Thursday, October 3, 2013

Credit score requirements and loan limits for a VA Loan in Kentucky in 2013

 Credit score requirements and loan limits for a VA Loan in Kentucky in  2013

Current VA loan limits for mortgage loans backed by VA in Kentucky is $417,000.00

These limits are in place for all 120 Kentucky Counties for VA loans.

There is no mortgage insurance and no prepayment penalties on VA loans. 

The current credit score most VA lenders in Kentucky wants is  now around a 620 credit score.

Whether or not you become eligible for the VA home loan in Kentucky will ultimately depend on eligibility requirements that are established by the federal government or the Department of Veterans Affairs. Eligibility requirements are designed to make a favorable relationship between the lender and loan seeker.  A veteran’s eligibility criteria depends upon the amount of time one has served in the military. To prove your eligibility in Kentucky, veterans are required to get a certificate from the Department of Veterans Affairs (VA) office.

Through the Kentucky VA home loans, veterans, reservists and active duty service members have the ability to refinance a mortgage. The refinance option allows borrowers to spend less time on the loan process and save money.

. To become eligible for the VA funded loan, you will need to furnish a Certificate of eligibility, proving that you have in fact served in the US military.

Varying home loan lengths are available to veterans who seek the VA home loan in Kentucky. Because they can obtain a home loan with no down payment on the Kentucky VA home loan, you are able to save up a considerable amount of money for the eventual full purchase of your home.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*