Kentucky Refinance Streamline Guidelines for an IRRL

Kentucky VA Streamline

Kentucky VA Streamline

 Kentucky VA IRRRL Refinance benefits:
No Income, No Assets, No Appraisal

Allowed on 2nd homes and Non-owner occupied proof veteran occupied the property at one time required Refinance of Existing VA loan up to $417,000 (loan amounts are based on VA worksheet)
No Appraisal, no income, and no asset documentation – including funds to close Existing Loan Term can be extended up to 30 years
Minimum 620 credit score required Reduced guarantee fee of .5%
No additional pricing adjustment for VA IRRRL transactions Term reduction allowed on VA IRRRL (payment cannot increase by more than 20%)

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 CONFIDENT

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Kentucky VA Loan Cash Out Refinance Guidelines for 2014

Kentucky VA Loan Cash Out Refinance Guidelines for 2014

Kentucky VA Cash Out Refinance:

  • Now up to 100% of the home’s value or LTV – Plus VA Funding Fee Financed
  • Minimum Credit Score of 680 Required –
  • Approve/Eligible DU AUS Findings
  • Max DTI 45.00% –
  • Must Meet Minimum VA Guarantee Requirements

Louisville Kentucky VA Approved Condos for Jefferson County KY 2013

Louisville Kentucky VA Approved Condos for Jefferson County KY 2012
 Joel Lobb (NMLS#57916) Senior  Loan Officer 502-905-3708 cell 502-813-2795 fax jlobb@keyfinllc.com  Key Financial Mortgage Co. (NMLS #1800)* 107 South Hurstbourne Parkway* Louisville, KY 40222* http://mylouisvillekentuckymortgage.com
Your search returned 87 records.
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Condo Name ID Record Type
ANDERSON PARK CONDOMINIUM 000004 Condo
ARBOR CREEK CONDOMINIUMS H00212 Condo
ARBOR CREEK CONDOS II H00306 Condo
AUTUMN TRACE CONDOMINIUM H00282 Condo
BAXTER PLACE CONDOMINIUMS H00309 Condo
BRADFORD COMMONS CONDO H00319 Condo
BRADFORD COMMONS CONDOS 000001 Condo
BRITTANY POINTE CONDOMINI 005775 Condo
BROWNSBORO VILLAGE COURT H00398 Condo
CARRINGTON GREENE COURTYARD 000012 Condo
CHAMBERLAIN SQUARE CONDO H00614 Condo
COPPERSHIRE CONDOMINIUM 005613 Condo
COTTONWOOD CONDOMINIUM H00053 Condo
CREEKWOOD TERRACE H00095 Condo
CRESCENT CONDOS VAC028 Condo
CROSSINGS @ COOPER CHAPEL H00155 Condo
DARNELL MANOR CONDOMINIUM H00368 Condo
DONARD PARK CONDOMINIUMS 000003 Condo
DORSEY HILLS CONDOMINIUM H00199 Condo
DORSEY VILLAGE 005601 Condo
EAST HAMPTON H00693 Condo
EVERETT PLACE CONDOMINIUM 005724 Condo
EVERGREEN POINT CONDO H00637 Condo
FOREST PARK CONDOS H00096 Condo
FOX HOLLOW CONDOMINIUM H00634 Condo
GARDENS AT BAY RUN CONDO H00639 Condo
GLENVIEW EAST 005674 Condo
GRAYSTONE MANOR H00070 Condo
HARRODS LANDING CONDOMINI H00464 Condo
HAWTHORNE POINTE CONDOS H00134 Condo
HIGHWOOD H00211 Condo
HIKES PARK TOWNHOMES H00066 Condo
HITE AVENUE GARDENS 005801 Condo
INDIAN RIDGE CONDOMINIUMS H00358 Condo
LAKEVIEW VAC010 Condo
MAGNOLIA PLACE 005597 Condo
MANNER POINTE 000013 Condo
MERCANTILE GALLERY LOFTS 000015 Condo
MOSS CREEK CONDOMINIUM H00294 Condo
PARK CENTRAL VAC101 Condo
PARK LANE CONDOMINIUM H00179 Condo
PINNACLE GARDENS H00111 Condo
REGENCY THREE CONDOMINIUM 005892 Condo
RIVER POINTE PATIO HOMES CONDO 000017 Condo
SALEM SQUARE CONDOMINIUM H00067 Condo
SHELBY CROSSING CONDOMINI H00344 Condo
SHELBY CROSSING CONDOMINIUMS 000006 Condo
SOUTH HALL CONDOMINIUMS 005723 Condo
SPRING DRIVE CONDO 005656 Condo
SPRINGS OF GLENMARY H00217 Condo
SPRINGS OF GLENMARY VLLGE 005612 Condo
ST ANTHONY’S LANDING H00194 Condo
STONEHENGE CONDO 005602 Condo
SWAN POINTE CONDOMINIUMS H00586 Condo
THE CLIFF VIEW TERRACE CO H00587 Condo
THE COTTAGES @ MEADOWVIEW H00182 Condo
THE FOUNTAINS CONDOMINIUM H00171 Condo
THE GARDENS OF GLENMARY H00272 Condo
THE GARDENS OF MONTICELLO H00609 Condo
THE PARKVIEW CONDOMINIUMS H00258 Condo
THE VILLAGE @ WILDWOOD H00088 Condo
THE VILLAGE @INDIAN FALLS H00143 Condo
THE VILLAGE OF WHITE OAKS H00531 Condo
THE VILLAS OF STONY FARM H00288 Condo
THE WOODS OF CRESCENT HIL H00031 Condo
THE WOODS OF CRESCENT HIL H00030 Condo
TIMBERWOOD II 000005 Condo
TREIS CONDOMINIUMS H00058 Condo
VALHALLA VISTA CONDOMINIUMS 000024 Condo
VALLEY FARMS PATIO HOMES 000021 Condo
VILLAGE AT PRESTON CROSSI H00504 Condo
VILLAGE AT WILDWOOD H00125 Condo
WEMBERLY HILL GARDEN HOME VAC143 Condo
WESTPORT GARDENS 000008 Condo
WESTPORT RIDGE CONDO H00629 Condo
WINDSOR GATE CONDOMINIUM H00262 Condo
WISTERIA LANDING CONDO H00535 Condo
WOODMONT H00156 Condo
WOODRIDGE LAKE PATIO HMS H00092 Condo
WOODRIDGE LAKE TOWNHOMES H00093 Condo
WOODS OF ST. ANDREWS H00139 Condo
WOODSPOINTE VAC074 Condo
WORTHINGTON GLEN CONDOS H00162 Condo
WYNDEMERE H00213 Condo
WYSTERIA LANDING CONDOMIN H00351 Condo
YORKWOOD CONDO I VAC013 Condo
YORKWOOD CONDO II VAC016 Condo
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Louisville VA Streamline Refinance

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Louisville VA Streamline Refinance

Louisville VA Guidelines– IRRRL

Interest Rate Reduction Refinancing Loans

An IRRRL is a Louisville VA-guaranteed loan made to refinance an existing Louisville VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing Louisville VA loan.

The principal and interest payment on an IRRRL must be less than the principal and interest payment on the loan being refinanced unless one of the following exceptions applies:

o

The IRRRL is refinancing an ARM
o

Term of the IRRRRL is shorter than the term of the loan being refinanced unless, OR
o

Energy efficiency improvements are included in the IRRRL. Improvements must be completed within 90 days immediately preceding the date of the loan closing.
A significant increase in the veteran’s monthly payment may occur with any of the above exceptions, especially if combined with one of more of the following:

o

Financing of closing costs
o

Financing of up to two discount points
o

Financing of the funding fee and/or
o

Higher interest rate when an ARM is being refinanced.
It is the underwriter’s discretion to determine whether or not the increase in monthly PITI is acceptable.

General Guidelines for IRRRL

:
• Minimum credit score of 640

• Maximum loan amount is the existing VA loan balance plus the following: o Allowable fees and charges, plus

o

The cost of energy efficiency improvements, and
o

The VA funding fee = .50.
• The maximum loan term is the original term of the VA loan being refinanced plus ten years, but not to exceed 30 years.

• The borrower cannot pay off liens other than the existing VA loan from IRRRL proceeds. Any second lien-holder would have to agree to subordinate.

• All IRRRLs must contain either a conforming appraisal or a 2055 exterior (at minimum). The loan amount + funding fee must be supported by the value.

• Not eligible in the state of Illinois.

• IRRRLs must be current and have no 30-day or greater mortgage lates in the most recent 12 months. The following documentation is required to be in the loan file:

o Evidence the existing loan is current
o

If the loan is seasoned 12 months or more, evidence that the existing loan has not had any 30-day or greater mortgage lates in the past 12 months
o

If the loan is seasoned less than 12 months, evidence:  The existing loan has no 30-day or greater mortgage lates since the inception of the loan and

No 30-day or greater mortgage lates for any other first mortgage loans associated with the property and borrower(s) in the most recent 12 months.

•While the borrower may pay any reasonable amount of discount points in cash, only up to two discount points can be included in the loan amount.

•An IRRRL cannot be used to take equity out of the property or pay off debts, other than the VA loan being refinanced. Loan proceeds may only be applied to paying off the existing VA loan and to the costs of obtaining or closing the IRRRL. Therefore, the general rule is that the borrower cannot receive cash proceeds from the loan.

502-905-3708 or email us at kentuckyloan@gmail.com