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
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs to Conside...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs to Conside...: First Time Home Buyer Programs to Consider for 2021 Kentucky Homebuyers. Zero Down Mortgage Loans in Kentucky The Kentucky VA and the Kentuc...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs to Conside...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky First Time Home Buyer Programs to Conside...: First Time Home Buyer Programs to Consider for 2021 Kentucky Homebuyers. Zero Down Mortgage Loans in Kentucky The Kentucky VA and the Kentuc...
- Kentucky Federal Housing Administration (FHA) loans: “With a 3.5% down payment, Kentucky homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
- Kentucky Conventional loans: “The most popular loan type typically comes with a 620 minimum credit score.”
- US. Department of Agriculture (USDA) loans: “In general, lenders require a minimum credit score of 640 for a USDA loan, though some may go as low as 580.”
- US. Department of Veterans Affairs (VA) loans: “VA loans don’t technically have a minimum credit score, but lenders will typically require between 580 and 620.”
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
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Louisville Kentucky Mortgage Lender for FHA, VA, ...
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Louisville Kentucky Mortgage Lender for FHA, VA, ...: Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Down Payment Assistance Kentucky 2021 Kent...
New Kentucky VA Loan Guidelines for 2021
New Kentucky VA Loan Guidelines for Entitlement
• As opposed to lending the money directly, the VA provides a financial guaranty on these loans
which are made by private companies. The guaranty is a type of insurance for lenders (pledging to repay a percentage of the loan if the borrower defaults) which is typically
25% of the loan.
• The guaranty is reflected in a dollar amount which is called “entitlement.” The borrower’s
amount of entitlement determines how much may be borrowed without a down payment. This calculation is determined during the origination process using a document called the Certificate of Eligibility
(COE).
• There are two layers of entitlement:
$36,000 (basic entitlement) + $91,600 (secondary entitlement) = $127,600
(maximum entitlement in most of the country)
• Since the VA guarantees 25% of the loan amount, borrowers can borrow up to 4 times their
entitlement which is now $510,400 in most of the country (1 unit).
• In high cost areas of the country, qualified Veterans can take advantage of
even more entitlement (up to $765,600 for 1 unit).
Kentucky Entitlement, VA Guaranty & VA Loan Amounts
As discussed, published county loan limits are no longer a factor for Veterans
seeking a jumbo loan with full entitlement. So, for Veterans with full entitlement, the
maximum amount of guaranty for a loan above $144,000 is 25% of the loan amount,
regardless of the county loan limit.
•
However, the county loan limits and possible down payment requirements continue to
apply for those who have more than one active VA loan, only partial entitlement
available or those who have defaulted on a previous loan.
•
If the Certificate of Eligibility (COE) shows any unrestored entitlement or the loan
amount is less than $144,000, the regular calculation will still be used to determine if
a down payment is needed, the loan amount needs to be lowered, or if the
entitlement should be restored to receive the 25% guaranty.
•
For Veterans who have previously used entitlement and such entitlement has not
been restored, the maximum amount of guaranty is the lesser of 25% of the loan
amount OR the maximum amount of guaranty entitlement available.
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: How to get approved for a Kentucky VA Mortgage Loan?
Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: How to get approved for a Kentucky VA Mortgage Loan?: Kentucky VA Mortgage Loan Approval Tips Kentucky VA Loan Analysis In order to calculate the residual in...
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