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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 Loans for Kentucky First-Time Home Buyers

 

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Kentucky VA Loans for Kentucky First-Time Home Buyers

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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.

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

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

Call 502-905-3708 for your free mortgage VA application-Same Day loan Approval or Click on picture below for free mortgage prequailication sameday