Tag: louisville 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

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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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Kentucky VA Mortgage Guidelines for 2019

How can I get a VA Mortgage loan in Kentucky in 2019?

 

Kentucky veterans and active duty service members are eligible. However, all veterans, active duty service members and National Guard members must meet certain requirements.

see below requirements for Kentucky VA Mortgage Loans:

  • Served 90 consecutive days during wartime
  • Served 181 days during peacetime
  • Have more than six years of service with the National Guard or Reserves

Also, Kentucky VA loans are available to the surviving spouses of military members who died in the line of duty.

How does a Kentucky VA Home Mortgage Loan Work?

The Veterans Administration guarantees the loan, but they do not make it.. VA sets forth the guidelines as far as credit, income, assets, property requirements and inspections, but the lenders use this to make a lending decision. Usually the credit, income and assets, i.e. bank statements, pay stubs and tax returns, along with credit report and credit score to get a pre-approval upfront. The appraisal report is done by VA assigned appraiser in the area and neither the lender, borrower, realtors, sellers, have no control as far as choosing the Kentucky VA appraiser. VA will typically give the VA approved appraiser 10 days to make contact, and usually get the appraisal report back within 7-10 days after inspections.

How much can I borrow with a Kentucky Mortgage VA loan?

The Kentucky VA Mortgage Loan Limits for 2019 were just published. . Currently, loan limits are $484,500 for all Kentucky Counties in 2019. They go off conventional guidelines from Fannie Mae. Now, will  you get approved for $484,500 loan limit?–That all depends on your credit, income, assets, monthly debts when they run the application through AUS or DU.

What is the credit score or fico score required for a Kentucky VA Mortgage loan?

VA has issued guidelines that calls for no minimum credit score. However, most VA Kentucky  lenders will want to see a credit score of at least 620 before approving the mortgage. There are two lenders we work with currently that will do down to a 500 credit score, but it is very difficult to get them approved . The best thing to do is let someone pull your credit and see where you are at and go from there. A lot of lenders you will see will want a 620 credit score, with a few going down to 580. Again, this will vary greatly from lender to lender and be based upon our automated underwriting findings (AUS) from Desktop Underwriting.

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Do VA Loans Require a Downpayment.

Kentuck VA home buyers do not require a down payment. It does not matter if you have a 500 credit score or 780 credit score, all VA loans offer a no down payment option to applicants. The only reason you would need a down payment is if you had to qualify for the home loan payment, or if  you were borrowing with a co-applicant, that is not married to the borrower. For example, if a veteran is legally married, and his wife is not a veteran, that is fine with VA and you would not need a down payment, However, let’s say the borrower and his friend or girlfriend wanted to buy a house together, and we needed the co-borrowers income and credit to make it work, then you would need to put down 12% on the home loan since the borrower and co-borrower are not legally married.

Mortgage insurance on A VA loan?

One of the great benefits of VA loans is that have no monthly mortgage insurance premium. When you compare this to FHA, USDA mortgage loans in Kentucky, you would need to pay monthly mortgage insurance.

There is an upfront funding fee from VA , but if you are disabled, you can get this waived sometimes. See chart below

Kentucky VA Funding Fee Information

In order for VA to guarantee the home loan, there is a closing cost assessed by the VA to originate the loan called a funding fee. This fee will vary, depending upon the type of Kentucky  VA loan, whether this is your first time to use your entitlement, if you are a disabled veteran, the down payment and if you served active duty or in the National Guard/Reserves.

Current Funding Fee Charts for Kentucky VA Guaranteed Loans:

First Time Use, Purchase & Construction Loans

DOWN PAYMENT AMOUNT VETERAN/ACTIVE DUTY RESERVIST/NATIONAL GUARD
Less than 5%* 2.15% 2.40%
5% to 9.99% 1.50% 1.75%
10% or more 1.25% 1.50%

*Includes “Cash-out” Refinancing Loans

Second Time Use, Purchase & Construction Loans

DOWN PAYMENT AMOUNT VETERAN/ACTIVE DUTY RESERVIST/NATIONAL GUARD
Less than 5%* 3.30% 3.30%
5% to 9.99% 1.50% 1.75%
10% or more 1.25% 1.50%

*Includes “Cash-out” Refinancing Loans

Streamline Refinance / Interest Rate Reduction Loan (IRRL)

VA BACKED USAGE VETERAN/ACTIVE DUTY RESERVIST/NATIONAL GUARD
First time use 0.50% 0.50%
Second time use 0.50% 0.50%
Assumptions 0.50% 0.50%
Service-connected Veterans 0.00% N/A

Read more: http://mylouisvillekentuckymortgage.com

A Funding Fee Changes Effective October 1, 2011
Vets and Reserves/National Guard will get a significant benefit October 1st. Check the chart below to see how much they’ll save in fees. We hope this helps you help our military folks become homeowners!
If you have any questions about this or a specific situation, please don’t hesitate to email or call.
VA Funding Fee Charts

How long does it take to close a VA Mortgage loan in Kentucky?

There’s no set-in-stone time limit for how long the Kentucky VA loan process takes, but on average, you should be able to get it done within 30 days depending on the appraisal report and home inspections

VA mortgage loans is the only Government sponsored mortgage that requires a termite inspection., so keep that in mindo on your inspections when you are having them done after the accepted contract.

Can I only use a VA loan once in Kentucky?

This is a common myth with many VA eligible home buyers and homeowners. If you’re eligible for the VA loan, then you’re eligible for your entire life. Plenty of home buyers end up using the VA loan more than once, mostly because it’s arguably the best loan program out there.

Can I get a Kentucky VA Mortgage loan with a previous Bankruptcy or Foreclosure?

 VA
  • If the applicant has finished making all payments satisfactorily, the lender may conclude that the applicant has reestablished satisfactory credit
  • If the applicant is still in the repayment period, as long as 12 months’ worth of satisfactory payments have been made and the trustee or Bankruptcy Judge approves of the new credit, the lender may give favorable consideration.
VA
  • 2 years from discharge date
  • Manual underwrites allowed
  •  If the bankruptcy was discharged within 1 to 2 years, it is probably not possible to determine that the applicant is a satisfactory credit risk unless both of the following requirements are met
  1. The applicant has obtained credit subsequent to the bankruptcy and has made satisfactory payments over a continued period of time, and
  2. The bankruptcy was caused by circumstances beyond the control of the applicant such as unemployment, prolonged strikes, medical bills not covered by insurance and the circumstances are verified.   Divorce is not viewed as a circumstance beyond the applicants control

 

 
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.

Kentucky VA Loans for Kentucky First-Time Home Buyers

 

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Kentucky VA Loans for Kentucky First-Time Home Buyers

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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 Mortgage Pre-Approval Checklist

  • one full month’s worth of pay stubs
  • Last 2 years W-2′s
  • Last 2 years tax returns 
  • Your  VA Certificate of Eligibility (we can help you get this if needed, just need your dd214) 
  • Last two months bank statements for all accounts

Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home.

Your first house payment usually starts 30-60 days after you close.

Your loan pre-approval is usually good for 60 days.
I don’t need originals, copies are fine. You can fax or email  me the above documents,  or meet me face-to-face if you wish to make copies and go over your options.

Let me know your questions.

Thanks and look forward to helping you.

 
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.

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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12 New Fannie Mae Homes in Kentucky

12 New Fannie Mae Homes in Kentucky

HomePath

Kentucky.

$179,900Just Listed

5613 Wooded Lake Dr
Louisville, KY 40299

3 Beds |3 Baths | 1278 sq. ft.

View Property

$63,000Back on Market

1214 Reutlinger Ave
Louisville, KY 40204

1 Beds |1 Baths | 738 sq. ft.

View Property

$119,900Price Reduced

8020 Us Highway 23 S
Pikeville, KY 41501

4 Beds |1 Baths | 3140 sq. ft.

View Property

$24,900Price Reduced

895 Ellison Bend Rd
Williamsburg, KY 40769

3 Beds |1 Baths | 896 sq. ft.

View Property

$63,000Active

541 Warnock St
Louisville, KY 40217

2 Beds |1 Baths | 876 sq. ft.

View Property

$327,500Active

17310 Polo Fields Ln
Louisville, KY 40245

4 Beds |3 Baths | 2629 sq. ft.

View Property

Coming Soon

727 Agawam Rd
Winchester, KY 40391

4 Beds |3 Baths | 2466 sq. ft.

View Property

Coming Soon

1983 Cathy Ln
Lexington, KY 40511

3 Beds |1 Baths | 925 sq. ft.

View Property

Coming Soon

2024 Woodmere Ct
Hebron, KY 41048

4 Beds |2.5 Baths | 2102 sq. ft.

View Property

Coming Soon

783 S Shelby St
Louisville, KY 40203

4 Beds |1.5 Baths | 1887 sq. ft.

View Property

Coming Soon

2793 Cappel Ct
Hebron, KY 41048

3 Beds |2 Baths | 1031 sq. ft.

The program is targeted to:
Households whose gross annual income does not exceed $35,000.
An existing or new construction property (purchase price limit $115,000).
640 minimum credit score.
FHA, VA or RHS first mortgage options.
Households who meet one of the following criteria:
At least one of the home buyers is age 62 or older.
At least one member of the household is disabled and is receiving disability income.
A single- or two-parent household with at least one dependent child under the age of 18 living in the household.
Borrowers with properties located in Non-targeted counties must be a first time homebuyer — no ownership interest in the last 3 years.
Borrowers with properties located in Targeted counties can be a repeat home buyer.
Loan Type
Rate without Down Payment Assistance
Rate with Down Payment Assistance
FHA, VA & RHS
2.00%
2.00%

RHS Streamlined-Assist Refinance Program
3.50%
.
RHS USDA Recent News
Good news! Kentucky Mortgage holders of USDA Mortgage loans can get  new drastically lower fees starts with commitments starting tomorrow October 1.  If you have an  USDA eligible Loan up to $417,000 with no money down in most Kentucky Counties.
If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.


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 views of my employer. Not all products or services mentioned on this site may fit all people
 

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

 

 

Apply-Now-Button

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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Kentucky VA Home Loans, Zero Down

Kentucky VA Home Loans, Zero Down.

via Kentucky VA Home Loans, Zero Down.