Showing posts with label Louisville Kentucky VA Loan. Show all posts
Showing posts with label Louisville Kentucky VA Loan. Show all posts

Kentucky VA Appraisal Changes for 2023 VA Mortgage Loans



Roanoke VA Regional Loan Center Fee and Timeliness Schedule Effective September 1, 2023


Fees and Timeliness for Origination Appraisals Effective for all Kentucky VA Origination appraisals, repair inspections, and compliance inspection assignments,


please see the following table


Most VA Appraisal done in Kentucky now will costs $600 and VA will require the appraiser a 10 day turn time on completing the VA appraisal report.




Most VA Appraisal done in Kentucky now will costs $600 and VA will require the appraiser a 10 day turn time on completing the VA appraisal report.

Kentucky VA Home Pest Termites Inspection Fees and Repairs cost for Veterans

 Veterans Benefits Administration Circular 26-22-11

Department of Veterans Affairs June 15, 2022 Washington, D.C. 20420

Pest Inspection Fees and Repair Costs

1. Purpose. This Circular addresses the Department of Veterans Affairs policies regarding wood destroying pest inspection fees and repair costs.

2. Background. Historically, VA has authorized, as a local variance, that Veterans may be charged for a wood destroying pest inspection report in a limited number of states and territories.1 Localities susceptible to termites and other wood destroying pests, however, are on the rise. Accordingly, VA requires, as a Minimum Property Requirement, a wood destroying pest inspection report for certain properties located in an area on the Termite Infestation Probability Map2 where the probability of termite infestation is “very heavy” or “moderate to heavy.”3 If applicable, the VA Notice of Value (NOV) will be conditioned for this requirement and MPR repairs identified on a wood destroying pest inspection report must be completed prior to guaranty.4

3. Action. Effective immediately, VA is authorizing in advance, as a local variance, that Veterans may be charged wood destroying pest inspection fees, where required by the NOV. Veterans may also pay for any repairs required to ensure compliance with MPRs. Veterans are encouraged to negotiate the cost of the wood destroying pest inspection and repairs with the seller.

a. Documentation for Audit Purposes. An itemized invoice identifying the Veteran and the property is required to verify the cost on the Closing Disclosure Statement (CD). Lenders should include the invoice(s) to support the cost of the inspection and any repairs in the loan file if the loan is selected for Full File Loan Review (FFLR).

4. Paperwork Reduction Act. The information collection requirements contained in this document have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. § 3501-3520) and assigned OMB control number 2900-0515. In accordance with the Paperwork Reduction Act, VA may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB control number

1 38 C.F.R. § 36.4313(d)(1)(ix).

2 https://basc.pnnl.gov/images/termite-infestation-probability-map-adapted-2021-international-residential-code-irc-figure.

3 VA Lenders Handbook, Chapter 13, Topic 8.c.

4 38 U.S.C. § 3704(a), 38 C.F.R. § 36.4351.




Kentucky VA Home Pest Termites Inspection Fees and Repairs cost for Veterans

































Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 


What are the eligibility requirements for a VA Loan in Kentucky?



What are VA Home Loans?


VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today’s VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no down payment with no mortgage insurance or refinance up to 90% of a homes current equity.

What are the eligibility requirements for a VA Loan in Kentucky?

Veterans Affairs loan guidelines use two methods of income qualification in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval. VA does not have a minimum credit score requirement, but lenders do.

How much can I borrow?


The maximum VA Mortgage amount is determined by:

Maximum Finance: For purchase transactions, the Maximum VA Loan will be 100% of the lower of the selling price or the appraised value

What property types are allowed for VA Loans in Kentucky


VA Loans may be used to purchase or refinance single family residences and VA approved condo projects if the property is the veteran’s primary residence.

Can I do a VA refinance in Kentucky?


Three kinds of VA Refinance programs are available for veterans in Kentucky.

Rate/Term VA Refinance

The Rate/Term VA Refinance can be used to refinance a conventional, FHA or subprime mortgage into a stable, fixed rate VA Loan.

VA Cash-Out Refinance


A Cash-Out VA Refinance is very beneficial for the veteran who wants to access the equity that they have built up in their home. VA Loans can be used to refinance up to 90% of a homes current value and take cash out for any reason.

Streamline Refinance

The VA Streamline Refinance is designed to lower the interest rate on a current VA mortgage or convert a current VA adjustable rate mortgage into a fixed rate. A VA Streamline Refinance Loan can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

What factors determine if I am eligible for a VA Refinance Loan?

VA refinance loans use two methods for income qualification purposes in Kentucky. The residual income method is the primary method, where it is determined that the borrower has sufficient income to cover daily living costs once housing, taxes, insurance and all other liabilities like credit card and auto payments have been made. Additionally, VA loans use a debt to income ratio (DTI). Using this ratio, the veteran’s total debt should not exceed 41% of the veteran’s total income. Most lenders will require at least a 620 credit score for a VA Loan approval even though VA states in their guidelines it has no minimum credit score. 

Why choose a VA Home Loan?


Kentucky VA Mortgages require no down payment.

There are no prepayment penalties for VA Home Loans.

An Kentucky VA Loan is fully assumable, provided the person assuming is qualified.

VA Mortgage Loans have no PMI premiums.

A VA Mortgage Loan is eligible for non-credit qualifying, Streamline Refinance or “IRRRL”.

A VA Home Mortgage is available all areas of the country, provided a market exists for the property and the home meets VA’s property standards.

A VA Home Loan may be used to purchase or refinance a new or existing home.

Kentucky VA Loans are offered at terms of 15 or 30 years.


Benefits and Drawbacks of Kentucky VA Mortgage Loans

Kentucky VA Mortgage  Loans

Kentucky VA Mortgage Loan Qualifying Requirements



Why VA Loans?

First and foremost, VA loans put homeownership within reach of a wider population.
That’s because, while they’re issued and administered through a wide range of lending institutions, all VA mortgages are federally guaranteed.

Lenders consider them lower risk than other loans. That means that people with average or even below-average credit scores are more likely to be approved for a VA loan than a traditional loan.

If you have a high debt-to-income ratio or you’ve fallen behind on your credit card payments in the past, you may be eligible for a VA loan, even if you’ve been turned down for a private mortgage in the past.

What’s more, vets and active-duty soldiers can often purchase a loan with no down payment.

Military wages aren’t the most generous. In 2020, new service members earned as little as $19,000 per year, while the median salary in the US is nearly $50,000 per year.

Particularly for people who are just starting out in their military careers, it can be tough to amass enough savings to match the down payment requirements associated with traditional loans.

If you take out a private loan and put down less than 20% of your home purchase price, you’ll be required to pay for Private Mortgage Insurance (PMI) until you’ve established 20% equity in your home. That can add $100 or more to your monthly homeownership expenses.

The government stipulates that VA loan borrowers don’t have to take out PMI.
Finally, VA loan interest rates typically track below market averages. Again, that’s because lenders consider them less risky.

What can that mean in savings for you?

Here’s just one example. A 0.5% interest rate reduction on a $200,000 30-year mortgage can save you more than $19,000 in lifetime loan costs.

And that’s before you factor in PMI payments. The more you borrow, the more you benefit from a low interest rate.

The median purchase price of a US home in 2021 is over $400,000. So chances are, you could wind up saving more with a VA loan.

(Although there are many benefits, there are some disadvantages to a VA loan too. That’s why we partnered with Chris Birk of Veterans United to explain some added drawbacks that are associated with a VA loan. Courtesy of Realtor .com and YouTube. Posted on Sep 27, 2019.)


Avoid The Most Common VA Loan Mistakes

As a home buyer, the most serious mistake you can make, of course, is not investigating VA mortgages before taking out a loan.
You earned this important benefit with your service and you deserve to access it. In fact, you can access it again and again.
There is no limit on the number of VA loans you can take out in your lifetime.
So if you find you need to upsize or downsize your home or pull up stakes every couple of years—a common experience among active service members—you can take advantage of your VA loan benefit every time you buy a home.
For current homeowners who took out a traditional mortgage, not exploring the option of refinancing under the VA loan program can be another costly misstep.
Even if you took out a VA loan a few years ago, it’s smart to look into refinancing right now because mortgage interest rates have reached a near-historic low right now.
The VA makes it easy to refinance into a lower interest loan through its VA Interest Rate Reduction Loan (IRRRL) program.

How to Secure Your Best VA Loan Deal

While VA loan interest rates can be substantially lower than traditional mortgage rates, lenders offer their best interest rates to the most qualified buyers.
That’s true of any kind of loan. Before seeking a VA mortgage, do your best to make yourself as creditworthy as possible.
Lenders judge your creditworthiness largely on your credit score.

Before you begin shopping for a mortgage, download a free copy of your credit report and if your score is lower than 620, take a look at what you can do to bring it up.

Bring all of your credit accounts up to date as a first measure, but understand that late payments will affect your score for quite a few months, or even years.

You may be able to secure a lower interest rate if you keep your accounts current for a significant period before applying for a loan.

Some homebuyers have low credit scores simply because they haven’t amassed a long or varied enough credit history.

If that’s the case, you can likely raise your score by a few points by judiciously applying for small amounts of credit, such as you might be offered by Amazon, a retail store in your neighborhood, or a traditional VISA card or Mastercard.

Make small purchases and pay them off at the end of every billing cycle to establish the pattern of consistent debt repayment lenders look for.

Although the option of applying for a no-down payment loan is available through the VA program, you can also make yourself more creditworthy by putting down as large a down payment as you can afford.
Lenders prefer when they’re not the only ones invested in your home.

Be a Smart Shopper

Even among VA lenders, mortgage rates vary. It pays to shop around. If you belong to a credit union, you might start your comparison shopping there.

You may even want to join a credit union because, as not-for-profit institutions, they’re in business to serve their members and often offer lower interest rates than their commercial counterparts.
If you have an established relationship with a bank, see what kind of deal you can get there. Banks want as much of your business as they can get.

In addition, many online lenders source mortgages with multiple institutions and can be a great resource for researching the lowest rates.




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

Your Complete Guide to the VA Loan

Your Complete Guide to the VA Loan: The VA Loan isn't just for active duty military. Check out this complete guide to see if you might be eligible to use the VA Loan.


Eligible Parties:
While everyone always associates the VA loan as the loan for those who served in the military or veterans, there are eight parties that are eligible for the VA loan.
  1. Veterans.
  2. Current or former National Guard or Reserve member who has been activated Federal active service.
  3. Active Duty Service member.
  4. Current National Guard or Reserve member who has been Federal active service.
  5. Discharged member of the National Guard who has never been activated for Federal active service.
  6. Discharged member of the Selected Reserve who has never been activated for Federal active service.
  7. Surviving Spouse in Receipt of DIC (Dependency &  Indemnity Compensation) benefits.
  8. Surviving Spouse and not receiving DIC (dependency & Indemnity Compensation) benefits.
You can find more information and how to prove your eligibility on the VA benefits website. The specific service requirements and time periods can be found here.
Use
Unfortunately, the VA loan cannot be used for ANY type of purchase. Like many federally sponsored programs there are very specific requirements to what can be bought with a VA loan.
As defined by the VA, the loan can be used for five types of homes, all of which must be your personal home. The specific VA wording can be found here.
  1. Buy a home or condominium unit in a VA approved project.
  2. Build a Home.
  3. Simultaneously purchase and improve a home.
  4. Improve a home by installing energy-related features or making energy efficient improvements.
  5. Buy a manufactured home and/or lot.
My Thoughts: 
Condominiums – Personally, I will not buy a condominium. The VA, FHA and other government approved loans have very specific requirements regarding condominiums. At one point (not sure if it is still in play), complexes that had more than 30% that were rentals were not eligible for these programs.
Once these complexes were no longer eligible to meet these requirements these units sat longer and even lost value. To further exasperate the problem, many condo communities have or create rules regarding the number of rentals allowed or they forbid it all together. This creates a huge issue regarding an exit plan. This is why I don’t buy condos and I check all HOA’s very closely to make sure there are no laws against making my home a rental once I move out of the area.
Multi-plex – The VA allows you to buy a single family, duplex (2 units), triplex (3 units) and a quadplex (4 units). The key is that you have to live in one unit, however, you are still allowed to rent the other unit(s) out.
Eligibility
Once you know that you qualify, the next step is to figure out your eligibility. Unfortunately, it’s not as simple as it sounds because it’s based on your location.All the numbers after that are based on location and the number of times the loan has been used. The VA location list to check eligibility can be found here.

Multiple Loans
The great thing about the new VA rules is not only are you given a set amount, but you can buy as many houses under the amount of the last local place. You entitlement includes the purchase price AND the funding fee (described below) of your location.
This is the Equation: Current Location Entitlement – Previous Entitlement(s) if you have multiple (Funding Fee included) = amount you have left.
So just because you are “out” in one location in regards to your VA loan eligibility, does not mean you should not have your mortgage broker check your eligibility in the next place you go. It never hurts to ask, you could be missing out on an opportunity!
Financing Above Your VA Loan

The VA loan does allow you to finance above your VA loan amount. The key thing to note is anything above the VA funding amount requires a down payment of 25%. So if you go above your funding amount by 10,000 you will now owe a down payment of $2,500.
It important to check all the rates. The last time I checked, mortgage rates for the VA loan they were MUCH lower than many of the of the rates available. Even with the funding fee, and having a down payment amount, this might have a lower payment than another type of loan–ESPECIALLY if you qualify for the funding fee to be raised.
VA Funding Fee

The VA funding is the only downside to the VA loan and using it for multiple loans. The VA loan charges a funding fee for all their loans. The rates depends on a couple of different variables so certainly look at this chart to figure out your funding fee.
Waiving of the Funding Fee

If you have a VA disability rating then you should definitely check out this article. I explain all the regulations and how all those fees/other expenses could be waived.
The VA loan is truly an amazing loan. There are so many nuances and great benefits. I highly recommend you find a great mortgage broker who can walk you through all the different possibilities. Did I miss anything regarding the VA loan? What has been your experience?


Kentucky VA Loan Questions and Answers





Kentucky VA Loan Questions and Answers



Can I get a Kentucky VA loan if I have had a bankruptcy in the last few years?

Kentucky VA credit standards state that a veteran with a bankruptcy less than 3 years ago would generally not be considered a satisfactory credit risk unless: the veteran or spouse has obtained items on credit since the bankruptcy and has paid the obligations in a satisfactory manner for a continued period; and the bankruptcy was caused by circumstances beyond the control of the borrower, which would have to be verified. A bankruptcy discharged 3 to 5 years ago must be given some consideration in the underwriting of the loan. A bankruptcy discharged more than 5 years ago may be disregarded. These are the minimum standards that mortgage companies must follow when making a VA loan. In 95% of the cases, companies make the decision to approve a loan without VA's prior approval. Keep in mind that mortgage companies also have money at risk in giving you a VA loan, so they may have stricter credit standards than those mandated by VA.

How large of a loan can I get? If my guaranty entitlement is $36,000, does this mean I am limited to a $36,000 loan?

Kentucky VA guaranteed loans are made by private lenders, such as banks, savings & loans. or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, KY  VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum KY VA loan but lenders will generally limit VA loans to $424,100. This is because lenders sell VA loans in the secondary market, which currently places a $424,100 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no down payment financing. A veteran's basic entitlement is $36,000 (or up to $89,912 for certain loans over $144,000). Lenders will generally loan up to 4 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.

Why do I have to pay a fee for a Kentucky VA home loan? Since I paid a fee for my first loan, why is there a larger fee for my second loan?

The VA funding fee is required by law. The fee, currently 2.15 percent on no down payment loans, 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 3.30 percent. 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. The effect of the funding fee on a veteran's financial situation is minimized since the fee may be financed in the loan.

May a veteran join with a non veteran who is not his or her spouse in obtaining a Kentucky VA loan?

Yes, but the guaranty is based only on the Kentucky  veteran's portion of the loan. The guaranty cannot cover the non veteran's part of the loan. Consult mortgage companies to determine whether they would be willing to accept applications for joint loans of this type. Mortgage companies that are willing to make these types of loans will likely require a down payment to cover risk on the non guaranteed, non veteran's portion of the loan. Unlike other loans, the mortgage company must submit joint loans to VA for approval before they are made. Both incomes can be used to qualify for the loan. However, the veteran's income must be sufficient to repay at least that portion of the loan related to the veteran's interest in (portion of) the property and the non veteran's income adequate to cover the rest.

How do I apply for a Kentucky VA guaranteed mortgage loan in Kentucky?

You can apply for a Kentucky VA loan at any mortgage company that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the mortgage company that you are eligible for a VA loan.

How do I get a Certificate of Eligibility for a KY VA Home Loan?

A copy of the form can be obtained by calling your local VA office. Send your paperwork to any VA Regional Office. You must include a copy of your certificate of release or discharge from active duty with the proper forms. If you are on active duty, you must submit a statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing date of entry on your current active duty period and the duration of any time lost.

I have already received one Kentucky  VA loan. Can I get another one?

Yes, depending on the circumstances. If you have paid off your prior VA loan and disposed of the property, you can have your entitlement restored for additional use. To obtain restoration of entitlement, you must contact your local VA office and submit the proper form, along with evidence that the property has been disposed of and the loan repaid in full. This evidence can be in the form of a payoff statement from the former mortgage company, or a copy of the HUD-1 settlement statement completed in connection with the sale of the property. The application can be presented to any VA Regional Office. A veteran can also obtain restoration of entitlement, on a one time basis, if the prior VA loan has been paid in full but the property has not been sold.

I have sold the property I obtained with my prior VA loan on an assumption. Why can't I get my entitlement restored to purchase a new home?

In this case your entitlement can be restored only if the assumer is also an eligible veteran who is willing to substitute his or her entitlement for that of your original entitlement. Otherwise, you cannot have entitlement restored until the assumer has paid off the VA loan.

My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the mortgage company. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but am told that I am not eligible. Why not? or My prior loan was foreclosed on, or I gave a Deed in Lieu of Foreclosure, or VA paid a compromise claim. I was released from liability on the loan and/or the debt was waived. Can I get another VA loan?

Although your debt was waived by VA, the government has still suffered a loss on the loan. The law does not permit your entitlement to be restored until the loss has been repaid in full.



Do Kentucky  VA Loans Require a Minimum Credit Score?

  • While it’s true that the VA does not require a minimum score
  • Lenders typically impose their own minimums to ensure default rates aren’t high
  • That means in the real world you might need a 620 or 640 FICO score
  • Though some brave lenders will accept credit scores down to 500
Aside from not needing a down payment, there isn’t a minimum credit score requirement for VA loans.
However, this doesn’t mean you can get a VA loan with a 400 FICO score. Or even a 500 FICO score in most cases.
Many lenders that originate VA loans still impose their own minimum credit score, such as 620, 640, or higher. So it can be somewhat misleading to say they don’t have a minimum requirement.
The VA is happy to say approve any loan you want credit score-wise, but will penalize lenders that exhibit high default rates. As such, VA lenders will take steps to ensure credit quality is in line with industry norms.
That means you probably won’t be able to get a VA loan with a score below 620 in most cases, though there are some lenders will go into the mid-500s or sometimes 500.
However, you should still do your best to stay on top of your credit if you want the lowest mortgage rate possible, regardless of which loan program you choose and whether you can get approved with a lower score.
Sure, you might be approved, but it could cost you big over the years in significantly higher interest costs. Why not take the time to address your credit before applying for a home loan?

Benefits and Advantages of Kentucky VA Loans

  • No down payment required
  • Low closing costs
  • Low mortgage rates
  • High loan limits
  • Low credit score requirements
  • No mortgage insurance
VA loans come with a number of benefits and advantages that can make them a solid choice above conventional options.  Let’s take a look at some common Q&A.
Do VA loans require a down payment?
No. Perhaps the biggest advantage is the lack of a down payment requirement, which was previously mentioned. You can get VA mortgages for 100% LTV.
Do VA loans require private mortgage insurance?
Finally, VA loans do not require you to pay mortgage insurance, private or otherwise, which can obviously increase the cost of the monthly mortgage payments and the overall cost of your mortgage.
However, the VA does collect a funding fee (unless you’re exempt), which insures your loan against default and protects the originating lender. So in a sense you’re still paying insurance for the loan.
The good news is it can be paid at closing or rolled into the loan amount.
Do VA loans allow co-signers?
Yes, but it depends on the situation. If the co-signer is your spouse or a veteran, there are no special requirements. But if the co-borrower is not your spouse or a member of the military, a down payment of 12.5% may be needed (this is calculated by using half of the 25% VA guaranty).
Do VA loans cover manufactured homes?
This always seems to be a popular mortgage question, regardless of loan type. The short answer is yes, you can use a VA loan to buy a manufactured home and/or lot.  However, the trick is finding a lender out there willing to provide VA financing for a manufactured home.
So it’s a yes according to VA eligibility, but a maybe in terms of finding a lender willing to extend the loan. In short, it might require a bit more legwork to track down someone willing to offer the financing.
Do VA loans require an appraisal?
If purchasing a home with a VA loan, an appraisal will be required. This is for your protection too to ensure the home is worth what you’ve agreed to pay for it.
An appraisal is also required if you’re attempting to pull cash out of your home. Conversely, if you’re simply looking to reduce your mortgage rate via an IRRRL, no appraisal is required.
Do VA loans require an escrow account?
The VA does not require lenders to maintain escrow accounts, though most impose them to ensure borrowers have the necessary funds to pay hazard insurance and property taxes in a timely manner.
In other words, the VA doesn’t explicitly require escrow accounts, but the lender you ultimately work with probably will, so there’s not much way around it. Additionally, there is typically a fee to waive escrows, so it might be cheaper just to escrow.
Do VA loans require reserves?
No, VA loans do not require reserves, which is another plus.  However, if the property being financed is a multi-unit property and you’re using rental income to qualify, six months PITI will be required for reserves.
Additionally, those with non-traditional or insufficient credit may be required to provide reserves.
Do VA loans have prepayment penalties?
No again. So you don’t have to worry about being penalized for paying off your loan early or refinancing it away from the VA.
In summary, if you feel you meet the eligibility requirements for a VA loan, be sure to include this loan in your mortgage search. You may find that another type of home loan is more beneficial, but you should compare all options to be absolutely certain.

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/





If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

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#57916http://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.








Kentucky VA Loans cannot be used for the following things:

Kentucky VA Mortgage Loan cannot be used to finance the following things:

  • Purchase investment property or rental property homes.
  • Use as a business loan to start a business or finance a side business
  • Buy land, farm land, or speculative raw land for business
  • Purchase a home in a foreign country
  • Purchase a second home
  • No vacation homes

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/
 
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.   
 
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#57916http://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

Kentucky VA loans

Active members and veterans of the U.S. Armed Forces are eligible for a number of special financial programs. One of them is access to special programs designed to make it easier to become a homeowner.
The U.S. Department of Veterans Affairs doesn’t make loans directly, but it offers an array of financial perks to borrowers – perks that can save huge amounts of money on the home buying process. VA housing programs are available to active duty service members and veterans, and also to certain eligible surviving spouses.
Here are just a few ways a VA loan can save you money.
1. You Can Buy a Home with No Money Down
A standard, 30-year mortgage loan typically requires a borrower to make a 20 percent down payment toward the purchase price. A VA loan requires no down payment.
2. They Are Less Expensive Than Conventional Loans on 100% Financing
Because they carry reduced risk for lenders, interest rates are lower sometimes on VA loans versus Conventional loans sold to Fannie Mae in the Secondary Market for Mortgages.. 
3. It’s Easier to Qualify Going No Money Down with VA loans.
The VA guarantees a portion of a veteran's mortgage to make qualifying for loans with favorable terms easier. The entitlement, as the guarantee is called in industry jargon, is the dollar amount the VA promises to repay a lender in the event the borrower defaults. The basic, or primary, entitlement is currently $36,000, but there is more available for expensive homes in regions with a higher cost of living.
4. No Monthly Mortgage Insurance Required
Federal Housing Administration (FHA) loans and conventional loans with less than 20 percent down require monthly mortgage insurance, but VA loans do not have a monthly mortgage insurance premium. 
There are limits on loan-related closing costs for buyers using VA loans. Sellers can pay all of the buyer’s costs and up to 4 percent in concessions. These concessionaire can go towards items such as paying off debts to qualify and not just typical closing costs and prepaid items.
6. No Early Payment Penalties
If you want to pay off your VA loan early and save on interest, there is no charge, as there is on some mortgages.
7. Aid to Those Facing Foreclosure
If a homeowner defaults on a VA loan, the VA has financial intervention programs available to help owners work with lenders and avoid foreclosure.