Friday, March 29, 2013

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky Mortgage Rates:                                                                                                                             Open To...

Tuesday, March 26, 2013

Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial



Compensating Factors to over turn a Kentucky VA Loan Mortgage Denial


Compensating factors may affect the loan decision for a Kentucky VA Mortgage.  These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio.  They cannot be used to compensate for unsatisfactory credit. 

Valid compensating factors to over turn a Kentucky VA Mortgage loan denial should represent unusual strengths rather than mere satisfaction of basic program requirements.  For example, the fact that an applicant has sufficient assets for closing purposes, or meets the residual income guideline, is not a compensating factor.

Valid compensating factors should logically be able to compensate (to some extent) for the identified weakness in the loan.  For example, significant liquid assets may compensate for a residual income shortfall whereas long-term employment would not.
Compensating factors include, but are not limited to the following:

·   excellent credit history,
·   conservative use of consumer credit,
·   minimal consumer debt,
·   long-term employment,
·   significant liquid assets,
·   sizable downpayment,
·   the existence of equity in refinancing loans,
·   little or no increase in shelter expense,
·   military benefits,
·   satisfactory homeownership experience,
·   high residual income,
·   low debt-to-income ratio,
·   tax credits for child care, and
·   tax benefits of home ownership.


If you looking to get approved for a Kentucky VA Mortgage, give us a call today. We can go down to 640 credit scores for VA loans in Kentucky, and the maximum debt to income ratio on some cases can go as high as 50% with the above compensating factors. 


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*

Sunday, March 24, 2013

Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: Buying home doesn’t require perfect credit - Milit...

Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: Buying home doesn’t require perfect credit - Milit...: Buying home doesn’t require perfect credit - Military Money, Navy Money, navy pay, pay charts - Navy Times Buying home doesn’t require p...

Debt To Income Ratios for a Louisville Kentucky VA Mortgage Loan

Debt To Income Ratios for a Louisville Kentucky VA Mortgage Loan



VA’s debt-to-income ratio is a ratio of total monthly debt payments (housing expense, installment debts, and so on) to gross monthly income.  It is a guide and, as an underwriting factor, it is secondary to the residual income.  It should not automatically trigger approval or rejection of a loan.  Instead, consider the ratio in conjunction with all other credit factors.

A ratio greater than 41 percent requires close scrutiny unless:

·   the ratio is greater than 41 percent solely due to the existence of tax-free income (Put notation regarding the tax-free income in the loan file or calculate an adjusted, smaller ratio based on “grossing up” of the tax-free income.), or
·   residual income exceeds the guideline by at least 20 percent.

Loans Closed Automatically with Ratio Greater than 41 percent
Include a statement justifying the reasons for approval, signed by the underwriter’s supervisor, unless residual income exceeds the guideline by at least 20 percent.  The statement must:

·   not be perfunctory, or
·   list the compensating factors justifying approval of the loan.




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*

Kentucky Residual Income Requirements for A VA Mortgage Loan In KY


Kentucky Residual Income Requirements for A VA Mortgage Loan In KY


Table of Residual Incomes by Region
For loan amounts of $80,000 and above
Family Size
Northeast
Midwest
West
1
$450
$441
$441
$491
2
$755
$738
$738
$823
3
$909
$889
$889
$990
4
   $1,025
   $1,003
   $1,003
   $1,117
5
  $1062
   $1,039
   $1,039
   $1,158
over 5
Add $80 for each additional member up to a family of seven

Key to Geographic Regions Used in the Preceding Tables
Northeast
Connecticut
Maine
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
Midwest
Illinois
Indiana
Iowa
Kansas
Michigan
Minnesota
Missouri
Nebraska
North Dakota
Ohio
South Dakota
Wisconsin
Alabama
Arkansas
Delaware
District of Columbia
Florida
Georgia
Louisiana
Maryland
Mississippi
North Carolina
Oklahoma
Puerto Rico
South Carolina
Tennessee
Texas
Virginia
West Virginia
West
Alaska
Arizona
California
Colorado
Hawaii
Idaho
Montana
Nevada
New Mexico
Oregon
Utah
Washington
Wyoming




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*

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Differences Between FHA , VA, CONVENTIONAL , USDA ...

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Differences Between FHA , VA, CONVENTIONAL , USDA ...: Fill out my form!

Louisville Kentucky VA Home Loan Home Information and Links

Louisville Kentucky VA Home Loan Home Information and Links


Home Loan Home


With a Purchase Loan, VA can help you purchase a home at a competitive interest rate, and if you have found it difficult to find other financing.
VA's Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100% of the value of your home.

About the VA Home Loan Guaranty

Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA "stands behind" the loan by guaranteeing a portion of it. If something goes wrong and you can't make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guaranty is the "insurance" that we provide the lender.

VA Home Loan Advantages

The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:
  • No down payment as long as the sales price doesn't exceed the appraised value.
  • No private mortgage insurance premium requirement.
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs may be paid by the seller.
  • The lender can't charge you a penalty fee if you pay the loan off early.
  • VA may be able to provide you some assistance if you run into difficulty making payments.
You should also know that:
  • You don't have to be a first-time homebuyer.
  • You can reuse the benefit.
  • VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Learn more about VA Home Loans:





The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.

IRRRL Facts

  • No appraisal or credit underwriting package is required when applying for an IRRRL.
  • An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
  • When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.
  • No lender is required to give you an IRRRL, however, any VA lender of your choosing may process your application for an IRRRL.
  • Veterans are strongly urged to contact several lenders because terms may vary.
  • You may NOT receive any cash from the loan proceeds.

Eligibility

An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.

Additionally:
  • A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
  • No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
  • You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan.
  • The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home.

Application Process

A new Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or your lender may use our e-mail confirmation procedure in lieu of a certificate of eligibility.

Loan Limits

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location.
The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to four times a Veteran's available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price. See Loan Limits for more information about the limits in your county.

VA Funding Fee

Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. This reduces the loan's cost to taxpayers considering that a VA loan requires no down payment and has no monthly mortgage insurance. The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category, if you are a first-time or subsequent loan user, and whether you make a down payment. You have the option to finance the VA funding fee or pay it in cash, but the funding fee must be paid at closing time. You do not have to pay the fee if you are a:
  • Veteran receiving VA compensation for a service-connected disability, OR
  • Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
  • Surviving spouse of a Veteran who died in service or from a service-connected disability.
The funding fee for second time users who do not make a down payment is slightly higher. Also, National Guard and Reserve Veterans pay a slightly higher funding fee percentage. See Loan Fees for more information about loan costs. Some lenders offer IRRRLs as an opportunity to reduce the term of your loan from 30 years to 15 years. While this can save you money in interest over the life of the loan, you may see a very large increase in your monthly payment if the reduction in the interest rate is not at least one percent (two percent is better). Beware: It could be a bigger increase than you can afford.






Regional Loan Center Contact Information

Regional Loan CenterJurisdictionMailing and Website AddressesTelephone Number
Atlanta
  • Georgia
  • North Carolina
  • South Carolina
  • Tennessee
Department of Veterans Affairs
VA Regional Loan Center
1700 Clairmont Rd.
Decatur, GA 30033-4032
(Mail: P.O. Box 100023, Decatur, GA 30031-7023)
1-888-768-2132
Eligibility Center Mailing Information
Atlanta Regional Loan Center
ATTN: COE (262)
P.O. Box 100034
Decatur, GA 30031
Cleveland
  • Connecticut
  • Delaware
  • Indiana
  • Maine
  • Massachusetts
  • Michigan
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Vermont
Department of Veterans Affairs
VA Regional Loan Center
1240 East Ninth Street
Cleveland, OH 44199
1-800-729-5772
Denver
  • Alaska
  • Colorado
  • Idaho
  • Montana
  • Oregon
  • Utah
  • Washington
  • Wyoming
Department of Veterans Affairs
VA Regional Loan Center
155 Van Gordon Street
Lakewood, CO 80228
(Mail: Box 25126, Denver, CO 80225)
1-888-349-7541
Honolulu
  • Hawaii
  • Guam
  • American Samoa
  • Commonwealth of the Northern Marianas
Department of Veterans Affairs
VA Regional Office
Loan Guaranty Division (26)
459 Patterson Rd.
Honolulu, HI 96819
*Although not an RLC, this office is a fully functioning Loan Guaranty operation for Hawaii.
 
Houston
  • Arkansas
  • Louisiana
  • Oklahoma
  • Texas
Department of Veterans Affairs
VA Regional Loan Center
6900 Almeda Road
Houston, TX 77030-4200
1-888-232-2571
Phoenix
  • Arizona
  • California
  • New Mexico
  • Nevada
Department of Veterans Affairs
VA Regional Loan Center
3333 N. Central Avenue
Phoenix, AZ 85012-2402
1-888-869-0194
Roanoke
  • District of Columbia
  • Kentucky
  • Maryland
  • Virginia
  • West Virginia
Department of Veterans Affairs
VA Regional Loan Center
210 First Street
Roanoke, VA 24011
(Mail: 116 N. Jefferson Street, Roanoke, VA 24016
View Site »
1-800-933-5499
St. Paul
  • Illinois
  • Iowa
  • Kansas
  • Minnesota
  • Missouri
  • Nebraska
  • North Dakota
  • South Dakota
  • Wisconsin
Department of Veterans Affairs
VA Regional Loan Center
1 Federal Drive, Ft. Snelling
St. Paul, MN 55111-4050
1-800-827-0611
St. Petersburg
  • Alabama
  • Florida
  • Mississippi
  • Puerto Rico
  • U.S. Virgin Islands
Department of Veterans Affairs
VA Regional Loan Center
9500 Bay Pines Blvd.
St. Petersburg, FL 33708
(Mail: P.O. Box 1437, St. Petersburg, FL 33731)
View Site »
1-888-611-



Fill out my form!

Thursday, March 21, 2013

Tuesday, March 19, 2013

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: HomePath® Mortgage financing for Kentucky

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: HomePath® Mortgage financing for Kentucky: Kentucky HomePath® Mortgage financing.  Mortgage provides special financing terms exclusively for Kentucky Fannie Mae real-estate-owned ...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Thursday, March 7, 2013

Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: What are the qualifications to getting a mortgage ...

Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: What are the qualifications to getting a mortgage ...: What are the qualifications to getting a mortgage in Louisville Kentucky Getting a mortgage now days has really been simplified due t...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Tuesday, March 5, 2013

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: USDA/Rural Housing 0 Down

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: USDA/Rural Housing 0 Down: Kentucky USDA Mortgage Loans Kentucky Single Family Housing Guaranteed Loan Program Kentucky Single Family Housing Guaranteed...

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone