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 NMLS# 57916 Joel Lobb Loan Originator, American Mortgage Solutions NMLS ID. 1364 Equal Housing Lender
What Does Having Basic Entitlement of $36,000 Mean?
The $36,000 does not represent the maximum loan amount you can obtain through the VA Home Loan Program. The figure merely provides evidence to your lender that you have full VA entitlement.
With this entitlement and underwriter approval, you can obtain a loan,
I Now Have My COE, What Do I Do Next?
Contact any VA approved lender and start the loan process. Do note that the COE does not guarantee you a VA loan; you still must qualify based upon your income and credit.
How Do I Apply For a Loan?
VA does not do any direct lending, and as such VA does not accept loan applications from veterans. You must contact a VA approved lender in order to apply for a VA loan. For more information about VA loans, visit www.benefits.va.gov/homeloans/.
What is the VA Interest Rate?
VA does not establish interest rates or closing costs for VA loans. Rates are negotiable between you and your lender. It is advisable to obtain quotes from at least three different lenders.
What is the Minimum Credit Score Required for a VA loan?
VA has no minimum credit score requirement. However, the lender you choose to do business with may have such a requirement.
What Types of Property Does My COE Cover?
The VA Home Loan program guarantees loans for real property that is to be used by the veteran as a primary residence. The program does not cover vacation homes, vacant land, multiplexes in excess of four units, motor-homes, small business loans, or commercial buildings.
Can I Use My VA Entitlement to Refinance?
Yes. You can refinance any type of loan on your property using your VA entitlement.
Why Does My COE Reflect a Paid-in-Full Loan With No Restoration of Entitlement?
In order for entitlement to be restored, the prior VA loan must be paid in full and the property disposed of. If you no longer own the property, please state as such on your application form 26- 1880 and resubmit. Do note that you can obtain a restoration of entitlement without disposing of the property when the loan is paid in full on a one time basis
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)
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.
A Kentucky VA loan is issued by a private lender in Kentucky and insured by the Department of Veterans Affairs or VA . for qualified U.S. veterans, active-duty military personnel and certain surviving spouses.
You were separated from military service in a situation “other than dishonorable discharge.”
As a veteran or active military, you meet specific length-of-service requirements.
You are a reservist or a member of the National Guard.
You are a qualified surviving spouse of a deceased veteran.
In addition, there are these requirements:
The home must be your primary residence.
You must have a valid certificate of eligibility from the VA.
Although the VA has no minimum credit score requirement, most lenders do.
Kentucky VA Mortgage Loan Benefits.
A Kentucky VA loan begins with one important distinction: relaxed credit-qualifying standards in regards to credit scores, past bankruptcies and foreclosures
VA has no minimum credit score requirement, lenders often require scores of at least 580 A few lenders will approve loans with credit scores as low as 500 in some cases .2 year removed from bankruptcy and foreclosure is required too with a clear Cavirs number.
THE MAJOR BENEFITS of a Kentucky VA mortgage are as follows:
$0 down payment unless the purchase price is more than the appraised value of the property or it’s higher than the local VA loan limit.
Mortgage rates are typically lower than rates on conventional loans.
No mortgage insurance is required monthly, just upfront funding fees.
You can reuse your VA loan benefit.
You don’t have to be a first-time home buyer.
VA-backed loans can be assumable — this means they can be taken over by someone you sell the house to, even if that person isn’t a service member.
A bankruptcy discharged more than two years ago — and in some cases, within one to two years — will not preclude you from getting a VA loan.
Types of Kentucky Mortgage VA loans
Home purchase in Kentucky: A Kentucky VA loan can be used to buy an existing home or a condominium in a VA-approved development, or to build a home.
Cash-out refinance in Kentucky: A VA cash-out refi replaces your mortgage with a new loan, while tapping some of your home’s value for things like paying off debt or making home improvements. It also can be used to replace a non-VA loan with a VA loan.
Interest rate reduction refinance loan or rate and term: A VA IRRRL (which is pronounced “Earl”) is also called a streamline refinance loan. You can replace an existing VA loan with a mortgage offering a lower interest rate, or move from an adjustable-rate loan to one with a fixed interest rate. Usually no appraisal or income documentation is needed for most IRRRL Refinances saving you a lot of money and qualifying headaches on a refinance
Although mortgage insurance isn’t charged on Kentucky VA loans, a “funding fee” serves the same purpose: to help lenders defray the expenses of foreclosing on borrowers who default. The fee ranges from 1.25% to 3.3% of the loan balance, depending on your down payment, branch of the military and whether or not it’s your first time getting a VA loan.
The VA funding fee can be rolled into your total loan package, but that will likely raise your interest rate and will absolutely raise your monthly payment.
Though a down payment is not generally required, putting 5% or more down will reduce your VA funding fee. And a down payment will lower your monthly payment, too.
Childcare Expenses
Did you know that VA considers childcare expenses a debt?
VA has given guidance that Borrowers with children age 12 and under must complete and sign a “Child Care Letter”. The lender must obtain the letter from the veteran documenting the childcare expense or detailing why no expense is incurred. Ensure that the current daycare provisions will remain logical based on the location of the new home. If applicable, the name and address of the childcare provider, should be obtained. This expense should be listed under section D, line 29, “Job Related Expense (e.g., child care)” on the VA Loan Analysis.
A “VA Child Care Expense Certification” form can be found on the Fairway website under “Forms & Documents” or by clicking here: VA Child Care Expense Certification
Kentucky VA Guidelines After Bankruptcy And Foreclosure On Waiting Period After Foreclosure
Kentucky VA Loans only have a two year mandatory waiting period after foreclosure, deed in lieu of foreclosure, or short sale for a Veteran to qualify for a Kentucky VA Loan.
Kentucky VA Guidelines After Bankruptcy And Foreclosure On Waiting Period After Chapter 7 and 13
There is a two year mandatory waiting period to qualify for a VA Loan after a Chapter 7 Bankruptcy discharged date and 1 year for A Chapter 13 Bankruptcy
Kentucky VA Loan Process
A list of items needed for underwriting is provided to the buyer based on the buyer’s scenario. Based on the borrower’s scenario, the process is explained which includes the items discussed below such as the VA certificate of eligibility (COE), DD-214, income verification, and more.
How to Apply for a VA Home Loan Certificate of Eligibility (COE)
The first step in getting a VA direct or VA-backed home loan is to apply for a Certificate of Eligibility (COE). This confirms for your lender that you qualify for the VA home loan benefit. Find out how to apply for a COE. Then, choose your loan type and learn about the rest of the loan application process.
How do I prepare before starting my application?
Gather the information you’ll need to apply for your COE. Click on the description below that matches you best to find out what you’ll need:
Veteran
Servicemember
Current or former activated National Guard or Reserve member
Current member of the National Guard or Reserves who has never been activated
Discharged member of the National Guard who was never activated
Discharged member of the Reserves who was never activated
Surviving spouse of a Veteran who died on active duty or who had a service-connected disability
In some cases, you can get your COE through your lender using our Web LGY system. Ask your lender about this option.
By mail
To apply by mail, fill out a Request for a Certificate of Eligibility (VA Form 26-1880) and mail it to the address listed on the form. Please keep in mind that this may take longer than applying online or through our Web LGY system. Download VA Form 26-1880.
Next steps for getting a VA direct or VA-backed home loan
Applying for your COE is only one part of the process for getting a VA direct or VA-backed home loan. Your next steps will depend on the type of loan you’re looking to get—and on your lender (for most loans, the lender will be a private bank or mortgage company; for the Native American Direct Loan, we’ll be your lender).
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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