I have originated over 125 Kentucky VA Mortgage loans in my career. As a former Army Tanker, put my experience to work for you. I offer free VA Home loan approvals & local service. I hope you find this website informative and hope it can give you more confidence as you shop for your next Kentucky VA loan. I can be reached locally in Louisville Kentucky Text/call 502-905-3708 NMLS 57916 Equal Housing Lender. Not affiliated with VA or any other government agency
There are a number of different fees that go into purchasing a home, but borrowers of a VA home loan through the U.S. Department of Veterans Affairs do not have to pay one fee required by conventional home loan borrowers.
Private Mortgage Insurance (PMI) is typically required with conventional loans through the Federal Housing Administration. PMI is extra insurance that some lenders mandate before approving loans worth more than 80 percent of the cost of a home. If the homebuyer can only pay 20 percent of the total cost of the home, then lenders use PMI to cover their bases.
However, achieving approval of a VA loan signifies a certain level of credibility that warrants the dismissal of PMI. Also, buying a house with a conventional home loan usually comes with a required down payment. Those who qualify for a VA loan may not have to provide a down payment as long as the sales price doesn’t surpass the appraised value. However, the borrower still must qualify regarding income and credit.