Why It's Important to Shop Around for Your Kentucky VA Home Loan

Buying a home will likely be your largest life purchase. If you think back to your biggest milestones, like having a baby, getting married or buying your first car, you probably didn't make decisions around them without a great deal of thought.

Buying a house is no different.

But while home buyers often spend a lot of time looking for the perfect structure, they don't spend nearly enough or sometimes any time deciding what lender to use for their VA home loan.

When you make the largest investment in your life, you should shop around and find a mortgage lender that will get to know you and your family goals, educate you on the purchase and be your partner through the entire process and beyond.

Good VA home loan lenders see their reputations as the foundation of their business. They can recite most regulations faster than their kids' names, but are willing to admit when they need to go back and consult the guidelines. They believe in making sure anyone they come across in the market for a mortgage is confident and prepared for what's coming.

Getting a mortgage, including a VA home loan, often comes down to "you don't know what you don't know." And in such a technical field as mortgage lending, what you don't know is often quite a lot.

And that's why important not to just go with the first VA home loan lender you find. Take time to shop around for someone who understands you and the VA home loan process.

What questions should you ask when looking for the perfect lender match?

 Here are some suggestions.

What is your loan officer's experience with the VA loan?

You're not just looking for the dollar amount they've processed, but their number of closed transactions per year. If your loan officer is just starting out in the business, inquire as to their branch manager or trainer's numbers.

What is your average "clear to close" time frame?

This is the amount of time it takes from the day they ratify a sales contract to the day the sign the papers making the home theirs. A good time frame is between 25 and 30 days. Ask about your lender's track record, and if a closing is missed, who is going to ensure that your rate lock doesn't expire. Pro tip: smaller lenders usually have much quicker turnaround time.

What is the interest rate? The APR?

The interest rate and APR should be fairly close to each other. The interest rate is typically the first number advertised, upon which the total amount of money borrowed will be compounded. The APR, on the other hand, is the true cost of borrowing the money, and includes things such as points, origination fees, underwriting fees, etc. If the APR is quite a bit higher than the interest rate, ask to have that explained to you in detail.

Understand Section A fees.

This cannot be overstated. Often buyers say, "oh, the seller is paying the closing costs, so my loan officer told me not to worry about it." But that can be deceptive, thanks to a series of costs leveraged on VA home loans known as "Section A fees." They can include an origination fee, processing fee or underwriting fee. If you weren't paying them, you could use the seller's money to do other things, like prepay homeowner association dues, or buy down to a lower interest rate -- things that work for your financial health, and not the lender's.

The Section A fees, which can be as high as 1% of the purchase price under VA regulations, are not required and are often negotiable. Your loan officer should sit down and walk you through every single line item on your official loan estimate, line for line, and you should feel comfortable with all of it.

Do I know who my processor and underwriter are?

In larger lending institutions and banks, the processor and underwriter are often the bottleneck.

In a smaller "local" lender, there is typically one dedicated processor and one or two dedicated underwriters who can be called upon at any time to answer questions -- both before the file even makes it to them, and long after.

That ease of communication goes a long way in overcoming potential snags in the beginning, as well as at closing time. If your loan has to go to another "department" with an unknown recipient, you may or may not make a tight closing window.

What is the lender's availability to you as a client?

This should be a top question asked when shopping around for a loan.

Typically, people shop for homes on nights and weekends, when they're not out earning money to pay for the purchase. A great lender will be accessible via cell phone, text, Facebook messenger or Bat Signal -- any means necessary to make sure that, when you are ready to write an offer on a home, you are fully supported.

That availability will mean the lender can get an updated pre-approval letter in your realtor's hands, and call the listing agent to tell them that your offer is financially solid. It also means that your loan officer should have already asked for and received your supporting documentation to take you one step further from a pre-qualification and have a full pre-approval.

There are many things that can make or break a loan, but the quality of your lender doesn't have to be one of them. Shopping around and partnering with a loan officer who educates you and is proactive will put you light years ahead of the crowd!

Joel Lobb
Senior  Loan Officer

American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3

Louisville, KY 40223

Company ID #1364 | MB73346

Text/call 502-905-3708

kentuckyloan@gmail.com

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

5 reasons why veterans should take advantage of VA loans | Federal News Network

5 reasons why veterans should take advantage of VA loans | Federal News Network

There are several advantages of utilizing a VA loan.

First, no down payments on most loans. In fact, 80% of veterans who obtain a VA loan will not have to pay a down payment.

This is clearly a cost savings opportunity that can significantly reduce barriers to homeownership for many veterans. Even Federal Housing Administration (FHA) loans geared toward veterans have a minimum down payment requirement of 3.5%, and many have up to 5% down payment requirements.

For many veteran borrowers, a down payment of 3.5% to 5% can close the door to homeownership at the application stage.

If 3.5% to 5% doesn’t sound like much, it can translate into down payments of up to $12,500, and that’s just on a home of $250,000. In many areas of the country, you could be looking at down payments of $15,000 and up.

Being able to take advantage of zero down payment options, on the other hand, can be the difference between owning a home and not being able to afford one, which makes the absence of a down payment a huge benefit for most veterans.

It’s also one of the main reasons that VA loans are popular among veterans and members of the military.

A second advantage is lower interest rates.

In a traditional loan, interest rates can act as yet another barrier to homeownership. The average interest rate on a traditional 30-year FHA loan is around 5.04%. VA loans can be accessed at a lower interest rate, often at 0.5% to 1% lower than an FHA loan.

The reason for this is that the VA guarantees a certain percentage of every loan they offer, meaning partnering financial institutions can offer lower interest rates.

While 0.5% to 1% might not sound like a big deal, over the life of a loan it can add up to tens of thousands of dollars in savings.

Third, VA loans do not require mortgage insurance premiums. The initial costs of purchasing a home are just the beginning of the financial responsibilities homeowners have to undertake. Added to them are the ongoing costs of homeownership that cover everything from maintenance costs to various forms of insurance.

One form of an insurance premium that can typically add up to $180 a month to the cost of owning a home is the mortgage insurance premium. However, with most VA loans, those premiums don’t exist, removing yet another potential barrier to homeownership.

Fourth, VA loans come with foreclosure protection. Among its many substantial contributions to the military community is the VA’s success at keeping over half a million at-risk veterans in their homes during the housing crisis.

Unlike other programs that help veterans purchase a home but then offer little to no support down the road, the VA is focused not just on home acquisition for veterans but home retention, as well.

To that end, many of the VA’s loan-related policies, such as their residual income guidelines, are focused on foreclosure protection. This effort has made VA loans some of the safest loans available for eight years running.

The added security of knowing the chance of foreclosure is low can help veterans take one more stress off their plates.

Finally, VA loans limit closing costs, which are one of the most expensive aspects of the home buying process. It’s no secret that closing costs can be steep, and the inability to pay those costs acts as yet another obstacle to homeownership for many veterans.

With a VA loan, there are limits to how much lenders can charge in closing costs. Additionally, VA loan recipients can transfer closing costs to other parties, such as the seller.

This frees up cash flow, reduces the up-front costs of homeownership, and removes yet another potential barrier to owning a home for many veterans.

By removing many of the most common up-front and ongoing costs that limit access to homeownership for veterans, VA loans offer hope and security to the nation’s bravest and best.

All of these benefits mean 80% of veterans who qualify can realize the dream of homeownership who otherwise wouldn’t have had a chance.

Kentucky VA loans skyrocket in popularity for first-time homebuyers

VA loans skyrocket in popularity for Kentucky first-time homebuyers: Servicemembers are far more likely to opt for a Department of Veterans Affairs mortgage than any other type of loan when buying their first home, a new report from the Consumer Financial Protection Bureau shows. Here's a look at how much more popular VA loans have become for servicemembers in the last decade.

Servicemembers are far more likely to opt for a Department of Veterans Affairs mortgage than any other type of loan when buying their first home, a new report from the Consumer Financial Protection Bureau shows.

The CFPB report, the first of its kind, looks at mortgages for first-time homebuying servicemembers, shows that in 2007, servicemembers buying their first home used VA loans approximately 30% of the time. By 2016, that figure had risen to 78%, meaning more than three out of four servicemembers bought their first home using a VA loan.

Conversely, with servicemembers increasingly preferring VA loans, their share of conventional mortgages fell precipitously (as seen in the graph below).

(Image courtesy of the CFPB. Click to enlarge.)

“The greater share of VA loans among servicemembers was part of a larger shift away from conventional to government-guaranteed mortgages between 2006 and 2009 for both servicemembers and non-servicemembers,” the CFPB noted in its report.

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According to the CFPB, conventional mortgages made up approximately 60% of all loans among first-time homebuying servicemembers in 2006 and 2007, but this share fell all the way to 13% by 2016.

As for why the shift has taken place, the CFPB said that the features of the VA loan, namely “allowing a purchase with no down payment and without mortgage insurance and providing stronger loan-servicing protections than many other mortgages,” make the loan far more attractive than other options among first-time buyers.

Beyond the frequency at which servicemembers are buying their first houses with a VA loan, the median loan amount on those loans is also rising.

According to the CFPB report, the median servicemember first-time homebuyer VA loan amount increased in nominal dollars from $156,000 in 2006 to $212,000 in 2016, which closely tracks with the median value of conventional home loans taken out by non-servicemembers during that same time.

Additionally, early delinquency rates (the share of loans 60 days or more delinquent within one year of origination) have fallen for both prime and non-prime first-time homebuyers using VA loans.

As the CFPB notes, among non-prime borrowers, VA loan delinquency rates for servicemembers peaked in 2007 at approximately 7% before falling to just over 3% in 2016.

Delinquency rates for prime borrowers using VA loans also fell from 2006 through 2016 as the market improved.

To read the CFPB’s full report, click here.

This report uses the term “servicemember” as those who are training for, serving in, or have previously served in the uniformed services, as defined in 10 U.S.C. § 101(a)(5).

2 “[N]early 90% of VA-backed loans are made with no down payment.” U.S. Department of Veterans Affairs (2018). Available at https://www.va.gov/housing-assistance/home-loans/.

3 These protections range from VA-provided loan counseling and assistance working with loan servicers, to VA’s authority to force a loan servicing transfer or servicing the loan in-house.

4 The funding fee ranges from 1.25 to 3.3 percent for home purchase loans, depending on veteran status, down-payment size, and first or subsequent use of VA loan benefits. The fee is waived for applicants with a service-connected disability. Other details on VA home loan benefits, costs, and eligibility requirements are available at https://www.va.gov/housing-assistance/home-loans/.



5 This report defines “first-time homebuyer” as individuals who open a new home loan anytime between 2006 and 2016, and do not have a prior home loan tradeline on their credit report as of the first quarter of 2006. This is stricter than the definition used by many first-time homebuyer assistance programs, which include anyone who has not owned a home in the previous three years.



6 These observations are based on Home Mortgage Disclosure Act (HMDA) data. “Data Point: 2017 Mortgage Market Activity and Trends”, Consumer Financial Protection Bureau (HMDA Report, 2018), Figure 2. Available at https://www.consumerfinance.gov/data-research/research-reports/cfpb-data-point-mortgage-market-activity-and-trends/.

Explore VA Home Loans

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Your Complete Guide to the VA Loan

Your Complete Guide to the VA Loan: The VA Loan isn't just for active duty military. Check out this complete guide to see if you might be eligible to use the VA Loan.

Eligible Parties:
While everyone always associates the VA loan as the loan for those who served in the military or veterans, there are eight parties that are eligible for the VA loan.

1. Veterans.
2. Current or former National Guard or Reserve member who has been activated Federal active service.
3. Active Duty Service member.
4. Current National Guard or Reserve member who has been Federal active service.
5. Discharged member of the National Guard who has never been activated for Federal active service.
6. Discharged member of the Selected Reserve who has never been activated for Federal active service.
7. Surviving Spouse in Receipt of DIC (Dependency &  Indemnity Compensation) benefits.
8. Surviving Spouse and not receiving DIC (dependency & Indemnity Compensation) benefits.

You can find more information and how to prove your eligibility on the VA benefits website. The specific service requirements and time periods can be found here.

Use
Unfortunately, the VA loan cannot be used for ANY type of purchase. Like many federally sponsored programs there are very specific requirements to what can be bought with a VA loan.

As defined by the VA, the loan can be used for five types of homes, all of which must be your personal home. The specific VA wording can be found here.

1. Buy a home or condominium unit in a VA approved project.
2. Build a Home.
3. Simultaneously purchase and improve a home.
4. Improve a home by installing energy-related features or making energy efficient improvements.
5. Buy a manufactured home and/or lot.

My Thoughts: 

Condominiums – Personally, I will not buy a condominium. The VA, FHA and other government approved loans have very specific requirements regarding condominiums. At one point (not sure if it is still in play), complexes that had more than 30% that were rentals were not eligible for these programs.

Once these complexes were no longer eligible to meet these requirements these units sat longer and even lost value. To further exasperate the problem, many condo communities have or create rules regarding the number of rentals allowed or they forbid it all together. This creates a huge issue regarding an exit plan. This is why I don’t buy condos and I check all HOA’s very closely to make sure there are no laws against making my home a rental once I move out of the area.

Multi-plex – The VA allows you to buy a single family, duplex (2 units), triplex (3 units) and a quadplex (4 units). The key is that you have to live in one unit, however, you are still allowed to rent the other unit(s) out.

Eligibility
Once you know that you qualify, the next step is to figure out your eligibility. Unfortunately, it’s not as simple as it sounds because it’s based on your location.All the numbers after that are based on location and the number of times the loan has been used. The VA location list to check eligibility can be found here.

Multiple Loans
The great thing about the new VA rules is not only are you given a set amount, but you can buy as many houses under the amount of the last local place. You entitlement includes the purchase price AND the funding fee (described below) of your location.

This is the Equation: Current Location Entitlement – Previous Entitlement(s) if you have multiple (Funding Fee included) = amount you have left.

So just because you are “out” in one location in regards to your VA loan eligibility, does not mean you should not have your mortgage broker check your eligibility in the next place you go. It never hurts to ask, you could be missing out on an opportunity!

Financing Above Your VA Loan

The VA loan does allow you to finance above your VA loan amount. The key thing to note is anything above the VA funding amount requires a down payment of 25%. So if you go above your funding amount by 10,000 you will now owe a down payment of $2,500.

It important to check all the rates. The last time I checked, mortgage rates for the VA loan they were MUCH lower than many of the of the rates available. Even with the funding fee, and having a down payment amount, this might have a lower payment than another type of loan–ESPECIALLY if you qualify for the funding fee to be raised.

VA Funding Fee

The VA funding is the only downside to the VA loan and using it for multiple loans. The VA loan charges a funding fee for all their loans. The rates depends on a couple of different variables so certainly look at this chart to figure out your funding fee.

Waiving of the Funding Fee

If you have a VA disability rating then you should definitely check out this article. I explain all the regulations and how all those fees/other expenses could be waived.

The VA loan is truly an amazing loan. There are so many nuances and great benefits. I highly recommend you find a great mortgage broker who can walk you through all the different possibilities. Did I miss anything regarding the VA loan? What has been your experience?

Understanding Your VA Home Loan Benefits

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Kentucky VA Loan Questions and Answers

Kentucky VA Loan Questions and Answers

Can I get a Kentucky VA loan if I have had a bankruptcy in the last few years? Kentucky VA credit standards state that a veteran with a bankruptcy less than 3 years ago would generally not be considered a satisfactory credit risk unless: the veteran or spouse has obtained items on credit since the bankruptcy and has paid the obligations in a satisfactory manner for a continued period; and the bankruptcy was caused by circumstances beyond the control of the borrower, which would have to be verified. A bankruptcy discharged 3 to 5 years ago must be given some consideration in the underwriting of the loan. A bankruptcy discharged more than 5 years ago may be disregarded. These are the minimum standards that mortgage companies must follow when making a VA loan. In 95% of the cases, companies make the decision to approve a loan without VA's prior approval. Keep in mind that mortgage companies also have money at risk in giving you a VA loan, so they may have stricter credit standards than those mandated by VA. How large of a loan can I get? If my guaranty entitlement is $36,000, does this mean I am limited to a $36,000 loan? Kentucky VA guaranteed loans are made by private lenders, such as banks, savings & loans. or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, KY  VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum KY VA loan but lenders will generally limit VA loans to $424,100. This is because lenders sell VA loans in the secondary market, which currently places a $424,100 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no down payment financing. A veteran's basic entitlement is $36,000 (or up to $89,912 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran's available entitlement without a down payment, provided the veteran is income and credit qualified and the property appraises for the asking price. Why do I have to pay a fee for a Kentucky VA home loan? Since I paid a fee for my first loan, why is there a larger fee for my second loan? The VA funding fee is required by law. The fee, currently 2.15 percent on no down payment loans, is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users who do not make a down payment is 3.30 percent. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment. The effect of the funding fee on a veteran's financial situation is minimized since the fee may be financed in the loan. May a veteran join with a non veteran who is not his or her spouse in obtaining a Kentucky VA loan? Yes, but the guaranty is based only on the Kentucky  veteran's portion of the loan. The guaranty cannot cover the non veteran's part of the loan. Consult mortgage companies to determine whether they would be willing to accept applications for joint loans of this type. Mortgage companies that are willing to make these types of loans will likely require a down payment to cover risk on the non guaranteed, non veteran's portion of the loan. Unlike other loans, the mortgage company must submit joint loans to VA for approval before they are made. Both incomes can be used to qualify for the loan. However, the veteran's income must be sufficient to repay at least that portion of the loan related to the veteran's interest in (portion of) the property and the non veteran's income adequate to cover the rest. How do I apply for a Kentucky VA guaranteed mortgage loan in Kentucky? You can apply for a Kentucky VA loan at any mortgage company 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 mortgage company that you are eligible for a VA loan. How do I get a Certificate of Eligibility for a KY VA Home Loan? A copy of the form can be obtained by calling your local VA office. Send your paperwork to any VA Regional Office. You must include a copy of your certificate of release or discharge from active duty with the proper forms. If you are on active duty, you must submit a statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing date of entry on your current active duty period and the duration of any time lost. I have already received one Kentucky  VA loan. Can I get another one? Yes, depending on the circumstances. If you have paid off your prior VA loan and disposed of the property, you can have your entitlement restored for additional use. To obtain restoration of entitlement, you must contact your local VA office and submit the proper form, along with evidence that the property has been disposed of and the loan repaid in full. This evidence can be in the form of a payoff statement from the former mortgage company, or a copy of the HUD-1 settlement statement completed in connection with the sale of the property. The application can be presented to any VA Regional Office. A veteran can also obtain restoration of entitlement, on a one time basis, if the prior VA loan has been paid in full but the property has not been sold. I have sold the property I obtained with my prior VA loan on an assumption. Why can't I get my entitlement restored to purchase a new home? In this case your entitlement can be restored only if the assumer is also an eligible veteran who is willing to substitute his or her entitlement for that of your original entitlement. Otherwise, you cannot have entitlement restored until the assumer has paid off the VA loan. My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the mortgage company. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but am told that I am not eligible. Why not? or My prior loan was foreclosed on, or I gave a Deed in Lieu of Foreclosure, or VA paid a compromise claim. I was released from liability on the loan and/or the debt was waived. Can I get another VA loan? Although your debt was waived by VA, the government has still suffered a loss on the loan. The law does not permit your entitlement to be restored until the loss has been repaid in full. Do Kentucky  VA Loans Require a Minimum Credit Score? While it’s true that the VA does not require a minimum score Lenders typically impose their own minimums to ensure default rates aren’t high That means in the real world you might need a 620 or 640 FICO score Though some brave lenders will accept credit scores down to 500 Aside from not needing a down payment, there isn’t a minimum credit score requirement for VA loans. However, this doesn’t mean you can get a VA loan with a 400 FICO score. Or even a 500 FICO score in most cases. Many lenders that originate VA loans still impose their own minimum credit score, such as 620, 640, or higher. So it can be somewhat misleading to say they don’t have a minimum requirement. The VA is happy to say approve any loan you want credit score-wise, but will penalize lenders that exhibit high default rates. As such, VA lenders will take steps to ensure credit quality is in line with industry norms. That means you probably won’t be able to get a VA loan with a score below 620 in most cases, though there are some lenders will go into the mid-500s or sometimes 500. However, you should still do your best to stay on top of your credit if you want the lowest mortgage rate possible, regardless of which loan program you choose and whether you can get approved with a lower score. Sure, you might be approved, but it could cost you big over the years in significantly higher interest costs. Why not take the time to address your credit before applying for a home loan? Benefits and Advantages of Kentucky VA Loans No down payment required Low closing costs Low mortgage rates High loan limits Low credit score requirements No mortgage insurance VA loans come with a number of benefits and advantages that can make them a solid choice above conventional options.  Let’s take a look at some common Q&A. Do VA loans require a down payment? No. Perhaps the biggest advantage is the lack of a down payment requirement, which was previously mentioned. You can get VA mortgages for 100% LTV. Do VA loans require private mortgage insurance? Finally, VA loans do not require you to pay mortgage insurance, private or otherwise, which can obviously increase the cost of the monthly mortgage payments and the overall cost of your mortgage. However, the VA does collect a funding fee (unless you’re exempt), which insures your loan against default and protects the originating lender. So in a sense you’re still paying insurance for the loan. The good news is it can be paid at closing or rolled into the loan amount. Do VA loans allow co-signers? Yes, but it depends on the situation. If the co-signer is your spouse or a veteran, there are no special requirements. But if the co-borrower is not your spouse or a member of the military, a down payment of 12.5% may be needed (this is calculated by using half of the 25% VA guaranty). Do VA loans cover manufactured homes? This always seems to be a popular mortgage question, regardless of loan type. The short answer is yes, you can use a VA loan to buy a manufactured home and/or lot.  However, the trick is finding a lender out there willing to provide VA financing for a manufactured home. So it’s a yes according to VA eligibility, but a maybe in terms of finding a lender willing to extend the loan. In short, it might require a bit more legwork to track down someone willing to offer the financing. Do VA loans require an appraisal? If purchasing a home with a VA loan, an appraisal will be required. This is for your protection too to ensure the home is worth what you’ve agreed to pay for it. An appraisal is also required if you’re attempting to pull cash out of your home. Conversely, if you’re simply looking to reduce your mortgage rate via an IRRRL, no appraisal is required. Do VA loans require an escrow account? The VA does not require lenders to maintain escrow accounts, though most impose them to ensure borrowers have the necessary funds to pay hazard insurance and property taxes in a timely manner. In other words, the VA doesn’t explicitly require escrow accounts, but the lender you ultimately work with probably will, so there’s not much way around it. Additionally, there is typically a fee to waive escrows, so it might be cheaper just to escrow. Do VA loans require reserves? No, VA loans do not require reserves, which is another plus.  However, if the property being financed is a multi-unit property and you’re using rental income to qualify, six months PITI will be required for reserves. Additionally, those with non-traditional or insufficient credit may be required to provide reserves. Do VA loans have prepayment penalties? No again. So you don’t have to worry about being penalized for paying off your loan early or refinancing it away from the VA. In summary, if you feel you meet the eligibility requirements for a VA loan, be sure to include this loan in your mortgage search. You may find that another type of home loan is more beneficial, but you should compare all options to be absolutely certain. Joel Lobb (NMLS#57916) Senior  Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 Company ID #1364 | MB73346 Text/call 502-905-3708 kentuckyloan@gmail.com If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708. Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/ -- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.