Low and no money down home loans – wave3.com-Louisville News, Weather & Sports

Low and no money down home loans – wave3.com-Louisville News, Weather & Sports.

via Low and no money down home loans – wave3.com-Louisville News, Weather & Sports.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*

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Kentucky VA Homes for Sale

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Photo City State ZipCode Beds Baths Sq. Ft. Price
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BEREA KY 40403 3.0 2.0 2100 $70,000.00
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BERRY KY 41003 3.0 2.0 2130 $68,000.00
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BOWLING GREEN KY 42101 4.0 1.0 1680 $64,900.00
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BRANDENBURG KY 40108 4.0 3.0 1550 $114,000.00
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BRANDENBURG KY 40108 3.0 4.0 1400 $89,900.00
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CAMPBELLSVILLE KY 42718 3.0 2.0 1456 $34,900.00
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CECILIA KY 42724 3.0 2.0 2128 $102,900.00
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CRITTENDEN KY 41030 3.0 2.5 1120 $60,000.00
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CYNTHIANA KY 41031 5.0 2.0 2128 $42,900.00
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FRANKFORT KY 40601 3.0 2.0 1294 $98,950.00

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33 properties found

preapproved

Kentucky VA Loan Overview for 2013

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As a licensed Kentucky Mortgage loan officer, 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.

 

 

Louisville Kentucky VA Approved Condos for Jefferson County KY 2013

Louisville Kentucky VA Approved Condos for Jefferson County KY 2012
 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
Your search returned 87 records.
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Condo Name ID Record Type
ANDERSON PARK CONDOMINIUM 000004 Condo
ARBOR CREEK CONDOMINIUMS H00212 Condo
ARBOR CREEK CONDOS II H00306 Condo
AUTUMN TRACE CONDOMINIUM H00282 Condo
BAXTER PLACE CONDOMINIUMS H00309 Condo
BRADFORD COMMONS CONDO H00319 Condo
BRADFORD COMMONS CONDOS 000001 Condo
BRITTANY POINTE CONDOMINI 005775 Condo
BROWNSBORO VILLAGE COURT H00398 Condo
CARRINGTON GREENE COURTYARD 000012 Condo
CHAMBERLAIN SQUARE CONDO H00614 Condo
COPPERSHIRE CONDOMINIUM 005613 Condo
COTTONWOOD CONDOMINIUM H00053 Condo
CREEKWOOD TERRACE H00095 Condo
CRESCENT CONDOS VAC028 Condo
CROSSINGS @ COOPER CHAPEL H00155 Condo
DARNELL MANOR CONDOMINIUM H00368 Condo
DONARD PARK CONDOMINIUMS 000003 Condo
DORSEY HILLS CONDOMINIUM H00199 Condo
DORSEY VILLAGE 005601 Condo
EAST HAMPTON H00693 Condo
EVERETT PLACE CONDOMINIUM 005724 Condo
EVERGREEN POINT CONDO H00637 Condo
FOREST PARK CONDOS H00096 Condo
FOX HOLLOW CONDOMINIUM H00634 Condo
GARDENS AT BAY RUN CONDO H00639 Condo
GLENVIEW EAST 005674 Condo
GRAYSTONE MANOR H00070 Condo
HARRODS LANDING CONDOMINI H00464 Condo
HAWTHORNE POINTE CONDOS H00134 Condo
HIGHWOOD H00211 Condo
HIKES PARK TOWNHOMES H00066 Condo
HITE AVENUE GARDENS 005801 Condo
INDIAN RIDGE CONDOMINIUMS H00358 Condo
LAKEVIEW VAC010 Condo
MAGNOLIA PLACE 005597 Condo
MANNER POINTE 000013 Condo
MERCANTILE GALLERY LOFTS 000015 Condo
MOSS CREEK CONDOMINIUM H00294 Condo
PARK CENTRAL VAC101 Condo
PARK LANE CONDOMINIUM H00179 Condo
PINNACLE GARDENS H00111 Condo
REGENCY THREE CONDOMINIUM 005892 Condo
RIVER POINTE PATIO HOMES CONDO 000017 Condo
SALEM SQUARE CONDOMINIUM H00067 Condo
SHELBY CROSSING CONDOMINI H00344 Condo
SHELBY CROSSING CONDOMINIUMS 000006 Condo
SOUTH HALL CONDOMINIUMS 005723 Condo
SPRING DRIVE CONDO 005656 Condo
SPRINGS OF GLENMARY H00217 Condo
SPRINGS OF GLENMARY VLLGE 005612 Condo
ST ANTHONY’S LANDING H00194 Condo
STONEHENGE CONDO 005602 Condo
SWAN POINTE CONDOMINIUMS H00586 Condo
THE CLIFF VIEW TERRACE CO H00587 Condo
THE COTTAGES @ MEADOWVIEW H00182 Condo
THE FOUNTAINS CONDOMINIUM H00171 Condo
THE GARDENS OF GLENMARY H00272 Condo
THE GARDENS OF MONTICELLO H00609 Condo
THE PARKVIEW CONDOMINIUMS H00258 Condo
THE VILLAGE @ WILDWOOD H00088 Condo
THE VILLAGE @INDIAN FALLS H00143 Condo
THE VILLAGE OF WHITE OAKS H00531 Condo
THE VILLAS OF STONY FARM H00288 Condo
THE WOODS OF CRESCENT HIL H00031 Condo
THE WOODS OF CRESCENT HIL H00030 Condo
TIMBERWOOD II 000005 Condo
TREIS CONDOMINIUMS H00058 Condo
VALHALLA VISTA CONDOMINIUMS 000024 Condo
VALLEY FARMS PATIO HOMES 000021 Condo
VILLAGE AT PRESTON CROSSI H00504 Condo
VILLAGE AT WILDWOOD H00125 Condo
WEMBERLY HILL GARDEN HOME VAC143 Condo
WESTPORT GARDENS 000008 Condo
WESTPORT RIDGE CONDO H00629 Condo
WINDSOR GATE CONDOMINIUM H00262 Condo
WISTERIA LANDING CONDO H00535 Condo
WOODMONT H00156 Condo
WOODRIDGE LAKE PATIO HMS H00092 Condo
WOODRIDGE LAKE TOWNHOMES H00093 Condo
WOODS OF ST. ANDREWS H00139 Condo
WOODSPOINTE VAC074 Condo
WORTHINGTON GLEN CONDOS H00162 Condo
WYNDEMERE H00213 Condo
WYSTERIA LANDING CONDOMIN H00351 Condo
YORKWOOD CONDO I VAC013 Condo
YORKWOOD CONDO II VAC016 Condo
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Kentucky VA Home Loans Approval Criteria

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What Criteria Does the VA Use to Approve a Kentucky  VA Mortgage Loans?

What does the VA use to approve Kentucky VA mortgage loans?

If you’re a first-time buyer, VA loans may strike you as confusing and may even be a little daunting. This is because there are a lot of misconceptions about VA mortgage loans, not least of which is the concern on who issues the loan.

It is important to keep in mind that VA guarantees the loan but it does not insure it. Once you are aware of it, you will be able to understand the role that VA plays in the lending process.

Who approves my loan?

According to the VA, many, if not all, VA home loans are approved by the lender using the lending guidelines and criteria which are drafted by the VA. While still in the process of servicing a VA loan, there are several people who usually discuss what the VA will likely approve or decline – in fact, numerous articles with topics revolving VA loans even state it in terms of a particular agency approving an individual loan.

In many situations, the discussions really refers to the rules that are under government regulations. When the VA is required to take care of an individual case, more often than not it means that the situation isn’t properly addressed by existing rules or that the lender still needs additional details.

What is required for my loan to be approved?

Simply put, there are two basic methods set in the VA mortgage guidelines that will determine if an applicant is qualified for a loan. The first thing that will be considered is your income. This is what is referred to as the residual income method.

You will have to ask yourself: can you actually afford to pay the daily costs of the VA home loan? Are your debts too big that you won’t be able to handle an additional monthly mortgage anymore?

You will also need to take into consideration things like your car payment and credit card payments. The second qualification to consider is a more definite examination of the said issues, based on a formula commonly referred to as debt-to-income ratio.

VA Income Requirement Guidelines are similar to other programs.  This is not an inclusive list of items needed.  Documentation may be more of less perLender requirements or through the use of automated underwriting engines such as DO/DU(FNMA) or LP(FHLMC)

Employment verification general requirement

  • Verify a minimum of 2 years employment.
  • If not employed by the present employer less than 2 years:
    Verify prior employment plus present employment covering a total of 2 years;
  • Gaps of employment great than 30 days may need explanation
  • Current paystubs for 1 months time period.  Paystub must contain YTD information.
  • W-2 forms for the past 2 years

or

  • Provide an explanation of why 2 years employment could not be verified.

Borrowers that are self employed will need to provide the following:

VA’s debt-to-income ratio is a ratio of total monthly debt payments (housing expense, installment debts, etc.) to gross monthly income is generally 41%:

Though Debt Ratios may exceed the 41%, if not approved through and automated underwriting engine such as DO/DU(FNMA) or LP(FHLMC) then and underwriter will be looking to make sure that there are some compensating factors. 

In addition, underwriter need to review and verify that there is sufficient residualincome for family support available for the Veteran after making the loan.

COMPENSATING FACTORS 

 

Compensating factors may affect the loan decision. These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio.They cannot be used to compensate for unsatisfactory credit.

Valid compensating factors should logically be able to compensate (to some extent) for the identified weakness in the loan. For example, significant liquid assets may compensate for a residual income shortfall whereas long-term employment would not.

Compensating factors include, but are not limited to the following:

Excellent credit history
Conservative use of consumer credit
Minimal consumer debt
Long-term employment
Significant liquid assets
Sizable downpayment
The existence of equity in refinancing loans
Little or no increase in shelter expense
Military benefits
Satisfactory homeownership experience
High residual income
Low debt-to-income ratio
Tax credits for child care, and
Tax benefits of homeownership.