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.
Borrow up to 100% of the home’s value. Unlike other programs that only allow 80% or 85% of the home’s value.
No Income or Asset verification is required. We don’t need your paystubs, w-2’s tax info, or bank statements. Much easier qualifying.
No Appraisal is required (unless Discount is being charged to borrower – see below)—-VA does not require a new appraisal. So even if your home has not equity or went down in value, we can go off on old value when doing a rate and term with no cash back.
No Credit Qualifying. Meaning we don’t have to repull credit again and check your fico scores. Just verify your last 12 months mortgage history is on time.
VA Funding Fee is .50%, much less than the 2 or 3% you pay when you buy the home, If disabled, you will not have to pay the funding fee.
Can refinance an investment property as long as you can document it was formerly the borrower’s primary residence
At least 6 monthly payments must have been made on the original loan being refinanced; AND
The first payment due date of the new loan must be at least 210 days after the first payment due date of the original loan being refinanced
A copy of the Note from the previous loan being refinanced must be provided
An IRRRL refinancing a Fixed Rate Mortgage into another Fixed Rate Mortgage must result in a rate reduction of at least 0.5%
An IRRRL refinancing a Fixed Rate Mortgage into an Adjustable Rate Mortgage must result in a rate reduction of at least 2.0%
IRRRLs in which a Discount is being charged to the borrower will now require an Exterior-Only Appraisal to be ordered
If the Discount being charged is 1% or less, the loan will be limited to 100% LTV based on the value of the Exterior-Only Appraisal
If the Discount being charged is more than 1%, the loan will be limited to 90% LTV based on the value of the Exterior-Only Appraisal
Loan must current be guaranteed by VA and must be current
Closing costs must be recouped within 36 months
Proposed P&I payment must be less than current payment unless:
Veteran refinancing ARM to Fixed
Term of IRRL is shorter than existing loan as long as payment does not increase over 20%
Energy efficiency improvements are included in the IRRL
Refinancing a Kentucky VA Loan
Kentucky VA loans may be used to replace an existing mortgage, called “refinancing.” A KY VA refinance may be used to reduce an existing interest rate, change loan terms or a combination of both. The most common reason to refinance is to lower the monthly payment. A borrower may take out a KY VA loan then later see that interest rates have fallen and are lower than an existing rate. By refinancing, the borrower can replace the old loan with a new one to obtain the lower rate and subsequent lower mortgage payment.
A refinance can also make sense when changing loan terms such as switching from an adjustable rate mortgage to a fixed rate or adjusting the term of the loan to save on interest charges. The Streamline
The Interest Rate Reduction Refinance Loan, or IRRRL is commonly referred to as the Kentucky Mortgage Refinance VA “streamline” refinance program. This is a special VA loan to VA loan refinance that requires very little documentation to obtain an approval. Some of the features of the VA streamline are:
• No appraisal needed
• Income or employment is not verified
• No credit review
• Closing costs may be rolled into the loan amount
As long as you’re reducing your current mortgage payment, not taking any cash out or switching from an adjustable rate mortgage to a fixed rate loan, you may qualify for this unique program and you don’t have to use your existing Kentucky VA lender in order to benefit from the Kentucky VA streamline mortgage. Cash Out VA loan Refinance
Cash out refinance loans allow the borrower to pull out equity in the home in the form of cash during the course of a refinance. While the VA doesn’t establish a maximum loan amount, most VA lenders do place limits on the loan based upon the current value of the property and the final loan amount. Lenders may limit any cash out loan to 80 or 90 percent of the property’s current value. If taking cash out of your home is needed and you have sufficient equity in your home, it may be better to obtain a home equity loan or refinance into a conventional mortgage.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
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.
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).