Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Zero Down Kentucky Mortgages

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Zero Down Kentucky Mortgages: ZERO DOWN HOME LOANS IN KENTUCKY There are a few programs that feature zero down payment in Kentucky for Home buyers : USDA and VA...

How to get a Kentucky VA Home Loan?

Benefits offered through the Kentucky VA loan program include purchase loans to help you buy a home at a favorable interest rate, cash-out refinance loans which allow for cash withdrawals from your home’s equity to pay for other needs, and Interest Rate Reduction Refinance Loans (also called IRRRLs or streamline refinance loans) to help homeowners refinance an existing VA loan to a lower interest rate or more favorable terms. You may not receive cash out proceeds from an IRRRL.

 
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.

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How to Get Approved for a Kentucky VA Home Mortgage Loan

Basic Understanding of a Kentucky VA Mortgage Loan Approval Process.

The VA makes a guarantee to the lending institution (the

insurance)-for 25% of the loan amount (from a lenders

perspective the effective LTV is 75%).

Because the risk to the bank is reduced, the bank can provide

more affordable loans to the Veteran:

• Eliminating the need for a down payment (100% Mortgage)

• Provides the Veterans favorable interest rates

• Eliminating Mortgage Insurance (NO PMI)

Crushing the Myths of the VA Loan

• VA Mortgage Benefits do not expire.

• You can use your VA benefits as many times as you wish.

• You can have more than 1 at a time. (See occupancy rules)

• There is no limit to the size of a VA loan. (There is a county

loan limit, but veterans can purchase above the county loan

limit with a 25% down payment)

• Credit and risk is reviewed differently by each bank

and lender.

• Even with a foreclosure or short sale, the veteran may still be

able to buy a house with a VA loan. (See burnt entitlement,

veteran might have reduced buying power, but can still

use the VA loan). The VA understands that bad things can

happen to good people.

• VA Appraisals are significantly different than they use to be.

What military documents would I need
to have in order to get a VA mortgage?

I don’t know if I still have my documents from when I

served. How can I retrieve them?

There are three websites that should be able to help you, they are:

vetrecs.archives.gov

archives.gov/veterans/military-service-records/

ebenefits.va.gov

*If you have difficulty retrieving information from any of these sites,

the local recruiting office for your branch would be able to assist.

I have my discharge paperwork, but would like help

obtaining my Certificate of Eligibility

Contact your lender.

I served, but it was a very long time ago. Do my VA
benefits for a mortgage expire?

No, VA Home Loan benefits never expire. You can use your

VA benefit as long as you’re alive.

I used my VA mortgage along time ago to buy a
home. That means I can’t use it again, right?

The VA Mortgage can be used several times over. If the previous

home was sold, your entitlement should be fully reinstated.

What is the minimum credit score to obtain
a VA mortgage?

The VA does not have a minimum credit score, but lenders will

have their own internal overlay. If your score is greater than 580,

you are likely a candidate for the VA mortgage.

Can I use the VA loan to buy a condo?

You can, with the same terms as buying a detached single family

residence. However, we do have to see if the condo association

is VA approved. Check this website:

vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

I relocated here and have a home in my hometown. I

kept the home and it has a VA mortgage on it now.

Can I get another VA mortgage?

You can get another VA Mortgage. Mortgage

will calculate your remaining entitlement to compute your

maximum loan amount with no money down and/or what

you would have to put down if you exceed the remaining

entitlement.

Can I build a home with a VA Home Loan?

Yes, but there are several clauses that may make this difficult

to accomplish. Many veterans use their VA Home Loan

Certificate of Eligibility to negotiate in good faith a private home

construction loan and then refinance the completed home using

VA Home Loans.

I heard the VA Mortgage was more expensive than
other mortgage types. Is that true?

There is a mandatory funding fee on all VA mortgages (unless

the borrowing veteran is receiving a VA related disability, then

the funding fee is waived). The funding fee is built over and

above the loan amount and the fees are as below.

It's Military May, and that means Permanent Change of Station (PCS) season for military families is upon us. However, some brokers will miss out on opportunities to help more Veterans due to a few commonly held misconceptions regarding Kentucky VA loans. Separating fact from fiction can make all the difference this season for your business. Here are a few myths around Kentucky VA loans: Myth: Kentucky VA Loans Are Credit Risks Reality: Kentucky Veterans and military members tend to have higher credit scores and savings. Myth: The Seller Pays the Closing Costs Reality: In a well-structured Kentucky  VA loan, the benefits include no down payment and ideally no closing costs to the seller. Myth: There Is a Maximum VA Loan Amount   Reality: There has never been a maximum Kentucky  VA loan amount, though it's often confused with maximum VA loan guarantee. Myth: VA Loans Are Complicated With Many Restrictions Reality: The expertise of our Kentucky VA lending team makes the process simple so you can focus on your borrower.

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