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.
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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Tag: louisville
Kentucky VA Mortgage Guidelines for 2016
Who is eligible for Kentucky VA loans?
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
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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
Documents Needed for a Mortgage Loan Approval
Do you have to do an appraisal on a Kentucky VA Streamline Refinance IRRL?
Kentucky VA IRRRL offers Interest Rate Reduction Loans with or without an appraisal

Here are key features and benefits of a Ky VA Streamline Refinance:
No appraisal or 2055 required
- Minimum 640 credit score
- 1 unit primary residence only
- LTV may be as high as 130% of the homes value.
- Mortgage must be current.
For Kentucky Veterans looking to refinance their existing Ky VA loans, I can help! I’d be happy to go over our VANA feature, as well as our improved VA program.

Senior Loan Officer
phone: (502) 905-3708
2019 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
Why You Can’t Get a Louisville Kentucky FHA, VA, KHC, USDA, Rural Housing and Fannie Mae Home Loan
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Senior Loan Officer
phone: (502) 905-3708
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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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