Tag: VA Condos

Kentucky VA Mortgage Lender Guidelines for 2019

Kentucky VA Mortgage Lender Guidelines for 2019

Kentucky VA Mortgage Lender Guide

 

 

1. WHAT KIND OF CREDIT SCORE DO YOU NEED TO GET APPROVED FOR A VA MORTGAGE LOAN IN KENTUCKY?

Most VA mortgage lenders in Kentucky are looking for at least a 620 credit score for a VA loan approval.  However, VA in their official published guidelines for credit scores says they don’t have a minimum credit.  What happens with VA Lenders they will create credit overlays to push out lower credit score borrowers because if they do too many VA loans that default, then they run the risk of getting shut out from VA from them insuring their loans.

FICO credit scores range from 300 to 850. Most borrowers are in the 600 to 700 ranges with very few in the 300 to 400 range and few limited 800 scores.

It pays to shop around with different VA lenders in Kentucky to see what their minimum credit score requirements are.

What Does My Credit Score need to Be to Buy a House in Kentucky

2. Who is eligible for a VA Mortgage loan in Kentucky?

Kentucky Veterans, active duty servicemembers, reservists, National Guard members, surviving spouses, and other individuals can earn eligibility for home loan benefits. You may qualify if you are:

  • Military veteran
  • Active duty servicemember
  • Reservist or National Guard member
  • Surviving spouse who did not remarry
  • Academy cadet or midshipman
  • National Oceanic and Atmospheric Administration (NOAA) officer
  • Public Health Service (PHS) Officer

In order to obtain a Kentucky VA loan, you’ll need a Certificate of Eligibility, which you can apply for online or we can get for you with your info. Usually comes back instantly, no waiting around like it use to be for it to come in the mail.

3. Can you get a Kentucky VA Mortgage loan more than once?

If you are deemed eligible for a Kentucky VA loan, the benefit is yours for life, and in some cases, it can be used multiple times at once. Many veterans use it repeatedly for their home financing needs. Use it for a starter home, then use it again when you’re ready for more space. THEN you can use it again to refinance your loan for a lower rate or get cash out of your home’s equity. It’s completely up to you.

When you use your VA COE again to buy another home, there is an increase in the funding fee from 2.15% to 3.3% for regular veteran and active duty if not on VA disability have a waiver of the VA funding fee.

You can have two active VA loans out at the same time. Call or email me and I can explain to you. Very detailed and complex but can be done if meets the test for VA guidelines for having two VA loans at once. 

KENTUCKY VETERANS ARE GUARANTEED VA MORTGAGE LOAN

 No one is guaranteed a loan. Even veterans with VA entitlement.

The word “guaranty” comes up a lot when talking about Kentucky VA loans. Well, I’m here to tell you that a “guaranty” and a “guarantee” are not the same thing. Many people assume when they see “VA loan guaranty” that they’re guaranteed a VA loan, and that’s simply not the case.
The VA loan guaranty refers to the amount of each VA loan that is backed by the government (usually 25%). If the loan defaults, the amount under guaranty is refunded to the lender by the government. So just because you see guaranty, doesn’t mean your loan is guaranteed to be approved.

HOW LONG DOES  VA APPRAISAL PROCESS?

Fact: The VA appraisal process can be rough if you’re pursuing a home that’s in rough shape. Otherwise, the VA appraisal process isn’t much different from the average Conventional appraisal.

VA loan appraisers use the VA’s “Minimum Property Requirement” guidelines to determine if a home is safe, structurally sound, and sanitary. If the home doesn’t meet their standards, the process can take a while. That’s why it’s important to choose your home wisely. A few of the MPRs include:

  • Plumbing and electrical systems must be safe and in good condition
  • Heating must be adequate
  • Roofing must be adequate
  • No leaks, excessive dampness, defective construction, or decay
  • No termites, destructive insects, fungus growth, or dry rot

Kentucky VA loans aren’t designed to fund fixer-uppers. The VA wants veterans and servicemembers to buy solid, move-in ready homes, not projects.  Also, since most VA borrowers are putting no money down, they don’t want to take the risk of borrower walking away with no equity in the home.

 

Kentucky VA Mortgage Lender Guidelines for 2019

 
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 Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.

Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.

 

Foreclosure and Bankruptcy Guidelines For Kentucky VA Home Mortgage Loans in 2019 and 2020


Follows guidelines provided for bankruptcies filed under straight liquidation (Chapter 7)
The fact that a home loan foreclosure in Kentucky  (or deed-in-lieu or short sale in lieu of foreclosure) exists in a borrower(s) history does not in itself disqualify the VA borrower for a Kentucky VA  loan. Develop complete information on the facts and circumstances of the foreclosure
You may disregard a foreclosure finalized more than 2 years from the date of closing. If the foreclosure was finalized within the last 1 to 2 years from the date of closing, it is probably not possible to determine that the borrower(s) is a satisfactory credit risk unless both of the following requirements are met:The borrower (s) has obtained consumer items on credit subsequent to the foreclosure and has satisfactorily made the payments over a continued period, and the foreclosure was caused by circumstances beyond the control of the borrower (s) such as unemployment; prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified.

If a foreclosure, deed in lieu, or short sale process is in conjunction with a bankruptcy, use the latest date of either the discharge of the bankruptcy or transfer of title for the home to establish the beginning date of re-established credit. If there is a significant delay in the transfer of title, the lender should contact the RLC of jurisdiction for guidance.

For a deed in lieu or short sale, develop complete information on the facts and circumstances in which the borrowers) voluntarily surrendered the property. If the borrower’s payment history on the property was not affected before the short sale or deed in lieu and was voluntarily communicating with the servicer or holder, then a waiting period from the date transfer of the property may not be necessary.
If the foreclosure, deed and lieu or short sale was on a Kentucky VA-guaranteed loan, then a borrower may not have full entitlement available for the new Kentucky VA loan. Ensure that the borrower’s COE reflects sufficient entitlement to meet any secondary marketing requirements of the VA Mortgage Lender in Kentucky

 

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
  • 2018 and 2017 W-2′s
  • 2018 and 2017 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
  •  
  • Link here to get your COE—–>>>>> https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp

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.

 

 

 

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

 

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

 

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Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis.

APR 3.058% – based on $130,000 FHA loan at 2% interest rate.

This program is targeted to:
Households whose gross annual income does not exceed $40,000.
An existing or new construction property (purchase price limit $130,000).
620 minimum credit score.
FHA, VA, or RHS first mortgage options.
Households that include active / non-active duty veterans or other persons receiving VA benefits.
Down payment Assistance Programs (DAP) available up to $6,000. Qualifications apply.
Documentation may include but not limited to:
Leave and Earnings Statement (LES)
DD214 – Discharge from Active Duty
VA Award Letter
Must meet insuring agency guidelines.
Available statewide.
Both Regular and Affordable DAP are available

2 percent interest rate, First time home buyer, fixed for 30 years, fort knox ky zero down loan, kentucky first time home buyer grant, kentucky housing corporation khc, khc, khc loans, khc rates ky, KHC’s (Kentucky Housing ) First Mortgage Government, ky first time home buyer, Louisville Kentucky First Time Home Buyer, mortgage rate, Real Estate, va loans ky, Zero down home loans

Call us today for a free pre-approval at 502-905-3708 or email your mortgage questions to kentuckyloan@gmail.com



— 

 Company ID #1364 | MB73346
Joel Lobb
Senior  Loan Officer
(NMLS#57916)

 

text or call my phone: (502) 905-3708
email me at 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, (http://www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

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Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

Operation KY Home – MRB Special Funding Program
Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis starting today,Wednesday, September 6, 2017, with new reservations beginning at10 a.m.
This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA or RHS first mortgage options.
  • Households who include active or non-active duty veterans. Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 – Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.

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Kentucky VA Approved Condos 2012

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Kentucky VA Approved Condos 2012

Condo Name

ID Record Type
1080 BAXTER VAC110 Condo
1616 GARDINER LANE CONDO VAC124 Condo
AINTREE VAC072 Condo
ANDERSON PARK CONDOMINIUM 000004 Condo
ARBOR CREEK CONDOMINIUMS H00212 Condo
ARBOR CREEK CONDOS II H00306 Condo
ASHLAND PARK-210 DESHA VAC135 Condo
AUTUMN TRACE CONDOMINIUM H00282 Condo
BAINBRIDGE PLACE VAC055 Condo
BAXTER PLACE CONDOMINIUMS H00309 Condo
BAYFIELD CONDOMINIUMS VAC138 Condo
BELLEBROOK RIDGE CONDOS VAC127 Condo
BEND OF THE RIVERS VAC075 Condo
BENT TREE VAC077 Condo
BEULAH CHURCH CONDOS VAC093 Condo
BEULAH CHURCH II VAC066 Condo
BEULAH CHURCH VIII VAC059 Condo
BLAIR PARK CONDO 005599 Condo
BRADFORD COMMONS 000001 Condo
BRADFORD COMMONS CONDO H00319 Condo
BRIGHT LEAF NORTH CONDO H00375 Condo
BRITTANY POINTE CONDOMINI 005775 Condo
BROWNSBORO VILLAGE COURT H00398 Condo
CANTERBURY PLACE VAC118 Condo
CANTERING HILLS AT STEEPL H00698 Condo
CARDINAL OAKS VAC002 Condo
CARRIE PARK VAC007 Condo
CASA BELLA CONDOMINIUM VAC130 Condo
CENTENNIAL TOWN HOUSES VAC092 Condo
CHAMBERLAIN SQUARE CONDO H00614 Condo
CHATEAU SQUARE VAC053 Condo
CHEROKEE GARDENS VAC088 Condo
CITATION POINTE H00376 Condo
COLONIAL HILL MANOR VAC078 Condo
COLONIAL HILLS #4 VAC033 Condo
COMMONS OF WESTPORT GARDE H00490 Condo
CONDO TH OF CROOKED CREEK 005889 Condo
COPPERSHIRE CONDOMINIUM 005613 Condo
CORNERSTONE CONDOMINIUMS VAC100 Condo
COTTONWOOD CONDOMINIUM H00053 Condo
COUNTRYSIDE H00564 Condo
CREEKWOOD TERRACE H00095 Condo
CRESCENT CONDOS VAC028 Condo
CROSSINGS @ COOPER CHAPEL H00155 Condo
DARLINGTON FARMS H00102 Condo
DARNELL MANOR CONDOMINIUM H00368 Condo
DONARD PARK CONDOMINIUMS 000003 Condo
DORSEY HILLS CONDOMINIUM H00199 Condo
DORSEY STATION VAC067 Condo
DORSEY VILLAGE 005601 Condo
DOUGLAS HILLS VAC061 Condo
DUNDEE TERRACE CONDOS VAC096 Condo
EAST BAY VILLAS CONDO H00191 Condo
EAST HAMPTON H00693 Condo
ERLANGER LAKES 000002 Condo
ERLANGER LAKES CONDOS H00169 Condo
EVERETT PLACE CONDOMINIUM 005724 Condo
EVERGREEN POINT CONDO H00637 Condo
FAIRFAX SQUARE VAC050 Condo
FAIRWAYS AT MEADOWOOD H00696 Condo
FOREST PARK CONDOS H00096 Condo
FOREST RIDGE CONDOMINIUM H00421 Condo
FOX AND HOUND VAC026 Condo
FOX HOLLOW CONDOMINIUM H00634 Condo
GARDEN PARK TOWNHOMES VAC097 Condo
GARDENS AT BAY RUN CONDO H00639 Condo
GARDENS OF HUNTERS RIDGE 005028 Condo
GARDENS OF HUNTERS RIDGE 005928 Condo
GARDENS OF STATION POINTE 005578 Condo
GARDINER LAKE VAC102 Condo
GASLIGHT SQUARE CONDOS VAC137 Condo
GLENVIEW EAST 005674 Condo
GRANITE SPRING CONDOMINIU H00562 Condo
GRAYSTONE MANOR H00070 Condo
GREENHURST CONDOMINIUM VAC120 Condo
GREENTREE VAC107 Condo
HAMBURG FARMS CONDOMINIUM H00598 Condo
HARMONY H00697 Condo
HARMONY PLACE VAC060 Condo
HARRODS LANDING CONDOMINI H00464 Condo
HAWTHORNE POINTE CONDOS H00134 Condo
HIGHLAND GARDENS VAC056 Condo
HIGHLAND MEADOWS H00195 Condo
HIGHWOOD H00211 Condo
HIKES PARK TOWNHOMES H00066 Condo
HILLCREST STATION CONDOS VAC128 Condo
HITE AVENUE GARDENS 005801 Condo
HOLLY HOUSE VAC111 Condo
HUD APPROVED CONDO VAC123 Condo
HURSTBOURNE AT LAKEMONT H00489 Condo
HURSTBOURNE RIDGE CONDOS VAC129 Condo
INDIAN RIDGE CONDOMINIUMS H00358 Condo
IVY RIDGE CONDOMINIUMS H00462 Condo
JOHNSON GREEN AT BEULAH H00685 Condo
LAKE’S EDGE CONDOMINIUM H00481 Condo
LAKEVIEW VAC010 Condo
LAKEVIEW CONDOMINIUM 005926 Condo
LASALLE PLACE CONDOS VAC141 Condo
MADISON PARK CONDOMINIUMS H00220 Condo
MAGNOLIA PLACE 005597 Condo
MAGNOLIA RIDGE H00114 Condo
MALIBU TERRACE VAC062 Condo
MANSARD HOUSE VAC011 Condo
MOCKINGBIRD VALLEY VILLA VAC038 Condo
MORGAN’S TRACE AT VAC134 Condo
MOSS CREEK CONDOMINIUM H00294 Condo
NORBROOK VAC042 Condo
OAKSHIRE VAC057 Condo
OLD BROWNSBORO GARDENS 000007 Condo
ORCHARD HILL VAC032 Condo
PARAGON MILL CONDOMINIUM H00676 Condo
PARK ARMS VAC065 Condo
PARK CENTRAL VAC101 Condo
PARK HILL H00209 Condo
PARK LANE CONDOMINIUM H00179 Condo
PIENZA AT TUSCANY CONDO H00561 Condo
PINNACLE GARDENS H00111 Condo
PIPING ROCK VAC073 Condo
PRESTON AT PLANTATION POI H00628 Condo
PROSPECT GLEN VILLAS H00039 Condo
RAINTREE HILLS CONDOS VAC139 Condo
RALEIGH PLACE VAC071 Condo
REGENCY THREE CONDOMINIUM 005892 Condo
RIEDLONN CONDOS VAC132 Condo
RIVERPOINTE CONDOMINIUMS H00610 Condo
ROLLING FIELDS CONDOS VAC121 Condo
SALEM SQUARE CONDOMINIUM H00067 Condo
SHADELAND VILLAGE VAC083 Condo
SHADOWOOD TOWN HOMES VAC094 Condo
SHAKER FARMS VAC086 Condo
SHELBY CROSSING CONDOMINI H00344 Condo
SHELBY CROSSING CONDOMINIUMS 000006 Condo
SHENANDOAN CONDOMINIUMS VAC133 Condo
SHERWOOD LAKES H00137 Condo
SOUTH HALL CONDOMINIUMS 005723 Condo
SPINDLEWICK VAC068 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
STONEVIEW GARDENS VAC122 Condo
SWAN POINTE CONDOMINIUMS H00586 Condo
SYCAMORE I VAC006 Condo
SYCAMORE II VAC098 Condo
SYCAMORE III VAC070 Condo
TARA AT PLANTATION POINTE H00675 Condo
TAVNER VAC080 Condo
THE CARDINAL TOWNHOMES 005751 Condo
THE CLIFF VIEW TERRACE CO H00587 Condo
THE CLIFFS AT OAKBROOK H00382 Condo
THE COTTAGES @ MEADOWVIEW H00182 Condo
THE FOUNTAINS CONDOMINIUM H00171 Condo
THE GARDENS OF 005570 Condo
THE GARDENS OF GLENMARY H00272 Condo
THE GARDENS OF MONTICELLO H00609 Condo
THE HARBOR AT HARRODS VAC089 Condo
THE LODGE VAC030 Condo
THE MANSION HOUSE CONDOS VAC126 Condo
THE OAKS VAC005 Condo
THE OLDE TOWN VILLAGE 005865 Condo
THE PARKVIEW CONDOMINIUMS H00258 Condo
THE RESERVE @ SADDLEBROOK H00036 Condo
THE SUMMITS CONDOMINIUM 005816 Condo
THE VILLA VAC021 Condo
THE VILLAGE @ WILDWOOD H00088 Condo
THE VILLAGE @INDIAN FALLS H00143 Condo
THE VILLAGE OF BECKLEY VAC142 Condo
THE VILLAGE OF WHITE OAKS H00531 Condo
THE VILLAS OF STONY FARM H00288 Condo
THE WELLINGTON PLACE COND 005585 Condo
THE WOODS OF CRESCENT HIL H00031 Condo
THE WOODS OF CRESCENT HIL H00030 Condo
THE WYNDS AT OAKBROOK H00153 Condo
THREE SPRINGS HOLLOW VAC034 Condo
TIMBERWOOD VAC076 Condo
TIMBERWOOD II 000005 Condo
TOWNHOUSES OF MEADOWTHORP VAC031 Condo
TREIS CONDOMINIUMS H00058 Condo
TURKEYFOOT PLACE VAC029 Condo
TURKEYFOOT PLACE BY THE VAC048 Condo
TWIN CREEKS CONDOMINIUMS VAC131 Condo
VILLAGE AT BENTWOOD HILL H00244 Condo
VILLAGE AT PRESTON CROSSI H00504 Condo
VILLAGE AT SOUTH FORK CRK H00045 Condo
VILLAGE AT WILDWOOD H00125 Condo
VILLAGE PARKE CONDOMINIUM H00546 Condo
VILLAS @ GRAND OAK ESTATE 005811 Condo
VILLAS AT ARLINGTON PARK 006008 Condo
WATTERSON WOODS II VAC022 Condo
WATTERSON WOODS VILLAGE I VAC040 Condo
WELLINGTON PLACE H00314 Condo
WEMBERLY HILL GARDEN HOME VAC143 Condo
WESTBURY HARBOR VAC003 Condo
WESTPORT GARDENS 000008 Condo
WESTPORT RIDGE CONDO H00629 Condo
WESTWOOD TOWNHOUSE CONDOS VAC136 Condo
WHIPPS MILL WOODS VAC051 Condo
WILDWOOD VAC012 Condo
WINDSOR GATE CONDOMINIUM H00262 Condo
WINDSOR GATE CONDOMINIUMS VAC119 Condo
WISTERIA LANDING CONDO H00535 Condo
WOLF RUN VAC085 Condo
WOODBOURNE VAC027 Condo
WOODLAND HILLS CONDOS H00281 Condo
WOODLAND STUDIOS VAC025 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
YORKSHIRE VILLAGE VAC004 Condo
YORKWOOD CONDO I VAC013 Condo
YORKWOOD CONDO II VAC016 Condo