Wednesday, June 26, 2019

Using Your Veterans Benefit to Buy a Home In Kentucky

Using Your Veterans Benefit to Buy a Home in Kentucky | 





Probably one of the most talked about GI benefits is the Kentucky VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? Learn what it is & how can it help you here.



Using Your Veterans Benefit To Buy A Home in Kentucky For Zero Down

May 31, 2019 06:00AM 
Kentucky VA Home Loan Guidelines
Those eligible for VA loans should at least look into taking advantage of this benefit

Probably one of the most talked about GI benefits is the VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? What is the benefit, how can it help you, and what’s the process?

Experience tells me that in our area, this is an under-utilized tool by many real estate agents and loan officers. Why? Because like anything having to do with the government, there are a few internal twists. But fear not—if you hire an experienced agent and have the right loan officer, you won’t even be aware of these.

What’s the Benefit? 
While there are other housing-related programs that will help assist in repairing, retaining, or adapting a personal home, we’re specifically referring to the VA home loan. This type of loan is available through private lenders to service members, veterans, and qualifying surviving spouses. In a nutshell, the VA stands behind the loan, guaranteeing a portion of it, and either eliminating the need for or in lieu of a 20% down payment, as well as costly private mortgage insurance. It can be used to buy, build, or refinance a primary residence.
    
How Can It Help You?

  • Limited or Zero Down payment for veterans
  • No Mortgage Insurance monthly  (there is a one-time funding fee)
  • Re-Usable & Assumable by other eligible VA Mortgage buyers  
  • No minimum credit score
  • Past Bankruptcies and Foreclosure over 2 years you can apply again
  • Can be used in any county of Kentucky with a max loan limit in 2019 of $484,500
  • No income limits on how much you can make 
  • can refinance up to 100% of the home's value if it passed the VA Net Tangible Worksheet  
  • Very low 30 year fixed rate loans when compared to conventional loans 
  • VA loans require termite inspection on all loans.
What’s the Process?
The first question to ask is, do you qualify? If the answer is yes:

  • Get financially pre-qualified by a lender that does VA backed loans, since not all banks do them, it is best to shop around and ask if the lender does a lot of VA loans in Kentucky 
  • Obtain your Certificate of Eligibility (COE). The lender can help you with this.
  • Find your home
  • Negotiate the terms of your transaction
  • Apply for your loan
  • Closing
Those eligible for Kentucky VA loans, should at least look into taking advantage of this benefit. 


Kentucky VA Mortgage Guidelines



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.

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Joel Lobb