2019 VA Home Loan Limits for Kentucky for each County of Kentucky:
The loan limits below are the maximum 2019, $0 down VA loan amount set for each county of Kentucky.
Kentucky VA Loan Limits for 2019
VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you.
The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a downpayment. These loan limits vary by county, since the value of a house depends in part on its location.
The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran’s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.
Kentucky VA county loan limit:
- VA’s 2019 Loan Limits are the same as the Federal Housing Finance Agency’s limits – 2019 Loan Limits (Effective January 1, 2019).
- For purposes of determining the VA guaranty, lenders are instructed to reference only the One-Unit Limit column in the FHFA Table “Fannie Mae and Freddie Mac Maximum Loan Limits for Mortgages Acquired in Calendar Year 2018 and Originated after 10/1/2011 or before 7/1/2007”.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
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#57916 http://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.
What IS A Kentucky VA Mortgage LOAN?
The U.S. Government created the VA loan the help those brave men and women who serve our country purchase a home. VA Loans are guaranteed by the U.S Department of Veteran Affairs. This program has many distinct advantages over traditional mortgages and has placed over 20 million veterans and their families purchase a home of their own.
THE BENEFITS OF USING A VA LOAN IN KENTUCKY TO BUY A HOME
VA loans are long-term financing options for eligible American Veteran and their spouses.
There are many benefits of a Kentucky VA tailored mortgage to help Veterans get the assistance they need to get into a home and a reasonable financial situation.
- %0 down
- VA loans don’t require a down payment unlike most loans that require down payments up to 20%
- No PMI
- Private Mortgage Insurance (PMI) is something that is required for buyers that are financing more than 80% of their home. However, if you are applying for a Kentucky VA loan, the government backs these mortgages and does not require a PMI for Veterans.
- Competitive Interest Rates
- The VA guaranty gives lenders a degree of insurance and flexibility which allows them to lower rates for Veterans that may be lower than most other loans.
- Easy to qualify for
- The government funds this program making fewer qualifications for Veterans to have to worry about.
- Reduced Closing cost
- If you have a service-related injury, you may qualify for waived funding fee, this will lower the closing cost of your home
- Right to Prepay without penalty
- Negotiable Interest rates
- Assumable mortgage
DO I QUALIFY FOR A KENTUCKY VA LOAN?
If you are a Veteran, an active duty personnel, in the National Guard, or a surviving spouse, then you may qualify for a VA loan. Veterans can apply with any mortgage lender that participates in the VA home loan program.
However, they will need a certificate of eligibility for the loan. In some cases, they can attain this from the lender. The eligibility requirements are a suitable credit score and a sufficient income to insure the borrower will remain in good standing with mortgage payments.
If you or your spouse may qualify for a VA loan check out your options and talk to a lender today. This program is created to thank you for your service and help you find your dream home.