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.
