Sunday, September 15, 2019

How to Get Your DD214 Form For A Kentucky VA Mortgage Loan?


Request your military service records (including DD214)
Submit a military records request to get your DD214 or other military service records through the milConnect website.

Once I’ve signed in to milConnect, how do I request my DD214 or other military records?

Follow the steps below to submit a military records request.
  1. From your signed-in homepage, click or tap on Correspondence/ Documentation. Then select Defense Personnel Records Information (DPRIS) from the drop-down menu.
  2. Choose the Personnel File tab.
  3. Select Request My Personnel File.
  4. Fill out the form. In the Document Index section, check the boxes next to the document(s) you'd like to request.
  5. Click or tap on the Create and Send Request button.

What types of records can I request with this tool?

You can request documents from your Official Military Personnel File to view and download.
You can request your:
  • DD214
  • DD215
  • Report of Separation
  • Other release papers
You can also request documents with information about your service, such as your:
  • Orders and endorsements
  • Performance reports
  • Awards and decorations (commendatory items)
  • Qualifications, licenses, and certificates
  • Security clearance

What happens after I request my military records?

You’ll receive an email letting you know we’re processing your request. You’ll receive a second email when your request is complete and your files are ready for you to view and download.
You can also check the status of your military records request by signing in to milConnect and going to the Personnel File tab within the Defense Personnel Records Information (DPRIS) section. This is also where you’ll view and download your files once they’re ready.

Are there other ways to get my military records?

Yes.
You can request your military records in any of these ways:
  • Mail or fax a Request Pertaining to Military Records (Standard Form SF 180) to the National Personnel Records Center (NPRC).
    Download Form SF 180 (PDF)
  • Write a letter to the NPRC. Send it to:
    1 Archives Drive
    St. Louis, Missouri 63138
  • Visit the NPRC in person
  • Contact your state or county Veterans agency
  • Hire an independent researcher

How do I request someone else’s military records?

If you’re a family member planning a burial for a Veteran in a VA national cemetery

Call our National Cemetery Scheduling Office at 800-535-1117. We can help you get the Veteran’s DD214 or other discharge documents you may need.
Get more information about planning a burial

If you’re the next of kin of a Veteran who has passed away

You can request a copy of the Veteran’s military records in any of these ways:
  • Mail or fax a Request Pertaining to Military Records (Standard Form SF 180) to the National Personnel Records Center (NPRC).
    Download Form SF 180 (PDF)
  • Write a letter to the NPRC. Send it to:
    1 Archives Drive
    St. Louis, Missouri 63138
  • Visit the NPRC in person
  • Contact your state or county Veterans agency
  • Hire an independent researcher
You may be considered the next of kin if you’re related to the Veteran in any of these ways:
  • Surviving spouse who hasn't remarried, or
  • Parent, or
  • Child, or
  • Sibling

If you’re not the Veteran’s next of kin

If the Veteran was discharged more than 62 years ago, you can order a copy of their military records. The National Archives opens all records to the public 62 years after discharge.
Learn how to access archived records 
If the Veteran was discharged less than 62 years ago, you may be able to request limited information from their Military Personnel File.
Find out about general public access to military records


Thursday, August 22, 2019

How Kentucky VA home loans work

Trump Forgives Student Loan Debt for Disabled Veterans






Student loan debt held by some disabled veterans will be forgiven, under an order signed, Wednesday, August 21, by President Donald Trump. Addressing a veterans convention in Louisville, Kentucky, Trump said the order would direct the Department of Education to "eliminate every penny of federal student loan debt owed by American veterans who are completely and permanently disabled." Trump said there will be no federal income tax on the forgiven debts, adding that he'll also ask states to waive their taxes on the loans. (AP)



In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.

Kentucky VA Loan Mortgage Pre-Approval Checklist

one full month’s worth of pay stubs
Last 2 years W-2′s
Last 2 years tax returns 
Your  VA Certificate of Eligibility (we can help you get this if needed, just need your dd214) 
Last two months bank statements for all accounts
Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home.

Your first house payment usually starts 30-60 days after you close.

Your loan pre-approval is usually good for 60 days.
I don’t need originals, copies are fine. You can fax or email  me the above documents,  or meet me face-to-face if you wish to make copies and go over your options.

Let me know your questions.

Thanks and look forward to helping you.



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



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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.

Wednesday, August 21, 2019

Top realtor gives tips for buying your home with a VA loan in Kentucky

Top realtor gives tips for buying your home with a VA loan: Realtor Darcey Edwards says you can make sure your VA loan process goes smoothly.



Darcey Edwards is the Founder and CEO of the Oregon-based Edwards Realty Trust. She's worked with many military and veteran families in the Pacific Northwest and offers the following top 3 tips for homebuyers planning on using a VA home loan. 

1. Make sure you choose both a realtor/lender team that knows the VA loan inside and out.
Not every realtor deals with VA loans regularly. If they don't, Edwards says they probably don't know how it works, or how to get the best out of it.  
"That's your guiding force to finding the right deal. Having your realtor negotiate for you and on your behalf? That's where you get your money savings... It is a phenomenal loan and some realtors are scared of it, don't know how to navigate that system and don't partner with, or have the right mortgage brokers. To buy a house you need a team of people: You need the right lender who knows that program inside and out and is an advocate who can work it for you. And you need the realtor that has a good relationship with that mortgage broker so they can work with that veteran to get them the best deal."


2. Remember the realtor and lender work for you. If they can't answer your questions? Move on
Edwards says too many buyers give the realtor or lender the benefit of the doubt. When you're buying a house, the biggest investment most people will ever make, she says you can't afford to do that. If you don't think their answers are adding up, it might be time to start looking somewhere else.
"Interviewing these people is key. You are the client, you are the customer, you are the one that gets to choose who gets to work for you. When interviewing realtors, talk to them. Have coffee and say 'hey, how many VA loans do you do?' We are, every single day, interviewing for our job."


3. Let the realtor know what you're looking for and don't let them push you towards something else
If you tell a realtor you want to be near work, and they show you houses an hour away? That's a big red flag. Edwards says if a realtor isn't listening to you the process will take longer, and can fail miserably.
"I interview my clients and we talk about 'what are the things you like to do, what sports are your kids in to, do you have medical issues and need to be near a hospital, do you need to a gym, do you like swimming?' They should be asking you, the buyer, what you love to do and actually paying attention and listening to what you're saying."
To hear more from Darcey Edwards, including whether online reviews are the best indicator of a good realtor, you can listen to the full interview above.



Kentucky VA Cash-Out Refinances

Kentucky VA Cash-Out Refinances


Kentucky VA Cash-Out Refinances
Net Tangible Benefit (NTB)

  • NTB standards apply to all cash-out refinancing loans.
  • The NTB consists of the NTB Test, Loan Comparison Disclosure, and the Home Equity Disclosure

NTB Test for Cash-Outs

All cash-out refinancing loans must pass the NTB test. The requirement is met if the refinancing loan satisfies one of the following:
  • The new loan eliminates monthly mortgage insurance; or
  • The loan term of the new loan is less than the loan term of the loan being refinanced; or
  • The interest rate of the new loan is less than the interest rate of the loan being refinanced; or
  • The monthly (principal and interest) payment of the new loan is less than the monthly payment of the loan being refinanced; or
  • The monthly residual income is higher as a result of the new loan; or
  • The new loan is used to payoff the interim construction loan; or
  • The new loan LTV is equal to or less than 90 percent of the reasonable value of the home; or
  • Refinance of an adjustable-rate mortgage to a fixed rate mortgage

Loan Comparison Disclosure

  • The lender must disclose to the borrower a comparison of the new loan to the existing loan being refinanced.
  • VA requires lenders to generate two loan comparison disclosures
  • One within three (3) business days of the initial loan application
  • One at closing
  • The borrower must certify receipt of both disclosures
  • The Initial 3-Day Disclosure requires lenders to provide a reasonably accurate estimate within three (3) business days of the application
  • The Final Loan Closing Disclosure “shall be accurate with respect to the new loan info, while the initial loan info may be a ‘generally accurate representation’ of the existing loan.”
  • Contents of the Initial 3-Day and Closing Disclosures include: refinancing loan amount v. payoff amount of refinanced loan; interest rate of each loan; mortgage loan type of each loan; term of each loan;total payments on each loan; and LTV of new loan v. loan payoff to current value of loan being refinanced

Home Equity Disclosure

  • Discloses the amount of equity being withdrawn, with explanation how removal of equity may affect the sale or refinance of the home in the future.
  • For initial equity disclosure, the lender may use estimated loan payoff or unpaid principal balance and estimated current property value to determine equity being removed.
  • For final disclosure at closing, lender must use final payoff amount and reasonable value shown on the Notice of Value.

Net Tangible Benefit for IRRRL’s

  • INTEREST RATES
  • If the loan is fixed rate to fixed rate then the new loan rate must be at least 50 basis points better than the loan being refinanced.
  • If it is a fixed rate to ARM then the new rate must be at least 200 basis points better than the loan being refinanced.
  • DISCOUNT POINTS
  • The lower interest rate cannot be produced solely from discount points unless: Points are paid at closing;
- VA IRRRL’s with discount points require an exterior only appraisal to establish the LTV



-- 


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




Kentucky VA Home Lender

Monday, July 22, 2019

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

Friday, July 19, 2019

Top 5 Benefits of the VA Home Loan Program in Kentucky

https://www.facebook.com/480689029160686/videos/511281519616706/



Top 5 Benefits of the VA Home Loan Program in Kentucky



Kentucky VA Mortgage Lender Guidelines for 2019










Kentucky VA Mortgage Lender Guide



1. WHAT KIND OF CREDIT SCORE DO YOU NEED TO GET APPROVED FOR A VA MORTGAGE LOAN IN KENTUCKY?

Most VA mortgage lenders in Kentucky are looking for at least a 620 credit score for a VA loan approval.  However, VA in their official published guidelines for credit scores says they don’t have a minimum credit.  What happens with VA Lenders they will create credit overlays to push out lower credit score borrowers because if they do too many VA loans that default, then they run the risk of getting shut out from VA from them insuring their loans.
FICO credit scores range from 300 to 850. Most borrowers are in the 600 to 700 ranges with very few in the 300 to 400 range and few limited 800 scores.
It pays to shop around with different VA lenders in Kentucky to see what their minimum credit score requirements are.

2. Who is eligible for a VA Mortgage loan in Kentucky?

Kentucky Veterans, active duty servicemembers, reservists, National Guard members, surviving spouses, and other individuals can earn eligibility for home loan benefits. You may qualify if you are:
  • Military veteran
  • Active duty servicemember
  • Reservist or National Guard member
  • Surviving spouse who did not remarry
  • Academy cadet or midshipman
  • National Oceanic and Atmospheric Administration (NOAA) officer
  • Public Health Service (PHS) Officer
In order to obtain a Kentucky VA loan, you’ll need a Certificate of Eligibility, which you can apply for online or we can get for you with your info. Usually comes back instantly, no waiting around like it use to be for it to come in the mail.

3. Can you get a Kentucky VA Mortgage loan more than once?

If you are deemed eligible for a Kentucky VA loan, the benefit is yours for life, and in some cases, it can be used multiple times at once. Many veterans use it repeatedly for their home financing needs. Use it for a starter home, then use it again when you’re ready for more space. THEN you can use it again to refinance your loan for a lower rate or get cash out of your home’s equity. It’s completely up to you.
When you use your VA COE again to buy another home, there is an increase in the funding fee from 2.15% to 3.3% for regular veteran and active duty if not on VA disability have a waiver of the VA funding fee.
You can have two active VA loans out at the same time. Call or email me and I can explain to you. Very detailed and complex but can be done if meets the test for VA guidelines for having two VA loans at once. 

KENTUCKY VETERANS ARE GUARANTEED VA MORTGAGE LOAN

 No one is guaranteed a loan. Even veterans with VA entitlement.

The word “guaranty” comes up a lot when talking about Kentucky VA loans. Well, I’m here to tell you that a “guaranty” and a “guarantee” are not the same thing. Many people assume when they see “VA loan guaranty” that they’re guaranteed a VA loan, and that’s simply not the case.
The VA loan guaranty refers to the amount of each VA loan that is backed by the government (usually 25%). If the loan defaults, the amount under guaranty is refunded to the lender by the government. So just because you see guaranty, doesn’t mean your loan is guaranteed to be approved.

HOW LONG DOES  VA APPRAISAL PROCESS?

Fact: The VA appraisal process can be rough if you’re pursuing a home that’s in rough shape. Otherwise, the VA appraisal process isn’t much different from the average Conventional appraisal.
VA loan appraisers use the VA’s “Minimum Property Requirement” guidelines to determine if a home is safe, structurally sound, and sanitary. If the home doesn’t meet their standards, the process can take a while. That’s why it’s important to choose your home wisely. A few of the MPRs include:
  • Plumbing and electrical systems must be safe and in good condition
  • Heating must be adequate
  • Roofing must be adequate
  • No leaks, excessive dampness, defective construction, or decay
  • No termites, destructive insects, fungus growth, or dry rot
Kentucky VA loans aren’t designed to fund fixer-uppers. The VA wants veterans and servicemembers to buy solid, move-in ready homes, not projects.  Also, since most VA borrowers are putting no money down, they don’t want to take the risk of borrower walking away with no equity in the home.

Kentucky VA Mortgage Lender Guidelines for 2019
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.


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