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

41a1e-photo17eepgr0b09ac

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 Mortgage Loan

Featured

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

Featured

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

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.

Louisville Kentucky VA Refinance Loans

Featured

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

Featured

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.

imagesCAZPPAS1

 

 

 

 

cropped-fha_va_banner_landing.jpg

 

 

 

 

 

 

 

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

 

photolexh5iebfr4v

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*

No Down Payment Loans: Do They Still Exist? | Military.com

<a href='http://www.military.com/money/va-loans/no-down-payment-loans-do-they-still-exist.html#.UVSFWygLqx0.wordpress’>No Down Payment Loans: Do They Still Exist? | Military.com.