refi replaces your mortgage with a new loan, while tapping some of your home’s value for things like paying off debt or making home improvements. It also can be used to replace a non-VA loan with a VA loan.

Interest rate reduction refinance loan or rate and term: A VA IRRRL (which is pronounced “Earl”) is also called a streamline refinance loan. You can replace an existing VA loan with a mortgage offering a lower interest rate, or move from an adjustable-rate loan to one with a fixed interest rate. Usually no appraisal or income documentation is needed for most IRRRL Refinances saving you a lot of money and qualifying headaches on a refinance

Kentucky VA loan fees for Funding Fees.

Although mortgage insurance isn’t charged on Kentucky VA loans, a “funding fee” serves the same purpose: to help lenders defray the expenses of foreclosing on borrowers who default. The fee ranges from 1.25% to 3.3% of the loan balance, depending on your down payment, branch of the military and whether or not it’s your first time getting a VA loan.

The VA funding fee can be rolled into your total loan package, but that will likely raise your interest rate and will absolutely raise your monthly payment.

Though a down payment is not generally required, putting 5% or more down will reduce your VA funding fee. And a down payment will lower your monthly payment, too.

 

Childcare Expenses

Did you know that VA considers childcare expenses a debt?

VA has given guidance that Borrowers with children age 12 and under must complete and sign a “Child Care Letter”. The lender must obtain the letter from the veteran documenting the childcare expense or detailing why no expense is incurred. Ensure that the current daycare provisions will remain logical based on the location of the new home. If applicable, the name and address of the childcare provider, should be obtained. This expense should be listed under section D, line 29, “Job Related Expense (e.g., child care)” on the VA Loan Analysis.

A “VA Child Care Expense Certification” form can be found on the Fairway website under “Forms & Documents” or by clicking here: VA Child Care Expense Certification

 

Kentucky VA Guidelines After Bankruptcy And Foreclosure On Waiting Period After Foreclosure

Kentucky VA Loans only have a two year mandatory waiting period after foreclosure, deed in lieu of foreclosure, or short sale for a Veteran to qualify for a Kentucky VA Loan.

 

Kentucky VA Guidelines After Bankruptcy And Foreclosure On Waiting Period After Chapter 7 and 13

  • There is a two year mandatory waiting period to qualify for a VA Loan after a Chapter 7 Bankruptcy discharged date and 1 year for A Chapter 13 Bankruptcy

 

New Loan Limits for VA Mortgage Loans in Kentucky for 2019
Fannie Mae has just announced an increase to County Loan Limits for 2019 in Kentucky. Effective Thursday November 29th, will allow FNMA loans to be locked using the 2019 Loan Limits.
The new loan limits are listed below. Individual Kentucky County Loan Limits for 2019 can be found on Fannie Mae’s Loan Limit Look-Up Table HERE.

 

Kentucky VA Loan Process

A list of items needed for underwriting is provided to the buyer based on the buyer’s scenario. Based on the borrower’s scenario, the process is explained which includes the items discussed below such as the VA certificate of eligibility (COE), DD-214, income verification, and more.

 

How to Get a VA Loan Certificate of Eligibility

 

How to Apply for a VA Home Loan Certificate of Eligibility (COE)

The first step in getting a VA direct or VA-backed home loan is to apply for a Certificate of Eligibility (COE). This confirms for your lender that you qualify for the VA home loan benefit. Find out how to apply for a COE. Then, choose your loan type and learn about the rest of the loan application process.

How do I prepare before starting my application?

Gather the information you’ll need to apply for your COE. Click on the description below that matches you best to find out what you’ll need:

 

  • Veteran
  • Servicemember
  • Current or former activated National Guard or Reserve member
  • Current member of the National Guard or Reserves who has never been activated
  • Discharged member of the National Guard who was never activated
  • Discharged member of the Reserves who was never activated
  • Surviving spouse of a Veteran who died on active duty or who had a service-connected disability

 

How do I apply for my COE?

You can apply online right now.

Go to eBenefits to Apply

You can also apply:

Through our Web LGY system

In some cases, you can get your COE through your lender using our Web LGY system. Ask your lender about this option.

By mail

To apply by mail, fill out a Request for a Certificate of Eligibility (VA Form 26-1880) and mail it to the address listed on the form. Please keep in mind that this may take longer than applying online or through our Web LGY system.
Download VA Form 26-1880.

 

Next steps for getting a VA direct or VA-backed home loan

Applying for your COE is only one part of the process for getting a VA direct or VA-backed home loan. Your next steps will depend on the type of loan you’re looking to get—and on your lender (for most loans, the lender will be a private bank or mortgage company; for the Native American Direct Loan, we’ll be your lender).

 

 

 

 

 

 

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


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
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#57916http://www.nmlsconsumeraccess.org/

— 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.

 

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Benefits.gov Basic FHA Insured Home Mortgage Update

 

 

Source: Benefits.gov Basic FHA Insured Home Mortgage Update

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

 

military father and daughter 2(2).png
Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis.

APR 3.058% – based on $130,000 FHA loan at 2% interest rate.

This program is targeted to:
Households whose gross annual income does not exceed $40,000.
An existing or new construction property (purchase price limit $130,000).
620 minimum credit score.
FHA, VA, or RHS first mortgage options.
Households that include active / non-active duty veterans or other persons receiving VA benefits.
Down payment Assistance Programs (DAP) available up to $6,000. Qualifications apply.
Documentation may include but not limited to:
Leave and Earnings Statement (LES)
DD214 – Discharge from Active Duty
VA Award Letter
Must meet insuring agency guidelines.
Available statewide.
Both Regular and Affordable DAP are available

2 percent interest rate, First time home buyer, fixed for 30 years, fort knox ky zero down loan, kentucky first time home buyer grant, kentucky housing corporation khc, khc, khc loans, khc rates ky, KHC’s (Kentucky Housing ) First Mortgage Government, ky first time home buyer, Louisville Kentucky First Time Home Buyer, mortgage rate, Real Estate, va loans ky, Zero down home loans

Call us today for a free pre-approval at 502-905-3708 or email your mortgage questions to kentuckyloan@gmail.com



— 

 Company ID #1364 | MB73346
Joel Lobb
Senior  Loan Officer
(NMLS#57916)

 

text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
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, (http://www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

Screenshot (61)Screenshot (62)

Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

Operation KY Home – MRB Special Funding Program
Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today,Wednesday, September 6, 2017, with new reservations beginning at10 a.m.
This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA or RHS first mortgage options.
  • Households who include active or non-active duty veterans. Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 – Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.

View original post 676 more words

Kentucky VA Mortgage Guidelines for Student Loans

Kentucky VA Mortgage Guidelines for Student Loans
If student loan repayments are scheduled to begin within 12 months of the date of  the Kentucky 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 time frame, the debt need not be considered in the analysis.
Guide Reference – Lenders Handbook Chapter 4, Section 5, Debts and Obligations

 

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List of Government Foreclosed Homes in Kentucky to include VA, FHA, HUD, Fannie Mae and USDA

Photo City State ZipCode Beds Baths Sq. Ft. Price
Photo
ALEXANDRIA KY 41001 3.0 2.5 1848 $126,900.00
Photo
ANNVILLE KY 40402 3.0 2.0 2144 $49,900.00
Photo
BELFRY KY 41514 3.0 2.0 1800 $65,900.00
Photo
BLAINE KY 41124 11.0 0.0 0 $17,500.00
Photo
BOSTON KY 40107 4.0 1.5 1612 $64,000.00
Photo
BRANDENBURG KY 40108 3.0 2.5 1772 $154,900.00
Photo
BURLINGTON KY 41005 3.0 2.5 1966 $127,900.00
Photo
CAMPBELLSBURG KY 40011 3.0 2.0 1904 $50,000.00
Photo
CAMPTON KY 41301 2.0 2.0 1650 $17,900.00
Photo
CATLETTSBURG KY 41129 3.0 2.0 1765 $21,900.00

$115,000Just Listed

5129 Catesville Providence Rd
Dixon, KY 42409

3 Beds |2 Baths | 1605 sq. ft.

View Property

$22,900Just Listed

1338 Hazen St
Covington, KY 41016

1 Beds |1 Baths | 912 sq. ft.

View Property

$75,500Just Listed

520 E 20th St
Covington, KY 41014

4 Beds |2 Baths | 2266 sq. ft.

View Property

$62,000Just Listed

719 E 7th St
Hopkinsville, KY 42240

3 Beds |2 Baths | 4167 sq. ft.

View Property

$15,000Back on Market

2030 Clay St
Paducah, KY 42001

4 Beds |2 Baths | 1660 sq. ft.

View Property

Coming Soon

3848 W Muhammad Ali Blvd
Louisville, KY 40212

2 Beds |1 Baths | 720 sq. ft.

View Property

Coming Soon

7097 N Dixie Hwy
Bonnieville, KY 42713

2 Beds |1 Baths | 877 sq. ft.

View Property

Coming Soon

910 S 44th St
Louisville, KY 40211

3 Beds |2 Baths | 1422 sq. ft.

View Property

Coming Soon

2250 Clearwater Dr
Lawrenceburg, KY 40342

3 Beds |2.5 Baths | 1819 sq. ft.

View Property

 

3109 HORSESHOE CT, CRESTWOOD KY 40014

$178,500.00

Photo

Bed/Bath: 3.0/2.0
Year Built: 2001
Square Feet: 1748
Lot Size: 1-2 ac
MLS: 1460336
Property Type: Single Family
Status: Not Available – Pending Sale

Check out this spacious walk out ranch with 3 BR’s & 2 full bath with a split floor plan located on 1.25 acres. This house sits on a partially wooded lot on a quiet cul-de-sac in Kentucky Acres. Vaulted ceiling in the living room with fireplace and tile flooring. Nice eat in kitchen which has lots of cabinets and counter space. HUGE family room in the basement and also 2 car garage in the lower level. If built prior to 1978 lead-based paint potentially exists. Seller’s name is Secretary of Veterans Affairs. Seller does not pay customary closing cost: including title policy, escrow fees, survey or transfer fees. Proof of funds required on cash transactions; Lender pre-approval letter for financed offer (dated within last 30 days).

Property Details
Basement Description: Finished SQFT:1193
Sewer Description: Waste DisposalSeptic
Utilities Description: Water SourcePublic
List Price: $178,500.00
List Date: 10/12/2016

Listing Agent

Sherry Bennett Webb
Bennett Webb Realty
c21sherry@aol.com
(502) 245-2105

Search Results for HUD Homes in KY

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42 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-356622 206 Pappy Dr
Oak Grove, KY, 42262
Christian County
$88,000 3 2.00 Extended  01/02/2017 View Street
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201-363952 3807 Maxon Rd
Paducah, KY, 42001
Mccracken County
$100,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-364387 10205 Winding River Way
Louisville, KY, 40229
Jefferson County
$99,000 2 2.10 Exclusive  01/02/2017 View Street
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Email Info
201-369019 57 Sea Cadet Rd
Lancaster, KY, 40444
Garrard County
$120,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-370520 10010 Park Lake Dr
Louisville, KY, 40229
Jefferson County
$87,000 3 2.00 Exclusive  01/02/2017 View Street
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Email Info
201-376124 308 Grant Ave
Oak Grove, KY, 42262
Christian County
$90,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-376390 3668 Bold Bidder Dr
Lexington, KY, 40517
Fayette County
$115,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-379788 2557 Ratliff Creek
Pikeville, KY, 41501
Pike County
$121,500 4 2.20 Extended  01/02/2017 View Street
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201-383534 6246 Main St
Burlington, KY, 41005
Boone County
$99,200 3 2.10 Extended  01/02/2017 View Street
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201-383947 265 Clifton Ln
Owenton, KY, 40359
Owen County
$132,000 3 2.00 Exclusive  01/02/2017 View Street
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201-385672 555 Saint Anthony D
Lexington, KY, 40505
Fayette County
$90,000 4 2.00 Extended  01/02/2017 View Street
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201-389790 151 Robards Ct
Harrodsburg, KY, 40330
Mercer County
$78,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-389913 5256 Jewell Ln
Paducah, KY, 42001
Mccracken County
$184,500 4 2.00 Extended  01/02/2017 View Street
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Email Info
201-395311 64 Mossey Oak Rd
Whitley City, KY, 42653
Mccreary County
$95,000 4 1.00 Exclusive  01/03/2017 View Street
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Email Info
201-396495 470 Poplar Haven Rd
Scottsville, KY, 42164
Allen County
$176,000 4 3.00 Extended  01/02/2017 View Street
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Email Info
201-401895 6800 Sandstone Blvd
Louisville, KY, 40219
Jefferson County
$80,000 3 1.10 Extended  01/02/2017 View Street
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Email Info
201-407017 301 E 1st St
Silver Grove, KY, 41085
Campbell County
$105,000 5 2.00 Extended  01/02/2017 View Street
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Email Info
201-409412 145 Tumbleweed Cour
Elizabethtown, KY, 42701
Hardin County
$170,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-430492 7808 Pleasure Walk Cir
Louisville, KY, 40258
Jefferson County
$77,400 2 2.00 Extended  01/02/2017 View Street
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Email Info
201-432835 716 Idaho Ln
Owensboro, KY, 42301
Daviess County
$77,000 3 1.00 Exclusive  01/02/2017 View Street
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Email Info

 

201-436876 116 Cherokee Dr
West Van Lear, KY, 41268
Johnson County
$152,000 3 2.10 Extended  01/02/2017 View Street
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Email Info
201-437021 75 Phillips Lane
London, KY, 40741
Laurel County
$75,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-445253 8303 Smyrna Pkwy
Louisville, KY, 40228
Jefferson County
$105,000 3 2.00 Exclusive  01/02/2017 View Street
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Email Info
201-451036 339 College Manor
Harrodsburg, KY, 40330
Mercer County
$75,000 3 1.00 Extended  01/02/2017 View Street
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Email Info
201-452225 176 Ratliff Rd
Pikeville, KY, 41501
Pike County
$172,800 4 2.00 Extended  01/02/2017 View Street
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Email Info
201-454711 2520 W Jarvis Rd
Ashland, KY, 41102
Boyd County
$86,000 2 1.00 Extended  01/02/2017 View Street
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Email Info
201-456418 102 Forest Hill Dr
Hodgenville, KY, 42748
Larue County
$125,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-462007 129 Bourne Ave
Somerset, KY, 42501
Pulaski County
$90,300 6 2.00 Exclusive  01/02/2017 View Street
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Email Info
201-471777 60 Cloud Subdivision
London, KY, 40741
Laurel County
$78,300 2 1.00 Extended  01/02/2017 View Street
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Email Info
201-472986 1107 Donald St
Ashland, KY, 41102
Boyd County
$86,000 3 2.00 Exclusive  01/09/2017 View Street
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Email Info
201-473861 927 Summitridge Ln
Erlanger, KY, 41018
Kenton County
$126,000 2 2.00 Extended  01/02/2017 View Street
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Email Info
201-475559 101 Sandy Hills Cir
Corbin, KY, 40701
Laurel County
$95,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-481162 60 Grant Dr
Somerset, KY, 42503
Pulaski County
$116,100 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-491948 102 Grant Drive
Lawrenceburg, KY, 40342
Anderson County
$80,000 3 1.00 Extended  01/02/2017 View Street
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Email Info
201-506662 1802 Jefferson Ave
Covington, KY, 41014
Kenton County
$76,000 3 1.10 Extended  01/02/2017 View Street
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Email Info
201-511886 407 Western Ave
Covington, KY, 41011
Kenton County
$88,000 2 1.00 Exclusive  01/02/2017 View Street
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Email Info
201-515013 3422 Olive Rd
Louisville, KY, 40219
Jefferson County
$90,000 3 2.10 Exclusive  01/02/2017 View Street
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Email Info
201-526573 8819 Old Ironsides
Louisville, KY, 40228
Jefferson County
$110,000 3 1.00 Exclusive  01/02/2017 View Street
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Email Info
201-537022 139 Lake Forest Dr
Georgetown, KY, 40324
Scott County
$126,000 3 2.00 Exclusive  01/02/2017 View Street
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201-540500 3841 Carpenter Dr
Owensboro, KY, 42301
Daviess County
$78,000 3 1.00 Exclusive  01/09/2017 View Street
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1 | 2 | 3 |

 

 

2019 Kentucky VA LOAN LIMITS

There actually is no max Kentucky VA loan Limits set by VA. However, if you go over the standard VA Max County Loan Limits, in Kentucky this year it is set at $484,500 then you would need to come up with difference in the form of the down payment by taking the Sales price, minus the max va loan limits for County, then take 25% of that for your max loan. The fact is there’s actually no maximum loan amount on a VA loan. What those loan limits represent is how much a qualified military borrower can obtain without making a down payment.

Here’s an example. Let’s say you have full VA loan entitlement and the county in which you’re purchasing has the standard $424,100. The home you want to purchase is $650,000. There’s a $225,900  difference between the two, and one quarter of that is $56,475, which is how much the borrower would need as a down payment.

This is based on your maximum VA entitlement of $36,000  not being used.

 

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2019 KENTUCKY VA LOAN LIMITS
VA has announced loan limit changes for the year 2019. The base limit will be increased to $484,500 for 2019 for all Kentucky VA Home Loans.  This limit applies to the loan amount for KY VA loans with no down payment and with full entitlement of $36,000
.

 

YES – You CAN Buy a Home OVER $484,500 with a VA Mortgage Loan

KY VA Home loans are zero down payment up to $484,500.  If you wish you buy a more expensive home with a VA loan, you will need a small down payment.

The exact formula to determined the VA down payment is a bit more complicated, but the simple quick math is you’ll need about 25% of the difference between the purchase price, and $484,500.

So if you were to buy a $517,000 home. There is a $100,000 difference over the zero down maximum $484,000 loan. Therefore you’ll need a down payment of about $25,000.

 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
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). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

How to Get Your VA Certificate of Eligibility for a VA Home Loan Approval.

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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
 


Text/call 502-905-3708
kentuckyloan@gmail.com

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

 

 

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Can you do a Kentucky VA Cashout Refinance Mortgage Loan Up to 100% of the home’s value?

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

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Joel Lobb (NMLS#57916)
Senior  Loan Officer
Text or Call 502-905-3708 cell
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/


This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines

Kentucky VA Streamline Refinance Guidelines for 2016 IRRL VA Home Loans

 

 

 

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