Kentucky VA Home Loans offered by a Kentucky Veteran. I have successfully originated over 100 VA Kentucky Mortgages for fellow Kentucky Veterans and active duty personnel.$0 Down Home loans in KY. Free Credit Report and free pre-approvals. I can be reached by text or call at 502-905-3708, or kentuckyloan@gmail.com Not affiliated with VA Government Agency. NMLS #57916 Company NMLS #1738461 Former Army Tanker 19k
Showing posts with label Kentucky VA Home Loan Benefits. Show all posts
Showing posts with label Kentucky VA Home Loan Benefits. Show all posts
Louisville Kentucky Mortgage Lender VA Home Loans
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky VA Mortgage Loan Information
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky VA Mortgage Loan Information: Kentucky VA Mortgage Loans What are VA Home Loans? VA Loans provide military veterans and current service members a distinct advan...
How to get a Kentucky VA Home Loan?
Who is eligible for a Kentucky Home VA loan?
Veterans aren’t the only ones who can qualify for Kentucky VA loans. You may also be eligible if you are a current or former National Guard or Reserve member, an active duty servicemember or an eligible surviving spouse.
The specific benefits available will be determined by the VA based on the amount of time you (or your spouse) served or service commitment, your duty status and your character of service.
Check out the VA webpage for specific eligibility requirements.
Kentucky VA loan advantages for you, the buyer
VA borrowers can enjoy valuable advantages, including:
The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location. The loan cannot exceed the limit for government-insured loans in your area. You can find a list of VA loan limits here.
There is no monthly Private Mortgage Insurance (“PMI”) premium requirement. You may have to pay a one-time upfront funding fee that is based on the nature of your military service, the loan type, the size of the down payment, and whether you have used the VA loan benefit in the past.
VA rules limit the amount you can be charged for closing costs.
Closing costs may be paid by the seller.
The lender can’t charge you a penalty fee if you pay the loan off early.
VA may be able to provide you some assistance if you run into difficulty making payments.
The VA guarantees home loans that help active military members, veterans and surviving spouses. Kentucky VA loans don’t require a down payment or minimum credit score.
No matter where you are in life, that is a super line-up of advantages. If you’re eligible for a Kentucky VA loan, it makes sense to explore VA options.
How do I use the VA loan benefit to buy a home in KY?
Once you determine that you fit the eligibility requirements, the next step is obtaining a Certificate of Eligibility from the Department of Veterans Affairs. Your lender will need this document to verify you are eligible for VA loan benefits.
VA loan eligibility for Kentucky Mortgage?
If you are considering what your VA loan benefits are, the first step is to dig into the program’s eligibility requirements. The home must be for your own personal occupancy. Those eligible for VA home loans can use the loan to:
Buy a home, a condominium unit in a VA approved project
Build a home
Simultaneously purchase and improve a home
Improve a home by installing energy-related features or making energy efficient improvements
Buy a manufactured home and/or lot
To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate
To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home
Spouses of servicemembers may also apply for VA loan benefits, subject to certain restrictions.
Once you are on track for eligibility, you will be on your way to getting into your new home–a well-deserved path for you and your family.
KENTUCKY VA MORTGAGE QUALIFYING GUIDELINES
Joel Lobb
Mortgage Loan Officer
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
fax: 502-327-9119
email: kentuckyloan@gmail.com
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.
VA Guaranteed Loan What Is a VA Guaranteed Loan?
VA Guaranteed Loan What Is a VA Guaranteed Loan?
A VA-guaranteed loan can be used to:
• Buy a home as a primary residence (This can be either existing or new construction.)
• Refinance an existing loan Benefits of a VA Guaranteed Loan
• No down payment, unless: o It is required by the lender
• The purchase price is more than the reasonable value of the property
• No mortgage insurance
• Reusable
One-time VA funding fee (can be included in the loan) o If you receive VA disability compensation, you are exempt from the VA funding fee
• Minimum property requirements o Ensure the property is safe, sanitary and sound
• VA staff assistance if you become delinquent on your loan
• Can be assumed by qualified persons
• Equal opportunity for all qualified Veterans Who Is Eligible? In general, the following people are eligible:
• Veterans who meet service length requirements
• Service members on active duty who have served a minimum period
• Certain Reservists and National Guard members
• Certain surviving spouses of deceased Veterans Apply at va.gov to determine your eligibility or call 877-827-3702 for more information. Key Underwriting Criteria
• There is no maximum debt ratio. However, the lender must provide compensating factors if the total debt ratio is more than 41 percent.
• There is no maximum loan amount.
• VA’s residual income guidelines ensure Veteran borrowers can afford the loan and determine how much money a Veteran must have left over after all debts and living expenses are considered.
• There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile.
For more information, see the complete VA credit guidelines at www.benefits.va.gov/warms/pam26_7.asp.
How Can You Start the Process?
VA provides policy, guidelines and oversight of the program. Lenders provide financing for eligible Veterans.
The guaranty allows Veterans to obtain a without down payments or mortgage insurance premiums.
Veterans need to obtain a Certificate of Eligibility (COE) to prove entitlement. You can obtain the COE online through va.gov.
Lenders also have the ability to request the COE on your behalf. April 20 20 Updated 2You should talk to several lenders to find the one that fits your needs.
They should know the VA loan program.
They should also offer competitive rates and terms. Note: The VA appraisal is not intended to be an “inspection” of the property.
Before committing to a purchase agreement, you should get expert advice.
Talk to a qualified residential inspection service.
You should also have radon testing performed.
Can VA Help If You’re Having Trouble Making Payments?
VA loan technicians may be able to help you retain your home and avoid foreclosure. Call 877-827-3702 to speak to a VA loan technician.
For more information, visit www.benefits.va.gov/homeloans/resources_payments.asp.
Uses for VA Home Loans?
VA Loans are intended to be used for the financing of a primary residences ONLY.
Occupancy by the spouse or dependent child satisfies the occupancy requirement if the
applicant is on active duty and not able to personally occupy the property.
Eligible Loan Purposes
• Purchase an existing or new construction single family detached home
• Purchase an existing or new construction condominium in a VA approved project
• Purchase an existing or new construction multi unit property (up to 4 units) ONLY if the applicant will be
occupying one of the properties
• Refinance an existing VA loan to lower the interest rate
• Refinance an existing mortgage or other debt secured by the property. The applicant must be occupying
the property.
• Cash out refinance to access the equity in a home occupied by the applicant.
In order to verify your credit history, your lender will obtain a credit report containing
information as reported by all 3 of the major credit bureaus: Trans Union, Equifax and
Experian.
Most people will have 3 credit scores but it is possible that you may have only 1 or
two scores if you have limited credit history.
This report will also include information on any public records such as bankruptcies,
judgments and tax liens.
Credit Scores
Credit Report
Though VA does not have a set minimum credit score requirements, lenders will have a minimum credit
score requirement.
General Credit Score Requirements
In addition to the credit scores, your actual credit history is also analyzed.
Collection account may need to be paid off in order to close your loan
It is preferable that the most recent 12 months show satisfactory payments and no other derogatory
information.
Credit History
If you experienced a major derogatory credit event, there will be waiting periods that will have to be
observed before you can be eligible to qualify for a loan.
Bankruptcy
Chapter 7
2 years from
discharge date
5 years from
discharge date
Bankruptcy
Chapter 13
Immediately after
discharge or
After 12 months of
payments***
5 years from
discharge date
Foreclosure*
2 years from
completion date
5 years from
completion date
Short Sale*
2 years from
completion date
5 years from
completion date
* If the foreclosure or short sale was on a VA loan, you may not have full entitlement available for the new loan
*** Must obtain written permission from the bankruptcy court/trustee and provide proof of satisfactory payment history
These
Income and Employment
Minimum History of Employment
A minimum of 2 year history in the same industry/line of work is required in most
instances but it’s not a universal rule.
Recent graduates can satisfy the two year requirement by providing proof of
schooling with a degree for the line of work you are now
employed in.
Active duty members do not need a two year history as
long as the minimum service requirement for eligibility
has been met.
Self employed borrowers must always have a two year history of self
employment and must show a two year history of filed tax returns to meet the
24 month requirement.
Income Calculations
If you are salaried, your base income will be used to qualify you for the loan.
However, if you are an hourly employee with varied hours, more than likely, your income will be averaged
over an extended period such as 18 or 24 months depending on the situation.
Overtime, bonuses, commission and part time employment must have a 24 history in order to be included
in the qualifying income. The income will be averaged out over 24 months. Verification of likelihood to
continue will also be required.
Non taxable income can be grossed up to account for the non-taxable status.
Debt to Income Ratios
A debt to income ratios is the percentage of your total debt obligation, including the new estimated
mortgage payment, all debts shown on your credit report, as well as alimony, child support etc, as
compared to your gross qualifying income.
EXAMPLE
The rule of thumb is that your debt to income ratio should not exceed 50% of the usable, gross monthly
income. However, higher percentages can be approved.
In addition to the debt to income ratio requirements, VA also has residual income requirements. VA residual
income looks at how much income is available after all monthly liabilities, including tax withholdings,
utilities and child care, are accounted for.
Residual Income By Region
For loan amounts of $80,000 and above
Family
Size
Northeast Midwest South West
1 $450 $441 $441 $491
2 $755 $738 $738 $823
3 $909 $889 $889 $990
4 $1025 $1033 $1033 $1117
5 $1062 $1039 $1039 $1158
over 5 Add $80 for each additional member up to a family of
seven
2400/5000= 48%
Deferred student loans
If student loan repayments are scheduled to
begin within 12 months of the date of loan
closing, the anticipated monthly payment will
be included.
If you are able to provide evidence that the
loan(s) will be deferred for a period outside
that time frame, the payment will not be
included.
Qualifying income: $5000
New mortgage payment: $2000
All other obligations: $400
Monthly debt payments
The payments shown on
your credit report will be
used to qualify you. If the
payments are incorrect,
you will be asked to
provide proof of the correct
payment.
Co-signed loans
If you co-signed for someone on a loan and
that loan is showing on your credit report, the
payment will be included in the ratios unless
you are able to provide evidence that the other
person on that loan has been making the
monthly payments from an account that you
are NOT a co-owner on.
Alimony/child support
You will be expected to
truthfully declare that
you pay alimony or child
support. You will be asked
to provide your divorce
decree and/or child support
order to verify the amounts.
Non-purchasing spouse
You should be aware that if you purchasing a home
in a community property state such as California
and are married, your spouse’s credit report will be
required. His/her debts will be included in the ratio
calculations even if he/she is not going to be on the
purchase or loan.
Documentation Checklist
The following is a general list of documentation required for a home loan application.
Not all items will apply to your situation
F DD214 if not active duty or Statement of service if active duty
EMPLOYMENT/INCOME
F Pay stubs (LES) for the most recent 30 days available
F W-2's for the previous two years
F Federal tax returns for the previous two years. All pages and schedules must be included
F If self-employed, provide all pages and schedules of last two years’ business tax returns and
corporate K-1's
F Award letter for Social Security benefits, disability or Pension
F Proof of receipt of child support, alimony or any other non-employment source of income
ASSETS
F Provide ALL pages of most recent 2 months’ statements for all accounts; including all checking, savings,
stocks, IRA, 401k, etc. The statements must show your name, account number and the name of the
banking institution. Any non-payroll deposits will have to be explained and documented.
F If funds to close will come from a gift, complete the gift letter (will be provided to you) and the following:
F From the donor - bank statements showing the funds in the donor's account and a copy of the check
from the donor's account
F From you - a copy of the deposit slip showing the gift check deposited into your account
F If funds to close are from sale of home
F Estimated closing statement showing anticipated proceeds
F Copy of final closing statement and deposit slip showing proceeds deposited into bank account
PROPERTY
F Select your insurance agent and provide agent's name, address, and phone number
F If refinance, or if you will be retaining your current home or own other property
F Current mortgage statement
F Copy of insurance declaration page
F If you’re currently renting, provide your Landlord’s name, phone number and address.
F 12 months canceled rent checks will be necessary
VA Updated Guidance for Borrowers Affected Financially by COVID-19
VA Guidelines for Covid-19
Income Verification
Lenders may continue to use good judgement and flexibility when verifying a borrower’s income and determining whether that income is stable and reliable and will follow standard VA guidelines.
Third-party services may be used to provide employment and income verification (please note additional fees associated with these services cannot be charged to borrower).
Note: The VOE flexibilities previously announced by VA have not been extended and did expire 04/01/2021.
Income Analysis
VA’s guidelines generally require income to be stable and reliable for 2 years. However, borrowers’ income impacted by COVID-19 may continue to be reviewed as follows:
Any period in a borrower’s income (i.e. furlough, curtailment of income, etc.), should not be considered a break in employment or income provided they have returned or anticipated to return to work in the same capacity and income levels. In addition to standard verification documentation Borrower's should provide furlough letters where applicable.
VA continues to encourage proactive measures in documenting and obtaining evidence of their analysis and justifications for all Borrower's, especially borderline cases.
This may proactively address questions that VA may otherwise ask and prevent a loan level audit of a loan.
Remote Online Notarization (RON)
Additionally, ensure that the VA-guaranteed home loan is secured by a first lien on the property being used as collateral.
Remote Online Notarization (RON)
Additionally, ensure that the VA-guaranteed home loan is secured by a first lien on the property being used as collateral.
How VA home loans Work
How VA home loans Work
For veterans, active-duty service members and some spouses, VA home loans can be a great way into homeownership. But they differ in some key ways from traditional home loans. Find out if a VA home loan is right for you, and if so, what to expect.
VA Home Loans Eligibility Frequently Asked Questions
Kentucky VA Home Loan Lender Info
Eligibility Frequently Asked Questions
Questions about who is eligible for a VA loan and reuse of eligibility for another VA loan.
Q: How do I apply for a VA guaranteed loan?
A: You can apply for a VA loan with any mortgage lender 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 lender that you are eligible for a VA loan.
Q: How do I get a Certificate of Eligibility?
A: Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Atlanta Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.
Q: Can my lender get my Certificate of Eligibility for me?
A: Yes, it's called Web LGY. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.
Q: What is acceptable proof of military service?
A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.
If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.
If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.
If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it's equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.
If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.
Q: How can I obtain proof of military service?
A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.
Q: I have already obtained one VA loan. Can I get another one?
A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Atlanta Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.
Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?
A: In this case the veteran's eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.
Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?
Or,
Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?
A: In either case, although the veteran's debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran's eligibility to be restored until the loss has been repaid in full.
Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don't own the property anymore. Can I still obtain a VA guaranteed home loan?
A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.
Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Atlanta Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Atlanta Eligibility Center.
[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]
Q: Are the children of a living or deceased veteran eligible for the home loan benefit?
A: No, the children of an eligible veteran are not eligible for the home loan benefit.
Veterans Administration (VA) Guaranteed Loans
Eligibility should always be checked before counting on using a VA loan, as eligibility may depend
on length of service or duty status for specific home loan benefits. A VA loan is
desirable because it provides favorable terms such as:
• No down payment (but sales price can’t exceed the appraised value)
• VA rules limit the amount you can be charged for closing costs
• Closing costs may be paid by the seller
• There is no monthly mortgage insurance payment
It is important to note that Veterans may reuse the benefit, and don’t have to be
a first time buyer.
VA loan borrowers may also qualify with credit blemishes or
lower credit scores.
VA loans are even available to qualifying spouses of veterans,. Not all banks and mortgage lenders
offer VA insured loans, so they may not even tell you about them. Be sure to ask
any potential lender if they are licensed and approved to do VA loans.
In order to get you pre-approved for your max loan amount, 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!
MORTGAGE PRE-APPROVAL CHECKLIST
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· Most recent 30 days of pay stub(s)
· W-2s and 1099's if applicable for most recent two years
· 1040 tax returns for last two years
· Most recent 60 days bank statements all pages
· Most recent 401(k)/retirement statement if applicable
·
Once I get the information above, I can usually get you pre-approved in one to two days, 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 120 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
Mortgage Loan OfficerIndividual NMLS ID #57916
American Mortgage Solutions, Inc.
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
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