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
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
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.
VA loans don’t require a down payment unlike most loans that require down payments up to 20%
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
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.
For a currently serving service member, your service will immediately qualify as a stable job.
For Kentucky veterans no longer on active duty, you’ll want to have at least 12 months at your current job or be in a similar line of work to your most recent work. Two years or more with an employer is the ideal job history for a mortgage.
If you started a new job recently, you may be able to reference your previous work history, work in the service, or educational background to support the stability of your new job. In addition to standard paperwork, if it’s a brand new job, we’ll also be looking for an offer letter.
Some types of jobs are inherently less stable than others. If you’re receiving a salary, your income is guaranteed short of job loss. If you’re receiving an hourly pay, then there is a good idea of what you’ll likely be making. But if you’re working any type of commission related job, your income is volatile. It could be high one month and zero the next month. For commission jobs, you’ll want to have at least two years of history reported to your tax returns. We’ll then be able to use a two-year average to determine what we can use as your monthly income.
Good credit scores and credit history
There is no minimum credit score for VA, but most Kentucky VA lenders that I work with will want a 580 to 620 minimum with no foreclosure or bankruptcies in the last 2 years
You should have zero late payments on either your rent or mortgage within the last 12 months – preferably having zero late payments. If this isn’t possible, focus on keeping all current accounts paid on time. Your new history will eventually bury the old late payments.
If you have no credit score, we can use alternative trade lines like rent, utility bill and car insurance.
Debt to Income Ratios under 41% for lower credit score, or higher than 41% for good credit scores
DTI will be referenced commonly throughout the loan process. This determines how much house you can afford as it’s your monthly debts considered against the gross monthly income (GMI) we’re able to use for your mortgage.
Ideally, your total DTI will be below 41% of your gross monthly income. This means someone who makes $5,000 monthly would want all of their collective credit related debts + new mortgage to be below $2,050 for the month. For example, According to CNBC, the average car loan is $523 a month. If you add in another $27 for a credit card, that would be $550 in credit debts + housing. So, your mortgage payment would want to be under $1,500. You can potentially be approved for more, but this would be the ideal number to aim for.
Residual Income requirements of $1000 or more a month for most veteran borrowers in Kentucky
Your veteran status.
You must have at least 90 days of active duty service.
For Reserves, at least six years of service.
For veterans, you must have a discharge other than dishonorable.
Determining your eligibility and the maximum purchase price is the first step you’ll need to take for your Kentucky VA Loan. VA Loans don’t technically have a maximum mortgage/loan limit, but they do have a maximum amount they’ll 100% finance. On the other hand, FHA does have a maximum mortgage. This is an actual limit on the amount you can borrow.
Using a VA Loan allows you to finance up to 103.3% of the purchase price, with 100% going towards the purchase and the remaining 3.3% eligible to go towards your closing costs. Determining your eligibility will involve reviewing your veteran status, Certificate of Eligibility (COE), county limits, income, credit, and job stability. These factors will all contribute to your VA maximum mortgage.
The first thing you’ll need to do is to make sure you’re an eligible veteran and confirm your Certificate of Eligibility is ready for your VA Loan. If you’ve already got that sorted out, then you’re ready to start shopping for how much you’ll qualify for.
Kentucky VA Loans for Kentucky First-Time Home Buyers
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.
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.
There actually is no max Kentucky VA loan Limits set by VA. However, if you go over the standard VA Max County Loan Limits, in Kentucky this year it is set at $484,500 then you would need to come up with difference in the form of the down payment by taking the Sales price, minus the max va loan limits for County, then take 25% of that for your max loan. The fact is there’s actually no maximum loan amount on a VA loan. What those loan limits represent is how much a qualified military borrower can obtain without making a down payment.
Here’s an example. Let’s say you have full VA loan entitlement and the county in which you’re purchasing has the standard $424,100. The home you want to purchase is $650,000. There’s a $225,900 difference between the two, and one quarter of that is $56,475, which is how much the borrower would need as a down payment.
This is based on your maximum VA entitlement of $36,000 not being used.
2019 KENTUCKY VA LOAN LIMITS
VA has announced loan limit changes for the year 2019. The base limit will be increased to $484,500 for 2019 for all Kentucky VA Home Loans.This limit applies to the loan amount for KY VA loans with no down payment and with full entitlement of $36,000
YES – You CAN Buy a Home OVER $484,500 with a VA Mortgage Loan
KY VA Home loans are zero down payment up to $484,500. If you wish you buy a more expensive home with a VA loan, you will need a small down payment.
The exact formula to determined the VA down payment is a bit more complicated, but the simple quick math is you’ll need about 25% of the difference between the purchase price, and $484,500.
So if you were to buy a $517,000 home. There is a $100,000 difference over the zero down maximum $484,000 loan. Therefore you’ll need a down payment of about $25,000.
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). 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.
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
Purchase: 100/100 Max LTV/CLTV
Refinance: 100/100 Max LTV/CLTV (VA Cash-Outs greater than 90% have additional guideline requirements)
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
Automated Approval: No maximum DTI
Manual Underwriting: Maximum 43% backend DTI
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)
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
$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
Percentage for First-Time Use
Percentage for Subsequent Use
0 – 4.99%
5 – 9.99%
10% or more
0 – 4.99%
5 – 9.99%
10% or more
Type of Veteran
Percentage for First-Time Use
Percentage for Subsequent Use
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
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.
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 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).