Kentucky VA Loan Guidelines and Compensating Factors for VA Loan Approval.


Kentucky VA Quick Tips for Purchase
and Cash-Out Refinance Loan Approvals


Compensating Factors   
            
  • Are used to strengthen a manual underwrite
  • Are used when borrower does not meet 120% of the residual income guideline
  • Compensating factors include: excellent credit history, conservative use of consumer credit, minimal consumer debt, long term employment, significant liquid assets, sizable down payment, the existence of equity in refinancing loans, little or no increase in shelter expense, military benefits, satisfactory homeownership experience, high residual income, low DTI ratio, tax credit for child care, and tax benefits of home ownership
Stearns Lending


LESS-THAN-PERFECT CREDIT? WE GET IT. 

FHA* & VA financing now allow for credit scores as low as 580 for purchase and refinance.



Stearns Lending


Help more Veterans qualify with our Non-Traditional Credit Program!
Share the highlights:
  • Purchase Only up to 100% with conforming limits
  • Available to Borrowers with No Credit Score or 1 Credit Score (Non-Traditional credit required)
  • Max DTI 41% - higher ratios may be considered with compensating factors
  • Residual Income and gift funds allowed
  • Gift funds allowed (excluding reserves)

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Kentucky USDA Rural Housing Loans : Rapid Rescoring For Consumers: Credit scores

Kentucky USDA Rural Housing Loans : Rapid Rescoring For Consumers: Credit scores: Rapid Rescoring For Consumers: Credit scores : Credit scoring is a big business, which is why there's more than one company out there of...

Apply for a home loan by clicking the link below:



It's free and takes less than 5 minutes

Or call us at 502-905-3708 for your free application over the phone
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How to Get A Copy of your DD214 for a Kentucky VA Mortgage Loan Approval?

In order to get approved for a VA mortgage in Kentucky you will need to get your DD214 if you are a veteran. 

Getting a Copy of Your DD Form 214 from the National Archives

The National Archives in St. Louis, MO processes all DD Form 214 requests. Veterans and their next of kin have two methods for requesting copies of military records.

Required information to request replacement DD Form 214:

  • Veteran’s complete name used while in service.
  • Service number or Social security number.
  • Branch of service.
  • Dates of service.
  • Date and place of birth (especially if the service number is not known).
  • Recommended information (not required, but may help expedite the process): Purpose for request (applying for benefits, preparing to retire, researching personal military history), deadline, additional forms or information required.
If you believe your records may have been destroyed in the 1973 fire, then you should have the following information available:
  • Place of discharge.
  • Last unit of assignment.
  • Place of entry into the service, if known.
The Privacy Act of 1974 requires all military records requests be submitted in writing. The veteran or next-of-kin must sign and date each DD Form 214 request.

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FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS

FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS




What Does Having Basic Entitlement of $36,000 Mean?
The $36,000 does not represent the maximum loan amount you can obtain through the VA Home Loan Program. The figure merely provides evidence to your lender that you have full VA entitlement.
With this entitlement and underwriter approval, you can obtain a loan in an amount up to $417,000; some high cost counties have even higher limits.
I Now Have My COE, What Do I Do Next?
 Contact any VA approved lender and start the loan process. Do note that the COE does not guarantee you a VA loan; you still must qualify based upon your income and credit.
How Do I Apply For a Loan?
VA does not do any direct lending, and as such VA does not accept loan applications from veterans. You must contact a VA approved lender in order to apply for a VA loan. For more information about VA loans, visit www.benefits.va.gov/homeloans/.
What is the VA Interest Rate?
VA does not establish interest rates or closing costs for VA loans. Rates are negotiable between you and your lender. It is advisable to obtain quotes from at least three different lenders.
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What is the Minimum Credit Score Required for a VA loan?
VA has no minimum credit score requirement. However, the lender you choose to do business with may have such a requirement.
What Types of Property Does My COE Cover?
The VA Home Loan program guarantees loans for real property that is to be used by the veteran as a primary residence. The program does not cover vacation homes, vacant land, multiplexes in excess of four units, motorhomes, small business loans, or commercial buildings.
Can I Use My VA Entitlement to Refinance?
Yes. You can refinance any type of loan on your property using your VA entitlement.
Why Does My COE Reflect a Paid-in-Full Loan With No Restoration of Entitlement?
In order for entitlement to be restored, the prior VA loan must be paid in full and the property disposed of. If you no longer own the property, please state as such on your application form 26- 1880 and resubmit. Do note that you can obtain a restoration of entitlement without disposing of the property when the loan is paid in full on a one time basis

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

I have originated over 125 Kentucky VA Mortgage loans in my career. As a former Army Tanker, put my experience to work for you. I offer free VA Home loan approvals & local service. I hope you find this website informative and hope it can give you more confidence as you shop for your next Kentucky VA loan. I can be reached locally in Louisville Kentucky Text/call 502-905-3708 NMLS 57916 Equal Housing Lender. Not affiliated with VA or any other government agency


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