Saturday, November 18, 2017

Kentucky VA Mortgage Guidelines for Student Loan Payments

Clarification and New Policy for Student Loan Debts and Obligations



 1. Purpose. The purpose of this Circular is to clarify and explain new policy regarding
student loans for the underwriting of Department of Veterans Affairs (VA) guaranteed home
loans.

 2. Background. The policy in the Lender’s Handbook- VA Pamphlet 26-7, chapter 4, section 5,
paragraph G will now be titled Student Loans. The clarification will apply to deferred student
loans and the new policy will provide guidance for student loans in repayment or, to begin
repayment within 12 months of a VA loan closing. Student loans under certain repayment plan
types are described at studentaid.ed.gov. This policy applies to all student loan repayment types.

 3. How to Calculate a Student Loan Monthly Payment.

 a. If the Veteran or other borrower provides written evidence that the student loan debt will be
deferred at least 12 months beyond the date of closing, a monthly payment does not need to be
considered.
 b. If a student loan is in repayment or scheduled to begin within 12 months from the date of
VA loan closing, the lender must consider the anticipated monthly obligation in the loan
analysis and utilize the payment established in paragraph (1) or (2) below. Calculate each loan
at a rate of 5 percent of the outstanding balance divided by 12 months (example: $25,000
student loan balance x 5% = $1,250 divided by 12 months = $104.17 per month is the monthly
payment for debt ratio purposes).

 (1) The lender must use the payment(s) reported on the credit report for each student loan(s) if
the reported payment is greater than the threshold payment calculation above.
 (2) If the payment reported on the credit report is less than the threshold payment calculation
above, the loan file must contain a statement from the student loan servicer that reflects the
actual loan terms and payment information for each student loan(s). The statement(s) must be
dated within 60 days of VA loan closing and maybe an electronic copy from the student loan
servicer’s website or a printed statement provided by the student loan servicer. It is the
lender’s discretion as to whether the credit report should be supplemented with this information





http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu

Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 MB73346


Text/call 502-905-3708

 kentuckyloan@gmail.com


http://www.nmlsconsumeraccess.org/

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916 http://www.nmlsconsumeraccess.org/

-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.



Monday, November 6, 2017

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Sunday, September 24, 2017

Thursday, September 21, 2017

(KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years.

Kentucky Housing Corporation (KHC) has $3 million available in MRB, Special Funding, for active or non-active duty veterans at a 2 percent interest rate, fixed for 30 years. This special funding program is available on a first-come, first-served basis.


This program is targeted to:
  • Households whose gross annual income does not exceed $40,000.
  • An existing or new construction property (purchase price limit $130,000).
  • 620 minimum credit score.
  • FHA, VA, or RHS first mortgage options.
  • Households that include active / non-active duty veterans or other persons receiving VA benefits.

    Documentation may include but not limited to:
    • Leave and Earnings Statement (LES)
    • DD214 - Discharge from Active Duty
    • VA Award Letter
  • Must meet insuring agency guidelines.
  • Available statewide.
  • Both Regular and Affordable DAP are available.
As of Wednesday, September 20, 2017, KHC still has $184,500 available in Affordable Closing Costs Funds.

Only Homebuyers obtaining a KHC first mortgage are eligible for DAP. All DAPS take a lien
position & require input into LP/DU as subordinate financing. DAP funds can never be used to
pay for repairs. Once you have determined the loan type it’s time to see which of the following
KHC Down payment Assistance Programs (DAP) your borrower is eligible for. Follow the easy
steps below….

1. Check to see the applicant(s) income falls below the Affordable DAP Limits:
If yes then the borrower qualifies for the Affordable DAP up to $4,500. Affordable DAP
is amortized over 10 years at 1%. Borrower must qualify with second mortgage payment.
In addition, if the borrower is financing their first mortgage through a conventional loan,
the borrower qualifies for a $1,500 Affordable Closing Cost Grant. There is no lien or
monthly repayment since it is a grant. If borrower is not under the Affordable DAP
income limits, then proceed to Regular DAP.

2. Check to see if the applicant(s) income falls below the Secondary Market Limits.
If yes the borrower is eligible for Regular DAP up to $6,000. Regular DAP is amortized
over 10 years at 5.50%. Borrower must qualify with second mortgage payment


if you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.
nmls-ca-button-e1415992123657-1


Fill out my form! 

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Posted By Blogger to Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage at 5/01/2017 08:02:00 AM

Friday, September 15, 2017

Wednesday, September 6, 2017

Wednesday, July 12, 2017

Friday, June 30, 2017

Friday, April 28, 2017

Monday, April 3, 2017

Wednesday, March 22, 2017

Friday, March 3, 2017

Kentucky VA Home Loans Credit Scores Requirements Needed for Loan Approval Consideration in 2017




  • No down payment required for Kentucky VA Loans
  •  Kentucky VA Loan Limits for no money down is normally $417,000, however, VA does not have a maximum loan limit as long as the Veteran can come up with 25% of the VA guarantee if the Veteran goes beyond the $417,000 ceiling
  • There are closing costs on all home purchases and refinances, however, on purchases, VA allows the home seller to give the home buyer up to a 4.0% sellers concession towards the home buyer’s closing costs. If the home buyer is short on closing costs or if the home seller is not willing to give a sellers concession, the Veteran can get a lender’s credit to cover part or all of the closing costs
  • There is no monthly  mortgage insurance premium on Kentucky VA Loans
  • Here are VA Credit Requirements:
    • VA does not have a mandatory minimum credit score requirement
    • VA lets the lender to set the minimum credit score requirement. Most lenders will want a 620 credit score nowadays. 
    • VA does not have a maximum debt to income ratio requirement. If you loan pre-approval shows a refer eligible, the max debt to income ratios are usually limited to 41% for the new house payment and your current bills on the credit report of your gross income. For example, lets say you make $3000 a month, and you have $400 in monthly bills on the credit report. Then your max house payment would be $830.00
    • 2 year waiting period to qualify for a VA mortgage loan after a Chapter 7 Bankruptcy, short sale, and recorded dates of foreclosure and/or deed in lieu of foreclosure
    • If you have deferred student loans that are deferred for at least 12 or more months, it will be exempt from from debt to income ratio calculations


Joel Lobb
Senior  Loan Officer
(NMLS#57916)


text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.