Tag: louisville va loan

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

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Kentucky VA Mortgage Loan

Kentucky VA Funding Fee Chart

PURCHASE LOANS

 

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    

IRRRLs                                                                                                    .50%

Manufactured Home Loans (Not permanently attached)                 1.00%

Loan Assumptions                                                                                    .50%

 

Kentucky VA IRRRL Refinance Mortgage Guidelines for 2015

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

LOCK AND SHOP PROGRAMS COMING BACK?

LOCK AND SHOP PROGRAMS COMING BACK?.

via LOCK AND SHOP PROGRAMS COMING BACK?.

Kentucky VA Loan Limits for 2013

Kentucky VA Loan Limits for 2013.

via Kentucky VA Loan Limits for 2013.

Louisville Kentucky 2013 Mortgage Guidelines – Louisville Kentucky Mortgage

Louisville Kentucky 2013 Mortgage Guidelines – Louisville Kentucky Mortgage.

Kentucky VA Loan Overview

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I have originated over 300 VA Home loans in Kentucky and I know how great they are for Kentucky Families; a home loan with zero down, at a very low 30 year fixed rate with no monthly mortgage insurance. I consider myself a VA Home loan expert from Louisville Kentucky and I would like to assist you in your next VA home loan in Kentucky. I have created a Kentucky VA home mortgage website for information and insights to the VA Home Loan NMLS #57916

502-905-3708 or email kentuckyloabn@gmail,.com  NMLS#57916
Deal with someone locally on your VA loan instead of a person behind a 1-800 number. Honest, straight-forward service right here in Kentucky.
Maximum LTV

Purchase: 100/100 Max LTV/CLTV

Refinance: 100/100 Max LTV/CLTV (VA Cash-Outs greater than 90% have additional guideline requirements)

FICO/Credit Score

A minimum of 1 credit score is required. A standard Tri-Merge Credit Report is generally required; however a Mortgage Only Credit Report will also be accepted for IRRRLs ONLY so long as it includes valid FICO scores.

Minimum Credit scores for VA loans (including IRRRLs) are:

  • Automated Approval: 580
  • Manual Underwriting: 560
DTI Ratio

Automated Approval: No maximum DTI

Manual Underwriting: Maximum 43% backend DTI

Appraisal

An NOV (Notice of Value) from VA is required.

Maximum Loan Amount

Individual county loan limits may differ. You can find the link to determine loan limits for the subject property county here.

The maximum potential loan amount for a purchase transaction with full entitlement is $1,094,625. Loan amounts up to $1,500,000 are allowed as long as the VA guaranty plus the veteran’s down payment and/or equity equal 25% of the lesser of the sales price or Notice of Value (NOV).

Under certain conditions (see below), Non-IRRRL refinance transactions are allowed up to 100/100 LTV/CLTV. Refinances not meeting these conditions are limited to a maximum 90/90 LTV/CLTV of the property value shown on the CRV or NOV plus the cost of any energy efficient improvements (up to $6,000) plus the VA Funding Fee.

For IRRRLs, Maximum loan amount is the existing VA loan balance plus the following

  • Allowable fees and charges, plus
  • The cost of energy efficiency improvements, and
  • The VA funding fee = .50.
Cash-Out Refinance Loans greater than 90% LTV

VA Cash-Out Refinance loans will now be offered with LTV/CLTV up to 100%. If the LTV or CLTV greater than 90%, the following additional requirements will apply

  • The cash-out loan may be paying off a current mortgage loan (VA or otherwise), a second (seasoned or unseasoned), and/or another non-mortgage debt.
  • Maximum cash in hand after all payoffs cannot be greater than $50,000
  • Minimum FICO 660
  • An additional adjustment of -0.5
  • The loan must have a DU Approve/Eligible (No manual underwrites allowed)
Entitlement

A minimum of 25% of the loan amount must consist of available guaranty. If less than 25% guaranty is indicated on the Loan Guaranty Certificate (LGC), a calculation worksheet must be enclosed indicating the calculations used to determine the full 25% guaranty.

The maximum guaranty is the lesser of the veteran’s available entitlement or the maximum potential guaranty amount detailed below:

Up to $45,000 50% of the loan amount
$45,001 – $56,250 $22,500
$56,251 – $144,000 40% of the loan amount with a maximum of $36,000
$144,001 – $417,000 25% of the loan amount with a maximum of $104,250
$417,001 – $1,500,000 25% of the loan amount with a maximum of $273,656

Note: the maximum guaranty for loan amounts > $417,000 varies depending upon the location of the property.

VA Funding Fees

All IRRRLs have a funding fee of 0.50. For other loans, see the table below

Purchase and Construction Loans
Type of Veteran Down Payment Percentage for First-Time Use Percentage for Subsequent Use
Regular Military 0 – 4.99%
5 – 9.99%
10% or more
2.15%
1.50%
1.25%
3.30%
1.50%
1.25%
Reserves/National Guard 0 – 4.99%
5 – 9.99%
10% or more
2.40%
1.75%
1.50%
3.30%
1.75%
1.50%
Refinance Loans
Type of Veteran Percentage for First-Time Use Percentage for Subsequent Use
Regular Military 2.15% 3.30%
Reserves/National Guard 2.40% 3.30%
Funding Fee Exemption

A veteran must establish any claim for exemption from the fee with documentation included in the loan file. The following are the only exceptions allowed:

  • 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 (regardless of whether such surviving spouses are veterans with their own entitlements and whether they are suing their own entitlements on the loan)
  • Veterans who are rated by the VA as eligible to receive compensation as a result of pre-discharge disability examination and rating.
VA Student Loans
  • Student Loans deferred at least 12 months may still be excluded
  • When repayment will begin within the next 12 months, calculate a 5% yearly payment. Then divide that by 12 to get the monthly payment.
    • If the reported payment on the credit report is higher than the above calculated payment, the payment on the credit report must be used.
    • A lower payment reported on the credit report can only be used if corroborated with an official statement from the student loan servicer(s) confirming the loan terms and payment information. This statement can be no more than 60 days old at the time of VA loan closing.
Credit Report and AUS Fee Requirement
  • The combined total of Credit Report Fees and AUS charges cannot exceed $100.
  • The only time a Veteran can be charged with both Credit Report Fees and AUS charges is on AUS “Refer” cases.
VA Short Sales

A borrower with a previous Short Sale will now be eligible without the standard waiting period if they meet all of the following

  • Borrower was current on all mortgage payments for the prior mortgage during the 12 months prior to the Short Sale
  • No 30 day lates on any installment loans during the 12 months prior to the Short Sale.
  • No late payments at all within the last 24 months
  • 660 FICO
  • Loan must receive DU approval
IRRRL QM Requirements

VA IRRRLs must meet the following requirements:

  • The loan being refinanced was originated at least 6 months prior to the IRRRL closing date,
  • At least 6 payments must have been made on the original loan,
  • The borrower has not been more than 30 days late on a payment in the past six months,
  • The recoupment period for all allowable fees and charges financed as part of the loan or paid at closing does not exceed 36 months,
  • The refinance does not increase the principal balance outstanding on the prior loan, except to the extent of fees and charges allowed by the VA,
  • Points and fees do not exceed 3% ,
  • regardless of loan amount—this applies even to lower-balance loans,
  • Loan must also comply with VA limitations on fees and charges,
  • The interest rate on the IRRRL is lower than the interest rate on the loan being refinanced (unless the borrower is refinancing from an adjustable rate loan to a fixed rate loan under VA guidelines),
  • The refinance is fully amortizing and there is no balloon payment,
  • The loan being refinanced is a loan that VA has already guaranteed, and
  • Both the loan being refinanced and the IRRRL meet all other VA requirements.

 

 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
Company NMLS ID #1364
Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com
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

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 approvalnor 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).

Louisville Kentucky VA Refinance Loans

Louisville Kentucky VA Refinance Loans

VA Refinancing for Kentucky VA Mortgages
Can the VA Loan help me lower my monthly bills?
The VA has two major refinance programs. One, the Interest Rate Reduction Refinance Loan, better known as a VA Streamline, helps homeowners get into a lower-rate mortgage to reduce their monthly payment. VA Streamlines come with minimal hassle and paperwork. The VA does not require appraisals or credit checks on Streamlines, but some lenders have recently made them mandatory. We are still able to process some Streamlines without an appraisal, which is a tremendous benefit given the decline in home values across the country. Homeowners have to pay closing costs on a VA Streamline. But these can be rolled into the overall loan amount, along with up to $6,000 in energy efficiency improvements.
Can I refinance my home if I don’t currently have a Kentucky VA Loan?
Kentucky Veterans and active duty homeowners who qualify can refinance into a KEntucky VA loan using the program’s cash-out refinance program. The process for obtaining a Cash-Out Refinance is similar to the process borrowers go through for a VA purchase loan, from the income verification and debt-to-income ratio to a home appraisal. Qualified homeowners with conventional or FHA mortgages do not have to take out cash when they refinance into a VA loan. But they are ineligible for the simpler VA Streamline program.
502-905-3708 or click on link to apply for your free VA refinance loan in Ky. Same day loan approval

Specializing in Kentucky FHA/VA, USDA, KHC, Conventional mortgage loans (Fannie Mae )in Ky

Specializing in Kentucky FHA/VA, USDA, KHC, Conventional mortgage loans (Fannie Mae )in Ky.

via Specializing in Kentucky FHA/VA, USDA, KHC, Conventional mortgage loans (Fannie Mae )in Ky.

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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* http://mylouisvillekentuckymortgage.com

 

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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*