Kentucky VA Loans for Kentucky First-Time Home Buyers

 

38880941_686155338409067_160869974GFDGDSFGDFSGHSDFG4681459712_o

Kentucky VA Loans for Kentucky First-Time Home Buyers

Are you a Kentucky first-time home buyer and also a veteran? Get approved for $0 down mortgage financing anywhere in Kentucky and up to $453,100 in financing on A VA Mortgage loan.

In this Kentucky VA Mortgage blog, we will walk you through the three-step process to get approved and close on your KY VA Loan as well as some other key information about confirming your VA Eligibility, finding a realtor, and associated costs.

 

 

 

Step 1: Prepare -Get approved for a Kentucky VA loan.

First you’ll need to verify your eligibility with VA Entitlement. Once you apply for your mortgage with us, we’ll be able to request your Certificate of Eligibility for Kentucky VA Home Buyers (COE) on your behalf. We’ll be able to determine the maximum amount you’re entitled to and will work on your request based on the findings from your COE. Typically, most KY VA buyers will be eligible to receive $113,275 towards their down payment, which allows you to finance 100% of your purchase.

Once this is verified, you’ll be able to apply, get pre-approved. You’ll know exactly what kind of house you can afford rather than just an estimate.

At this point, you can connect with a buyer’s agent (realtor) to start shopping for a home. Using a buyer’s agent is a huge benefit to you. They don’t cost you anything, and they’ll bring with them necessary real estate expertise. Realtors will receive a commission once you’ve purchased the home, but this commission is already worked into the price of any house being listed by another agent. Together, your realtor, your lender, and you will be able to identify the best houses you’re able to afford.

Keep in mind – houses can come and go very fast. It’s not uncommon for houses to be listed and sold within a month. After you’ve seen a house you really like, you need to be prepared to place an offer within a few days or even the same day you saw the house. This is why having your Approved Buyer Certification already is a huge advantage.

Step 2: Get Approved – Appraisal, home inspection, rate lock, and clear-to-close

Once you’ve found the right home and have your offer accepted, we’ll get you moving through the final approval and the closing process. If you already have your Approved Buyer Certificate, you’ll have most of the work already completed. One of our VA Loan experts will review your application and complete the unfinished parts.

You’ll get a Kentucky VA property appraisal and home inspection if necessary. Assuming that both of these come back favorably, you’ll lock in your rate, be clear-to-close, and schedule a closing date with the seller.

Step 3: Close on the home

Three business days before closing, we’ll provide you with a form called the Closing Disclosure listing all the fees associated with getting the loan indicating who pays what fee, which includes an appraisal fee, title fees, taxes and government fees, and a funding fee. You’ll do a final walkthrough of the property and confirm the seller will turn over the property to you as agreed. After the property legally transfers from the former owner to you and you sign all your final loan documents, you get the keys to your new 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.

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.

 

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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.

 

military father and daughter 2(2).png
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

Screenshot (61)Screenshot (62)

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.

View original post 676 more words

List of Government Foreclosed Homes in Kentucky to include VA, FHA, HUD, Fannie Mae and USDA

Photo City State ZipCode Beds Baths Sq. Ft. Price
Photo
ALEXANDRIA KY 41001 3.0 2.5 1848 $126,900.00
Photo
ANNVILLE KY 40402 3.0 2.0 2144 $49,900.00
Photo
BELFRY KY 41514 3.0 2.0 1800 $65,900.00
Photo
BLAINE KY 41124 11.0 0.0 0 $17,500.00
Photo
BOSTON KY 40107 4.0 1.5 1612 $64,000.00
Photo
BRANDENBURG KY 40108 3.0 2.5 1772 $154,900.00
Photo
BURLINGTON KY 41005 3.0 2.5 1966 $127,900.00
Photo
CAMPBELLSBURG KY 40011 3.0 2.0 1904 $50,000.00
Photo
CAMPTON KY 41301 2.0 2.0 1650 $17,900.00
Photo
CATLETTSBURG KY 41129 3.0 2.0 1765 $21,900.00

$115,000Just Listed

5129 Catesville Providence Rd
Dixon, KY 42409

3 Beds |2 Baths | 1605 sq. ft.

View Property

$22,900Just Listed

1338 Hazen St
Covington, KY 41016

1 Beds |1 Baths | 912 sq. ft.

View Property

$75,500Just Listed

520 E 20th St
Covington, KY 41014

4 Beds |2 Baths | 2266 sq. ft.

View Property

$62,000Just Listed

719 E 7th St
Hopkinsville, KY 42240

3 Beds |2 Baths | 4167 sq. ft.

View Property

$15,000Back on Market

2030 Clay St
Paducah, KY 42001

4 Beds |2 Baths | 1660 sq. ft.

View Property

Coming Soon

3848 W Muhammad Ali Blvd
Louisville, KY 40212

2 Beds |1 Baths | 720 sq. ft.

View Property

Coming Soon

7097 N Dixie Hwy
Bonnieville, KY 42713

2 Beds |1 Baths | 877 sq. ft.

View Property

Coming Soon

910 S 44th St
Louisville, KY 40211

3 Beds |2 Baths | 1422 sq. ft.

View Property

Coming Soon

2250 Clearwater Dr
Lawrenceburg, KY 40342

3 Beds |2.5 Baths | 1819 sq. ft.

View Property

 

3109 HORSESHOE CT, CRESTWOOD KY 40014

$178,500.00

Photo

Bed/Bath: 3.0/2.0
Year Built: 2001
Square Feet: 1748
Lot Size: 1-2 ac
MLS: 1460336
Property Type: Single Family
Status: Not Available – Pending Sale

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).

Property Details
Basement Description: Finished SQFT:1193
Sewer Description: Waste DisposalSeptic
Utilities Description: Water SourcePublic
List Price: $178,500.00
List Date: 10/12/2016

Listing Agent

Sherry Bennett Webb
Bennett Webb Realty
c21sherry@aol.com
(502) 245-2105

Search Results for HUD Homes in KY

1 | 2 | 3 |
42 listings found
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Property Case Address Price Status Bed Bath Listing Period Bid Open Date Details 
201-356622 206 Pappy Dr
Oak Grove, KY, 42262
Christian County
$88,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-363952 3807 Maxon Rd
Paducah, KY, 42001
Mccracken County
$100,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-364387 10205 Winding River Way
Louisville, KY, 40229
Jefferson County
$99,000 2 2.10 Exclusive  01/02/2017 View Street
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Email Info
201-369019 57 Sea Cadet Rd
Lancaster, KY, 40444
Garrard County
$120,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-370520 10010 Park Lake Dr
Louisville, KY, 40229
Jefferson County
$87,000 3 2.00 Exclusive  01/02/2017 View Street
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Email Info
201-376124 308 Grant Ave
Oak Grove, KY, 42262
Christian County
$90,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-376390 3668 Bold Bidder Dr
Lexington, KY, 40517
Fayette County
$115,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-379788 2557 Ratliff Creek
Pikeville, KY, 41501
Pike County
$121,500 4 2.20 Extended  01/02/2017 View Street
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Email Info
201-383534 6246 Main St
Burlington, KY, 41005
Boone County
$99,200 3 2.10 Extended  01/02/2017 View Street
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201-383947 265 Clifton Ln
Owenton, KY, 40359
Owen County
$132,000 3 2.00 Exclusive  01/02/2017 View Street
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201-385672 555 Saint Anthony D
Lexington, KY, 40505
Fayette County
$90,000 4 2.00 Extended  01/02/2017 View Street
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201-389790 151 Robards Ct
Harrodsburg, KY, 40330
Mercer County
$78,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-389913 5256 Jewell Ln
Paducah, KY, 42001
Mccracken County
$184,500 4 2.00 Extended  01/02/2017 View Street
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Email Info
201-395311 64 Mossey Oak Rd
Whitley City, KY, 42653
Mccreary County
$95,000 4 1.00 Exclusive  01/03/2017 View Street
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Email Info
201-396495 470 Poplar Haven Rd
Scottsville, KY, 42164
Allen County
$176,000 4 3.00 Extended  01/02/2017 View Street
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Email Info
201-401895 6800 Sandstone Blvd
Louisville, KY, 40219
Jefferson County
$80,000 3 1.10 Extended  01/02/2017 View Street
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Email Info
201-407017 301 E 1st St
Silver Grove, KY, 41085
Campbell County
$105,000 5 2.00 Extended  01/02/2017 View Street
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Email Info
201-409412 145 Tumbleweed Cour
Elizabethtown, KY, 42701
Hardin County
$170,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-430492 7808 Pleasure Walk Cir
Louisville, KY, 40258
Jefferson County
$77,400 2 2.00 Extended  01/02/2017 View Street
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Email Info
201-432835 716 Idaho Ln
Owensboro, KY, 42301
Daviess County
$77,000 3 1.00 Exclusive  01/02/2017 View Street
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Email Info

 

201-436876 116 Cherokee Dr
West Van Lear, KY, 41268
Johnson County
$152,000 3 2.10 Extended  01/02/2017 View Street
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Email Info
201-437021 75 Phillips Lane
London, KY, 40741
Laurel County
$75,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-445253 8303 Smyrna Pkwy
Louisville, KY, 40228
Jefferson County
$105,000 3 2.00 Exclusive  01/02/2017 View Street
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Email Info
201-451036 339 College Manor
Harrodsburg, KY, 40330
Mercer County
$75,000 3 1.00 Extended  01/02/2017 View Street
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Email Info
201-452225 176 Ratliff Rd
Pikeville, KY, 41501
Pike County
$172,800 4 2.00 Extended  01/02/2017 View Street
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Email Info
201-454711 2520 W Jarvis Rd
Ashland, KY, 41102
Boyd County
$86,000 2 1.00 Extended  01/02/2017 View Street
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Email Info
201-456418 102 Forest Hill Dr
Hodgenville, KY, 42748
Larue County
$125,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-462007 129 Bourne Ave
Somerset, KY, 42501
Pulaski County
$90,300 6 2.00 Exclusive  01/02/2017 View Street
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Email Info
201-471777 60 Cloud Subdivision
London, KY, 40741
Laurel County
$78,300 2 1.00 Extended  01/02/2017 View Street
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Email Info
201-472986 1107 Donald St
Ashland, KY, 41102
Boyd County
$86,000 3 2.00 Exclusive  01/09/2017 View Street
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Email Info
201-473861 927 Summitridge Ln
Erlanger, KY, 41018
Kenton County
$126,000 2 2.00 Extended  01/02/2017 View Street
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Email Info
201-475559 101 Sandy Hills Cir
Corbin, KY, 40701
Laurel County
$95,000 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-481162 60 Grant Dr
Somerset, KY, 42503
Pulaski County
$116,100 3 2.00 Extended  01/02/2017 View Street
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Email Info
201-491948 102 Grant Drive
Lawrenceburg, KY, 40342
Anderson County
$80,000 3 1.00 Extended  01/02/2017 View Street
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Email Info
201-506662 1802 Jefferson Ave
Covington, KY, 41014
Kenton County
$76,000 3 1.10 Extended  01/02/2017 View Street
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Email Info
201-511886 407 Western Ave
Covington, KY, 41011
Kenton County
$88,000 2 1.00 Exclusive  01/02/2017 View Street
Map it
Email Info
201-515013 3422 Olive Rd
Louisville, KY, 40219
Jefferson County
$90,000 3 2.10 Exclusive  01/02/2017 View Street
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Email Info
201-526573 8819 Old Ironsides
Louisville, KY, 40228
Jefferson County
$110,000 3 1.00 Exclusive  01/02/2017 View Street
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Email Info
201-537022 139 Lake Forest Dr
Georgetown, KY, 40324
Scott County
$126,000 3 2.00 Exclusive  01/02/2017 View Street
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Email Info
201-540500 3841 Carpenter Dr
Owensboro, KY, 42301
Daviess County
$78,000 3 1.00 Exclusive  01/09/2017 View Street
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Email Info
1 | 2 | 3 |

 

 

Kentucky VA Loan Overview

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38880941_686155338409067_160869974GFDGDSFGDFSGHSDFG4681459712_o

 

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.

Maximum LTV

Purchase: 100/100 Max LTV/CLTV

Refinance: 100/100 Max LTV/CLTV (VA Cash-Outs greater than 90% have additional guideline requirements)

FICO/Credit Score

A minimum of 1 credit score is required. A standard Tri-Merge Credit Report is generally required; however a Mortgage Only Credit Report will also be accepted for IRRRLs ONLY so long as it includes valid FICO scores.

Minimum Credit scores for VA loans (including IRRRLs) are:

  • Automated Approval: 580
  • Manual Underwriting: 560
DTI Ratio

Automated Approval: No maximum DTI

Manual Underwriting: Maximum 43% backend DTI

Appraisal

An NOV (Notice of Value) from VA is required.

Maximum Loan Amount

Individual county loan limits may differ. You can find the link to determine loan limits for the subject property county here.

The maximum potential loan amount for a purchase transaction with full entitlement is $1,094,625. Loan amounts up to $1,500,000 are allowed as long as the VA guaranty plus the veteran’s down payment and/or equity equal 25% of the lesser of the sales price or Notice of Value (NOV).

Under certain conditions (see below), Non-IRRRL refinance transactions are allowed up to 100/100 LTV/CLTV. Refinances not meeting these conditions are limited to a maximum 90/90 LTV/CLTV of the property value shown on the CRV or NOV plus the cost of any energy efficient improvements (up to $6,000) plus the VA Funding Fee.

For IRRRLs, Maximum loan amount is the existing VA loan balance plus the following

  • Allowable fees and charges, plus
  • The cost of energy efficiency improvements, and
  • The VA funding fee = .50.
Cash-Out Refinance Loans greater than 90% LTV

VA Cash-Out Refinance loans will now be offered with LTV/CLTV up to 100%. If the LTV or CLTV greater than 90%, the following additional requirements will apply

  • The cash-out loan may be paying off a current mortgage loan (VA or otherwise), a second (seasoned or unseasoned), and/or another non-mortgage debt.
  • Maximum cash in hand after all payoffs cannot be greater than $50,000
  • Minimum FICO 660
  • An additional adjustment of -0.5
  • The loan must have a DU Approve/Eligible (No manual underwrites allowed)
Entitlement

A minimum of 25% of the loan amount must consist of available guaranty. If less than 25% guaranty is indicated on the Loan Guaranty Certificate (LGC), a calculation worksheet must be enclosed indicating the calculations used to determine the full 25% guaranty.

The maximum guaranty is the lesser of the veteran’s available entitlement or the maximum potential guaranty amount detailed below:

Up to $45,000 50% of the loan amount
$45,001 – $56,250 $22,500
$56,251 – $144,000 40% of the loan amount with a maximum of $36,000
$144,001 – $417,000 25% of the loan amount with a maximum of $104,250
$417,001 – $1,500,000 25% of the loan amount with a maximum of $273,656

Note: the maximum guaranty for loan amounts > $417,000 varies depending upon the location of the property.

VA Funding Fees

All IRRRLs have a funding fee of 0.50. For other loans, see the table below

Purchase and Construction Loans
Type of Veteran Down Payment Percentage for First-Time Use Percentage for Subsequent Use
Regular Military 0 – 4.99%
5 – 9.99%
10% or more
2.15%
1.50%
1.25%
3.30%
1.50%
1.25%
Reserves/National Guard 0 – 4.99%
5 – 9.99%
10% or more
2.40%
1.75%
1.50%
3.30%
1.75%
1.50%
Refinance Loans
Type of Veteran Percentage for First-Time Use Percentage for Subsequent Use
Regular Military 2.15% 3.30%
Reserves/National Guard 2.40% 3.30%
Funding Fee Exemption

A veteran must establish any claim for exemption from the fee with documentation included in the loan file. The following are the only exceptions allowed:

  • Veterans receiving VA compensation for service-connected disabilities
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay
  • Surviving spouses of veterans who died in service or from service-connected disabilities (regardless of whether such surviving spouses are veterans with their own entitlements and whether they are suing their own entitlements on the loan)
  • Veterans who are rated by the VA as eligible to receive compensation as a result of pre-discharge disability examination and rating.
VA Student Loans
  • Student Loans deferred at least 12 months may still be excluded
  • When repayment will begin within the next 12 months, calculate a 5% yearly payment. Then divide that by 12 to get the monthly payment.
    • If the reported payment on the credit report is higher than the above calculated payment, the payment on the credit report must be used.
    • A lower payment reported on the credit report can only be used if corroborated with an official statement from the student loan servicer(s) confirming the loan terms and payment information. This statement can be no more than 60 days old at the time of VA loan closing.
Credit Report and AUS Fee Requirement
  • The combined total of Credit Report Fees and AUS charges cannot exceed $100.
  • The only time a Veteran can be charged with both Credit Report Fees and AUS charges is on AUS “Refer” cases.
VA Short Sales

A borrower with a previous Short Sale will now be eligible without the standard waiting period if they meet all of the following

  • Borrower was current on all mortgage payments for the prior mortgage during the 12 months prior to the Short Sale
  • No 30 day lates on any installment loans during the 12 months prior to the Short Sale.
  • No late payments at all within the last 24 months
  • 660 FICO
  • Loan must receive DU approval
IRRRL QM Requirements

VA IRRRLs must meet the following requirements:

  • The loan being refinanced was originated at least 6 months prior to the IRRRL closing date,
  • At least 6 payments must have been made on the original loan,
  • The borrower has not been more than 30 days late on a payment in the past six months,
  • The recoupment period for all allowable fees and charges financed as part of the loan or paid at closing does not exceed 36 months,
  • The refinance does not increase the principal balance outstanding on the prior loan, except to the extent of fees and charges allowed by the VA,
  • Points and fees do not exceed 3% ,
  • regardless of loan amount—this applies even to lower-balance loans,
  • Loan must also comply with VA limitations on fees and charges,
  • The interest rate on the IRRRL is lower than the interest rate on the loan being refinanced (unless the borrower is refinancing from an adjustable rate loan to a fixed rate loan under VA guidelines),
  • The refinance is fully amortizing and there is no balloon payment,
  • The loan being refinanced is a loan that VA has already guaranteed, and
  • Both the loan being refinanced and the IRRRL meet all other VA requirements.

 

 

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
Company NMLS ID #1364
Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com
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

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 approvalnor 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).

2012 Louisville, Ky BAH Rates Basic Allowance for Housing in Kentucky

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2012 Louisville, Ky BAH Rates Basic Allowance for Housing: MHA: KY109 – LOUISVILLE Make your financial plans carefully when factoring in BAH as a contributing source of income for your house payment. Remember, BAH is calculated on local rents. Mortgage amounts are not used to compute Basic Allowance for Housing. You may be able to offset some or all of your monthly mortgage payments using BAH, but it’s not designed to do so.

Grade
With Dependents
Without Dependents
E1
$1020.00
$786.00
E2
$1020.00
$786.00
E3
$1020.00
$786.00
E4
$1020.00
$786.00
E5
$1110.00
$882.00
E6
$1287.00
$966.00
E7
$1416.00
$1062.00
E8
$1560.00
$1170.00
E9
$1722.00
$1290.00
W1
$1290.00
$987.00
W2
$1476.00
$1143.00
W3
$1650.00
$1293.00
W4
$1749.00
$1329.00
W5
$1866.00
$1449.00
O1E
$1446.00
$1110.00
O2E
$1626.00
$1218.00
O3E
$1767.00
$1326.00
O1
$1128.00
$930.00
O2
$1281.00
$1080.00
O3
$1644.00
$1296.00
O4
$1908.00
$1431.00
O5
$2097.00
$1572.00
O6
$2118.00
$1650.00
O7
$2139.00
$1683.00

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