I have successfully originated over 100 VA Home loans in Kentucky. Put my experience to work for you. I offer 100% VA Home No Money Down Loans and 100% cashout refinance VA loans. Call or text me today at 502-905-3708 or email me at Kentuckyloan@gmail.com-This website is not affiliated with the VA or any other government agency. NMLS #57916 Equal Housing Lender. Same Day Approvals, Fast Closings, and a Local Veteran offering VA Home Loans in Kentucky. Free Credit Report and Pre-Approvals
Borrow up to 100% of the home’s value. Unlike other programs that only allow 80% or 85% of the home’s value.
No Income or Asset verification is required. We don’t need your paystubs, w-2’s tax info, or bank statements. Much easier qualifying.
No Appraisal is required (unless Discount is being charged to borrower – see below)—-VA does not require a new appraisal. So even if your home has not equity or went down in value, we can go off on old value when doing a rate and term with no cash back.
No Credit Qualifying. Meaning we don’t have to repull credit again and check your fico scores. Just verify your last 12 months mortgage history is on time.
VA Funding Fee is .50%, much less than the 2 or 3% you pay when you buy the home, If disabled, you will not have to pay the funding fee.
Can refinance an investment property as long as you can document it was formerly the borrower’s primary residence
At least 6 monthly payments must have been made on the original loan being refinanced; AND
The first payment due date of the new loan must be at least 210 days after the first payment due date of the original loan being refinanced
A copy of the Note from the previous loan being refinanced must be provided
An IRRRL refinancing a Fixed Rate Mortgage into another Fixed Rate Mortgage must result in a rate reduction of at least 0.5%
An IRRRL refinancing a Fixed Rate Mortgage into an Adjustable Rate Mortgage must result in a rate reduction of at least 2.0%
IRRRLs in which a Discount is being charged to the borrower will now require an Exterior-Only Appraisal to be ordered
If the Discount being charged is 1% or less, the loan will be limited to 100% LTV based on the value of the Exterior-Only Appraisal
If the Discount being charged is more than 1%, the loan will be limited to 90% LTV based on the value of the Exterior-Only Appraisal
Loan must current be guaranteed by VA and must be current
Closing costs must be recouped within 36 months
Proposed P&I payment must be less than current payment unless:
Veteran refinancing ARM to Fixed
Term of IRRL is shorter than existing loan as long as payment does not increase over 20%
Energy efficiency improvements are included in the IRRL
Refinancing a Kentucky VA Loan
Kentucky VA loans may be used to replace an existing mortgage, called “refinancing.” A KY VA refinance may be used to reduce an existing interest rate, change loan terms or a combination of both. The most common reason to refinance is to lower the monthly payment. A borrower may take out a KY VA loan then later see that interest rates have fallen and are lower than an existing rate. By refinancing, the borrower can replace the old loan with a new one to obtain the lower rate and subsequent lower mortgage payment.
A refinance can also make sense when changing loan terms such as switching from an adjustable rate mortgage to a fixed rate or adjusting the term of the loan to save on interest charges. The Streamline
The Interest Rate Reduction Refinance Loan, or IRRRL is commonly referred to as the Kentucky Mortgage Refinance VA “streamline” refinance program. This is a special VA loan to VA loan refinance that requires very little documentation to obtain an approval. Some of the features of the VA streamline are:
• No appraisal needed
• Income or employment is not verified
• No credit review
• Closing costs may be rolled into the loan amount
As long as you’re reducing your current mortgage payment, not taking any cash out or switching from an adjustable rate mortgage to a fixed rate loan, you may qualify for this unique program and you don’t have to use your existing Kentucky VA lender in order to benefit from the Kentucky VA streamline mortgage. Cash Out VA loan Refinance
Cash out refinance loans allow the borrower to pull out equity in the home in the form of cash during the course of a refinance. While the VA doesn’t establish a maximum loan amount, most VA lenders do place limits on the loan based upon the current value of the property and the final loan amount. Lenders may limit any cash out loan to 80 or 90 percent of the property’s current value. If taking cash out of your home is needed and you have sufficient equity in your home, it may be better to obtain a home equity loan or refinance into a conventional mortgage.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
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.
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).
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
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
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
For all student loans, whether deferred, in forbearance, or in repayment (not deferred), the lender must use the greater of the following to determine the monthly payment to be used as the borrower’s recurring monthly debt obligation:
1% of the outstanding balance; or
The actual documented payment (documented in the credit report, in documentation obtained from the student loan lender, or in documentation supplied by the borrower).
If the payment currently being made cannot be documented or verified, 1% of the outstanding balance must be used.
Exception: If the actual documented payment is less than 1% of the outstanding balance and it will fully amortize the loan with no payment adjustments, the lender may use the lower, fully-amortizing monthly payment to qualify the borrower.
Use the following:
The payment on the credit report
1% of the outstanding balance or
The actual documented fully amortizing payment.
Regardless of the payment status, the mortgagee must use:
The GREATER of:
1% of the outstanding balance on the loan; or
The monthly payment reported on the credit report; or
The actual documented payment, provided the payment will fully amortize the loan over its term.
Student loan reporting on credit with a balance of $15,000 and a payment of $55.00. 1% of the balance is greater than the payment reporting, so you would use 1%.
If there is documentation showing a fully amortized payment of $125.00, you could use that payment instead of the 1%.
May be excluded from the borrower’s total monthly obligations with evidence of a minimum of 12 months deferment from date of closing.
If there is no monthly payment reflected on the credit report, a copy of the borrower’s payment letter or promissory note should be used to determine what payment amount to use.
Fixed payment loans: A fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed. There must be no future adjustments to the terms of the student loan payments.
Non-Fixed payment loans: Payments for deferred loans, Income Based Repayment (IBR), Graduated, Adjustable, and other types of repayment agreements which are not fixed cannot be used in the total debt ratio calculation. One percent of the loan balance reflected on the credit report must be used as the monthly payment. No additional documentation is required.
VA Home Loans in Louisville, KentuckyUnder the GI Bill, Active military personnel as well as their spouses may qualify a home loan in Louisville, Kentucky using the benefits for veterans. This loan program is designed to offer the most flexibility as well as affordability to veterans and their family for appreciation of services to our country. The VA’s guarantee a portion of the loan gives the veteran the ability to purchase a home with zero down payment. The most significant advantage of your VA home loans Louisville, Kentucky is that you can buy your with little to nothing out of pocket. As a former 19 kilo Army Tanker , the VA loans are my favorite, as I am able to assist other military members in realizing their dream of home ownership.
The Key benefits of the Kentucky Veterans Administration Homes Loans are:
Lowe credit requirements (620 credit scores)
No money down loans
low closing costs
close in 30 days
Low interest rate
No mortgage insurance
No early repayment penalties
Eligibility for Louisville, KY VA Mortgage Loans
Although, the VA does not require a credit score, the fact is the mortgage lenders do. From the lender’s stand point, they require that you have a minimum credit score of 620 or above. With no money down, lenders take on ALL the risk when agreeing to finance a VA Loan. The bottom line: you will not be able to get a VA Loan With Bad Credit. VA Loan Rates are 30 Year Fixed to avoid fluctuation in payments that may lead to default. The VA loan is a special loan designated for united states veterans. All military service personally are no eligible; there are additional requirements when seeking a VA Home Loan.
One of the following must apply:
You logged in 90 consecutive service days during war time
You logged in 181 service days during peacetime
You were in the Reserves or the National Guard for a period of over 6 years
Your spouse was a service member who lost his/ her life on duty or owing to a disability that was service related
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
Manufactured Home Loans (Not permanently attached) 1.00%
Kentucky VA IRRRL Refinance Mortgage Guidelines for 2014
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