Tuesday, April 26, 2011

Louisville Kentucky VA Home Loans Frequently Asked Questions

Louisville Kentucky VA Home Loans Frequently Asked Questions

Frequently Asked Questions

  1. What is a COE? Where can I get one?
  2. COE stands for Certificate of Eligibility. This certificate proves that you are a veteran and, therefore, eligible for a VA-guaranteed home loan. Mortgage companies that work with AllMilitary can get a COE for you during the loan process.
  3. How do interest rates fluctuate?

    Interest rates can change daily, sometimes even a couple times a day. They are based on the 30-year mortgage bond and many other market factors. Credit, employment status, loan program and many other factors can also affect interest rates.
  4. Why should I use my VA home loan benefit?

    The VA loan program helps active duty and retired military personnel purchase homes. The VA will guarantee 100% financing on a home at a competitive rate, without you having to pay mortgage insurance. The VA also limits the types of fees that can be charged, protecting you against predatory lending.
  5. What is a funding fee? Do I have to pay for this?

    The VA funding fee is a fee added to loans. The Department of Veterans Affairs uses these fees to help fund its VA loan program. The first time you use a VA loan, the funding fee will be 2.15% of the loan amount. For each subsequent use, the funding fee will be 3.3%. You will be required to pay it, unless you have a service-related disability of 10% or greater, in which case the funding fee is waived.
  6. What does a VA lender need from me to see if I qualify for a loan?

    A VA lender will want to know your income and debts, and your social security number so that your credit history can be checked. After you supply this information to a lender, it will contact you in a few hours to let you know if you are eligible for a VA loan.
  7. What are the benefits of a VA loan?

    A VA loan offers 100% financing with no mortgage insurance fees. The loan is assumable, and you are eligible for streamlined refinancing if rates go down. A VA loan also offers great rates and is less strict on credit than most conventional loans.
  8. Can I get an interest-only loan?

    Interest-only options are unvailable with VA loans. However, many VA-approved lenders offer interest-only conventional loans.
  9. Can I purchase only land with a VA loan?

    No, VA loans are for home purchases and new home construction. The VA will not approve a loan that is only for land. However, you may use a VA loan to purchase a lot for a manufactured home.
  10. May I use my VA eligibility more than once?

    Yes, but in most cases you can only hold one VA loan at a time. After the first home loan is paid in full, your eligibility will be restored for another loan.
  11. What is the funding fee for a second VA loan?

    The funding fee is 3.3 %. But with a 5% down payment, the funding fee drops to 1.5%. 
  12. How important is my credit score to the VA?

    The VA does not emphasize credit scores as much as conventional lenders. However, it does looks for a clear credit history in the borrower's previous 12 months. 
  13. Can a family member use their grandparent's or parent's eligibility to qualify for a VA loan?

    No, only a veteran or the surviving spouse of a veteran killed during active duty is eligible for VA loan benefits. Active duty servicemembers also are eligible if the home they are purchasing will be a permanent residence and they are within 60 days of moving in.
  14. Can I use a co-borrower to help get approval?

    VA guidelines only allow a spouse as a co-borrower. However, many VA-approved lenders offer conventional financing, which may be more suitable if a co-borrower other than a spouse is needed to secure a loan.
  15. May my spouse co-sign so that I can get a larger VA loan?

    Your spouse may co-sign in order to help you qualify for a VA loan. However, your spouse's liabilities, in addition to your spouse's income, will be considered when determining eligibility and loan amount.
  16. Can I have two VA loans at once?

    No. You can have only one VA loan at a time, and it must be used for a home that is your primary residence. After you pay off that loan, you are eligible for another VA loan. 
  17. Does it cost anything to prequalify for a VA loan?

    No, it does not. The VA loan specialists that work with VAJoe do not charge prequalification fees.
  18. What are the differences between VA loans and a conventional loans?

    The main differences are that VA loans are guaranteed by the Veterans Administration, they require no money down, and they usually are easier to qualify for than conventional loans.
  19. Are VA loan rates the same as conventional rates? Better? Worse?

    Some days VA rates are better, some days they are worse. It depends on many market factors. However, VA loan rates are always close to conventional rates.
  20. Does my credit score affect my VA loan rate?

    No. Your credit score has no impact on VA loan rates. It can affect rates for a conventional loan.
  21. If I filed bankruptcy, can I still get a VA loan? How long must I wait after filing?

    Yes, you are still eligible for a VA loan. You must be at least one year out of Chapter 13 bankruptcy or two years out of Chapter 7. You also must have no late payments in the year leading up to applying for the loan.
  22. Can a friend co-sign my VA loan?

    Only spouses can co-sign on VA loans. However, other loans, such as conventional home loans and FHA loans, may allow a friend to co-sign.
  23. As a veteran, will my VA loan entitlement ever expire?

    Your entitlement never expires. However, your Certificate of Eligibility may need to be renewed if it is older than 12 months.
  24. How much can I borrow with a VA home loan?

    You may be able to borrow enough to cover 100% of your home purchase and could qualify for up to a $417,000 loan. In Alaska and Hawaii, the loan guarantee limit is $625,000. On a refinance you can borrow up to 90% of the appraised value of your home.
  25. May I use a VA loan to invest in real estate?

    A VA loan may only be used for a home that you intend to live in as your primary residence.
  26. Are VA loans provided by the U.S. government?

    The Department of Veterans Affairs does not actually loan the money for VA loans. It insures loans that VA-approved lenders provide, which allows borrowers to get loan amounts for 100% of the appraised value of a home.
  27. What is an adjustable-rate VA loan?

    An adjustable-rate loan starts off at a slightly lower interest rate than a fixed-rate loan. Most often it stays at this rate for three, five or seven years. After that, the interest rate changes every year to the current interest rate.
  28. What is a fixed-rate VA loan?

    A fixed-rate loan has an interest rate that stays the same. The interest rate at the time the loan is finalized is the interest rate for the life of the loan.
  29. Do I need a down payment with a VA loan?

    A VA loan covers 100% of the value of a home, so a down payment is not required. However, you have to pay any closing costs. But the seller can pay these closing costs for you up to an amount that equals 6% of the home's value. This usually is more than enough to cover closing costs, so you can move into a home with no money out of pocket.
  30. May I use a VA loan for a vacation home?

    No, a VA loan can only be for your primary residence.
  31. If I am on active duty, can I get a VA loan?

    Yes, if the home will be your permanent residence and you are within 60 days of moving in.
  32. My realtor has implied that VA appraisers do poor work. Is this true?

    No. VA appraisers protect buyers. VA loans are government-backed, so VA appraisers need to make sure homes meet government safety and quality guidelines

Sunday, April 24, 2011

Kentucky Mortgage Loan Process

 Kentucky Mortgage Loan Process
Check off each item as we work toward a smooth & timely closing

􀂉
Loan application completed online date __________
􀂉
Submit “Items Needed” For Credit check/Pre-Approval to l/o date __________
􀂉
needs.
Mortgage Analysis Consultation with l/o to choose best program to meet yourdate __________
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Sign loan application and mortgage disclosures w/ lo date __________
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Purchase & Sale Agreement Submitted To lo date __________
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Home Inspection date (advised) date __________
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Loan is submitted to underwriting dept for credit approval date __________
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Appraisal ordered (complete within 3 days) – COD payment is required date __________
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Lender underwrites appraisal and issues a "Conditional Approval" date __________
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We gather final “conditions” from underwriter for full/final approval date __________
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Lender reviews conditions and issues "Clear to Close" date __________
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Title & Escrow will call to schedule a signing of closing documents date __________
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HUD (settlement statement)
Lender sends closing instructions to title company to create closing documents anddate __________
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Review Settlement Statement with Dan 48 hours before Escrow/closing d ate __________
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Sign final loan papers at title. Home is your w/in 24 hours of signing date __________
􀂉
***Please be sure to bring picture identification to closing***

ORIGINAL CLOSING DATE
______________________________________ date __________
Purchases
early the next business day.
will fund the same day of closing if done early in the day, if not the wire will be received
Refinances and cash outs
day after the closing. (Saturdays count in the rescission period, but Sundays do not.)
have a "Three Day Right of Rescission" and will not fund until the fourth
Items Needed Checklist:
statements, last month’s pay stubs, copy of social security card & driver’s license, bankruptcy and/
or divorce certificates if applicable
2009 & 2010 W-2’s and Tax Returns, 60-days bank and investment account
Please Do Not Hesitate To Contact Me Directly If You Questions:

502-905-3708  ph
502-813-2795 fax
jlobb@keyfinllc.com

Monday, April 18, 2011

Free credit report and Free pre-approvals within 1 hour on Kentucky VA Loans

Free credit report and Free pre-approvals within 1 hour
Free credit report and Free pre-approvals within 1 hour
Louisville Kentucky Mortgage
107 South Husrtbourne Parkway, Louisville, KY | (502) 905-3708
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More about Louisville Kentucky Mortgage
I specialize in Kentucky FHA/VA ,USDA, KHC, Conventional mortgage loans (Fannie Mae)in Ky. I am based out of Louisville Kentucky. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; For the first time buyer with little money, Kentucky Housing/KHC offers(zero-down)loans with downpayment assistance. Free credit report and Free pre-approvals within 1 hour..Call me today at 502-905-3708 or email me at kentuckyloan@gmail.com NMLS#57916

Louisville, Kentucky, United States
I have helped over 589 families buy or refinance their home over the last 13 years. You can trust me for your next mortgage loan. I deliver on what I say and I will give you honest, up-front personal attention you deserve for your home loan. I have several advantages over the big- mega banks in town. First, I can shop your loan thru different mortgage companies across the country to get you the best deal out there; whereas most banks will offer offer you their one and only deal. I have access to over 15 different mortgage companies to broker your loan thru. My rates and fees are usually better than local banks and you will not get lost in the shuffle like most borrowers do at the mega banks; your just not a number at our company, you are a person and we will treat you like one throughout the entire process. Free pre-approvals within 2 hours and get your loan closed within 15 days. Give us a try or let us compare what you have now. It's free- Call locally at 502-905-3708; all times. Free credit reports and approvals. Stop by and see my at 107 South Husrtbourne Pkwy Louisville Ky 40222- or email me at kentuckyloan@gmail.com nmls 57916

VA Loan or FHA Loan

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Tuesday, April 5, 2011

Kentucky VA Loan Limits

Kentucky VA Loan Limits

Area
County Name
Maximum Single Family Mortgage (No Money Down)
Maximum VA Jumbo
(0$ Down to 417k, 25% Down Above)
NON-METRO
ADAIR
417,000
1,094,625
NON-METRO
ALLEN
417,000
1,094,625
FRANKFORT, KY (MICRO)
ANDERSON
417,000
1,094,625
PADUCAH, KY-IL (MICRO)
BALLARD
417,000
1,094,625
GLASGOW, KY (MICRO)
BARREN
417,000
1,094,625
MOUNT STERLING, KY (MICRO)
BATH
417,000
1,094,625
MIDDLESBOROUGH, KY (MICRO)
BELL
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
BOONE
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
BOURBON
417,000
1,094,625
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)
BOYD
417,000
1,094,625
DANVILLE, KY (MICRO)
BOYLE
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
BRACKEN
417,000
1,094,625
NON-METRO
BREATHITT
417,000
1,094,625
NON-METRO
BRECKINRIDGE
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
BULLITT
417,000
1,094,625
NON-METRO
BUTLER
417,000
1,094,625
NON-METRO
CALDWELL
417,000
1,094,625
MURRAY, KY (MICRO)
CALLOWAY
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
CAMPBELL
417,000
1,094,625
NON-METRO
CARLISLE
417,000
1,094,625
NON-METRO
CARROLL
417,000
1,094,625
NON-METRO
CARTER
417,000
1,094,625
NON-METRO
CASEY
417,000
1,094,625
CLARKSVILLE, TN-KY (MSA)
CHRISTIAN
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
CLARK
417,000
1,094,625
NON-METRO
CLAY
417,000
1,094,625
NON-METRO
CLINTON
417,000
1,094,625
NON-METRO
CRITTENDEN
417,000
1,094,625
NON-METRO
CUMBERLAND
417,000
1,094,625
OWENSBORO, KY (MSA)
DAVIESS
417,000
1,094,625
BOWLING GREEN, KY (MSA)
EDMONSON
417,000
1,094,625
NON-METRO
ELLIOTT
417,000
1,094,625
NON-METRO
ESTILL
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
FAYETTE
417,000
1,094,625
NON-METRO
FLEMING
417,000
1,094,625
NON-METRO
FLOYD
417,000
1,094,625
FRANKFORT, KY (MICRO)
FRANKLIN
417,000
1,094,625
UNION CITY, TN-KY (MICRO)
FULTON
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
GALLATIN
417,000
1,094,625
NON-METRO
GARRARD
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
GRANT
417,000
1,094,625
MAYFIELD, KY (MICRO)
GRAVES
417,000
1,094,625
NON-METRO
GRAYSON
417,000
1,094,625
NON-METRO
GREEN
417,000
1,094,625
HUNTINGTON-ASHLAND, WV-KY-OH (MSA)
GREENUP
417,000
1,094,625
OWENSBORO, KY (MSA)
HANCOCK
417,000
1,094,625
ELIZABETHTOWN, KY (MSA)
HARDIN
417,000
1,094,625
NON-METRO
HARLAN
417,000
1,094,625
NON-METRO
HARRISON
417,000
1,094,625
NON-METRO
HART
417,000
1,094,625
EVANSVILLE, IN-KY (MSA)
HENDERSON
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
HENRY
417,000
1,094,625
NON-METRO
HICKMAN
417,000
1,094,625
MADISONVILLE, KY (MICRO)
HOPKINS
417,000
1,094,625
NON-METRO
JACKSON
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
JEFFERSON
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
JESSAMINE
417,000
1,094,625
NON-METRO
JOHNSON
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
KENTON
417,000
1,094,625
NON-METRO
KNOTT
417,000
1,094,625
NON-METRO
KNOX
417,000
1,094,625
ELIZABETHTOWN, KY (MSA)
LARUE
417,000
1,094,625
LONDON, KY (MICRO)
LAUREL
417,000
1,094,625
NON-METRO
LAWRENCE
417,000
1,094,625
NON-METRO
LEE
417,000
1,094,625
NON-METRO
LESLIE
417,000
1,094,625
NON-METRO
LETCHER
417,000
1,094,625
MAYSVILLE, KY (MICRO)
LEWIS
417,000
1,094,625
DANVILLE, KY (MICRO)
LINCOLN
417,000
1,094,625
PADUCAH, KY-IL (MICRO)
LIVINGSTON
417,000
1,094,625
NON-METRO
LOGAN
417,000
1,094,625
NON-METRO
LYON
417,000
1,094,625
RICHMOND-BEREA, KY (MICRO)
MADISON
417,000
1,094,625
NON-METRO
MAGOFFIN
417,000
1,094,625
NON-METRO
MARION
417,000
1,094,625
NON-METRO
MARSHALL
417,000
1,094,625
NON-METRO
MARTIN
417,000
1,094,625
MAYSVILLE, KY (MICRO)
MASON
417,000
1,094,625
PADUCAH, KY-IL (MICRO)
MCCRACKEN
417,000
1,094,625
NON-METRO
MCCREARY
417,000
1,094,625
OWENSBORO, KY (MSA)
MCLEAN
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
MEADE
417,000
1,094,625
MOUNT STERLING, KY (MICRO)
MENIFEE
417,000
1,094,625
NON-METRO
MERCER
417,000
1,094,625
GLASGOW, KY (MICRO)
METCALFE
417,000
1,094,625
NON-METRO
MONROE
417,000
1,094,625
MOUNT STERLING, KY (MICRO)
MONTGOMERY
417,000
1,094,625
NON-METRO
MORGAN
417,000
1,094,625
CENTRAL CITY, KY (MICRO)
MUHLENBERG
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
NELSON
417,000
1,094,625
NON-METRO
NICHOLAS
417,000
1,094,625
NON-METRO
OHIO
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
OLDHAM
417,000
1,094,625
NON-METRO
OWEN
417,000
1,094,625
NON-METRO
OWSLEY
417,000
1,094,625
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
PENDLETON
417,000
1,094,625
NON-METRO
PERRY
417,000
1,094,625
NON-METRO
PIKE
417,000
1,094,625
NON-METRO
POWELL
417,000
1,094,625
SOMERSET, KY (MICRO)
PULASKI
417,000
1,094,625
NON-METRO
ROBERTSON
417,000
1,094,625
RICHMOND-BEREA, KY (MICRO)
ROCKCASTLE
417,000
1,094,625
NON-METRO
ROWAN
417,000
1,094,625
NON-METRO
RUSSELL
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
SCOTT
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
SHELBY
417,000
1,094,625
NON-METRO
SIMPSON
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
SPENCER
417,000
1,094,625
CAMPBELLSVILLE, KY (MICRO)
TAYLOR
417,000
1,094,625
NON-METRO
TODD
417,000
1,094,625
CLARKSVILLE, TN-KY (MSA)
TRIGG
417,000
1,094,625
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
TRIMBLE
417,000
1,094,625
NON-METRO
UNION
417,000
1,094,625
BOWLING GREEN, KY (MSA)
WARREN
417,000
1,094,625
NON-METRO
WASHINGTON
417,000
1,094,625
NON-METRO
WAYNE
417,000
1,094,625
EVANSVILLE, IN-KY (MSA)
WEBSTER
417,000
1,094,625
CORBIN, KY (MICRO)
WHITLEY
417,000
1,094,625
NON-METRO
WOLFE
417,000
1,094,625
LEXINGTON-FAYETTE, KY (MSA)
WOODFORD
417,000
1,094,625


We lend in all of Kentucky's top cities:

Monday, April 4, 2011

Kentucky VA Loan Funding Fees 2015 Guidelines

Kentucky VA Loan Funding Fees 2015 Guidelines

The Kentucky VA funding fee is required by law. The fee, currently 2.15% on no down payment loans for a first-time use, is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users who do not make a down payment is 3.3%. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment.

For purchase and construction loans, members of the regular military fall into the category of first time user or subsequent user. For first time users, no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.

For the category of Reserves / National Guard, first time users with no down payment requires a 2.4% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.

Cash-out refinancing loans for regular military requires a 2.15% fee for first time users and a 3.3% fee for subsequent users. For Reserves / National Guard, the requirement is a 2.4% fee for first time users and a 3.3% fee for subsequent users. On interest rate reduction loans, the VA funding fee is .50% and it is 1.0% on Manufactured Home Loans.
The following persons are exempt from paying the funding fee:
  • 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 (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
Please note that the VA has the final say on who is exempt

Kentucky VA Home Loan Benefits

The Benefits of Kentucky VA Home Loans

To be eligible for Kentucky VA home loans, you must be a veteran. Nevertheless, if you are a veteran, it does not necessarily guarantee you a loan. Lenders have to follow all the income and credit standards set by policy makers. To prove eligibility, you must also show proof of military service, sign a certified statement stating you will occupy the home, and purchase property on U.S. soil or any U.S. controlled territory.

Additional Benefit Information

The VA mortgage loan offers several benefits. Whether one presently has a government mortgage or a conventional mortgage, they can take advantage of certain borrower specified offers. One great offer is called a streamline mortgage. This is normally a simple interest rate reduction program. Kentucky VA streamline refinance rates are presently still low enough for most veterans to benefit. This specific program is popular since it does not require one to pay any out-of-pocket fees. All costs connected to the Ken tucky VA refinance are combined together with the loan. In addition, income documentation, job verification and appraisals are usually not required, thus reducing considerably the time taken to close a new mortgage.

Favorable fixed interest rates

Interest rates are determined by various factors. Kentucky VA mortgage loans have a favorable fixed interest rate which may range anywhere from 0.25% to 1% higher than other regular fixed rates. As a result, a veteran or an active military borrower can b approved for rates not much higher than someone who has a large down payment and great credit.

Multiple VA Mortgage Loans

Kentucky VA home loans are well known among first time home buyers. What many people don't know is that a borrower can use the program for a second and even a third time. Whether it is the purchase of a new home in future or a refinance, the Kentucky VA mortgage can be used multiple times. This will be determined by one's certificate of eligibility. Once the certificate is received, it will show if one is eligible for a new Kentucky VA mortgage loan.

No PMI (Private Mortgage Insurance) Payment

For every other mortgage loan, if you do not have a down payment of 20%, you will be expected to pay PMI along with your monthly payment. Not having to pay PMI enables many home buyers to be eligible for a bigger VA mortgage loan.

Kentucky VA Mortgage Loan Checklist

Kentucky VA Mortgage Loan Checklist

The following is a list of documents that may be required to process your VA mortgage loan:

  • One full month’s worth of pay stubs
  • Last 2 years W-2′s
  • If self employed: Last 2 years tax returns with all schedules (if you are using commission, dividend or rental income to qualify then you will also need to provide your tax returns)
  • Address and phone number of all employers for the last two years.
  • Address and phone number for all landlords for the last two years.
  • Copy of your DD214
  • Your Original VA Certificate of Eligibility (we can help you get this if needed)
  • Copies of social security, pension, and/or retirement award letters (if applicable)
  • Last two months bank statements for all accounts
  • Documentation to support your funds to close
  • Explanation for any derogatory credit (if applicable)
  • Bankruptcy and discharge paperwork (if applicable)
  • Divorce decree and settlement paperwork (if applicable)

VA Loan Application
Click HereVA Loan Application--Free Analysis