- No down payment required for Kentucky VA Loans
- 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
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