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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 #1364 Former Army Tanker 19k
Kentucky VA Cash-Out Refinances
Top 5 Benefits of the VA Home Loan Program in Kentucky
https://www.facebook.com/480689029160686/videos/511281519616706/
Top 5 Benefits of the VA Home Loan Program in Kentucky
Top 5 Benefits of the VA Home Loan Program in Kentucky
Kentucky VA Mortgage Lender Guide
1. WHAT KIND OF CREDIT SCORE DO YOU NEED TO GET APPROVED FOR A VA MORTGAGE LOAN IN KENTUCKY?
Most VA mortgage lenders in Kentucky are looking for at least a 620 credit score for a VA loan approval. However, VA in their official published guidelines for credit scores says they don’t have a minimum credit. What happens with VA Lenders they will create credit overlays to push out lower credit score borrowers because if they do too many VA loans that default, then they run the risk of getting shut out from VA from them insuring their loans.
FICO credit scores range from 300 to 850. Most borrowers are in the 600 to 700 ranges with very few in the 300 to 400 range and few limited 800 scores.
It pays to shop around with different VA lenders in Kentucky to see what their minimum credit score requirements are.
2. Who is eligible for a VA Mortgage loan in Kentucky?
Kentucky Veterans, active duty servicemembers, reservists, National Guard members, surviving spouses, and other individuals can earn eligibility for home loan benefits. You may qualify if you are:
- Military veteran
- Active duty servicemember
- Reservist or National Guard member
- Surviving spouse who did not remarry
- Academy cadet or midshipman
- National Oceanic and Atmospheric Administration (NOAA) officer
- Public Health Service (PHS) Officer
In order to obtain a Kentucky VA loan, you’ll need a Certificate of Eligibility, which you can apply for online or we can get for you with your info. Usually comes back instantly, no waiting around like it use to be for it to come in the mail.
3. Can you get a Kentucky VA Mortgage loan more than once?
If you are deemed eligible for a Kentucky VA loan, the benefit is yours for life, and in some cases, it can be used multiple times at once. Many veterans use it repeatedly for their home financing needs. Use it for a starter home, then use it again when you’re ready for more space. THEN you can use it again to refinance your loan for a lower rate or get cash out of your home’s equity. It’s completely up to you.
When you use your VA COE again to buy another home, there is an increase in the funding fee from 2.15% to 3.3% for regular veteran and active duty if not on VA disability have a waiver of the VA funding fee.
You can have two active VA loans out at the same time. Call or email me and I can explain to you. Very detailed and complex but can be done if meets the test for VA guidelines for having two VA loans at once.
KENTUCKY VETERANS ARE GUARANTEED VA MORTGAGE LOAN
No one is guaranteed a loan. Even veterans with VA entitlement.
The word “guaranty” comes up a lot when talking about Kentucky VA loans. Well, I’m here to tell you that a “guaranty” and a “guarantee” are not the same thing. Many people assume when they see “VA loan guaranty” that they’re guaranteed a VA loan, and that’s simply not the case.
The VA loan guaranty refers to the amount of each VA loan that is backed by the government (usually 25%). If the loan defaults, the amount under guaranty is refunded to the lender by the government. So just because you see guaranty, doesn’t mean your loan is guaranteed to be approved.
The VA loan guaranty refers to the amount of each VA loan that is backed by the government (usually 25%). If the loan defaults, the amount under guaranty is refunded to the lender by the government. So just because you see guaranty, doesn’t mean your loan is guaranteed to be approved.
HOW LONG DOES VA APPRAISAL PROCESS?
Fact: The VA appraisal process can be rough if you’re pursuing a home that’s in rough shape. Otherwise, the VA appraisal process isn’t much different from the average Conventional appraisal.
VA loan appraisers use the VA’s “Minimum Property Requirement” guidelines to determine if a home is safe, structurally sound, and sanitary. If the home doesn’t meet their standards, the process can take a while. That’s why it’s important to choose your home wisely. A few of the MPRs include:
- Plumbing and electrical systems must be safe and in good condition
- Heating must be adequate
- Roofing must be adequate
- No leaks, excessive dampness, defective construction, or decay
- No termites, destructive insects, fungus growth, or dry rot
Kentucky VA loans aren’t designed to fund fixer-uppers. The VA wants veterans and servicemembers to buy solid, move-in ready homes, not projects. Also, since most VA borrowers are putting no money down, they don’t want to take the risk of borrower walking away with no equity in the home.
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
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.
Kentucky VA Mortgage Requirements for Bankruptcy, Foreclosure, Collections and Student loans.
Bankruptcy VA Mortgage Loan Requirements
Chapter 7 : 2 years from discharge date
•Chapter 13: No seasoning required if discharged. If open requires court approval and 0x30 last 12 months to trustee.
Borrower must demonstrate re-established credit since dismissal from Bankruptcy.
Judgments VA Mortgage Loan Requirements
•Judgments must be paid or in a repayment plan for 12 months with a most recent 0x30x12 timely payments.
Student Loans VA Mortgage Loan Requirements
•Monthly payment does not need to be considered if the Veteran or borrower provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing
•Use payment shown on credit report (unless credit report reflects $0 or no payment amount).
Use Balance x 5% / 12 for payment
Foreclosure and VA Mortgage Loan Requirements
•Foreclosure - 2 years removed from sale date of home
Collection Accounts and VA Mortgage Loan Requirements
•Collection and charge-offs are generally not required to be paid off, however follow Desktop Underwriting Findings through Fannie Mae DU or Freddie Mac LP Findings automated underwriting systems if payoff is required.
•A letter of explanation is required for all collection/charge-off/judgment accounts.
•Collections and charge offs must be included in DTI at the amount on credit or 5% of balance if no payment shown.
•Borrowers with a history of collection/charge-off accounts should have re-established a 12 month satisfactory credit history.
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
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.
VA loan limits to be lifted in 2020 Including Kentucky
VA loan limits to be lifted in 2020:
Last month, President Donald Trump signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit, enabling Kentucky VA home buyers to borrow above the $484,350 limit set for most counties, without any down payment. A VA spokesperson clarified the rule and outlined other changes that will go into effect as a result of the bill.
phone: (502) 905-3708
Last month, President Donald Trump signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit, enabling Kentucky VA home buyers to borrow above the $484,350 limit set for most counties, without any down payment. A VA spokesperson clarified the rule and outlined other changes that will go into effect as a result of the bill.
Last month, President Donald Trump signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit.
The bill, H.R. 299, enables home buyers using a VA loan to borrow above the 2019 limit of $484,350 for most counties, without any down payment.
A VA spokesperson told HousingWire that the loan limit will be lifted for loans that are guaranteed or appraised on or after January 1, 2020, and that guidance for lenders would be coming ahead of this date, published on the VA home loan circular page of its website.
The VA also clarified other changes that will go into effect as a result of the bill.
In addition to alleviating limits for veterans looking to purchase a home, H.R. 299 temporarily increase rates for certain loans by 0.15-0.30%, the VA said.
The slight bump in loan fees is intended to help finance health care costs for veterans who are suffering the effects of Agent Orange exposure as a result of their service.
Additional changes to the VA’s loan guaranty program include the elimination of funding fee differences for borrowers who are veterans versus those who are members of the Reserve.
It also removes the loan limit for the Native American Direct Loan Program, exempts Purple Heart recipients from paying loan fees, and authorizes VA-designated appraisers to rely on third parties for appraisal-related information.
The bill’s passage comes after years of lobbying on behalf of numerous trade groups, including the National Association of Realtors, which teamed with other housing industry trade groups to ensure veterans’ health care benefits would be extended without a significant increase to VA loan fees.
Now that the bill has passed, it is expected to “fast-track” disability compensation for as many as 90,000 affected former service members, according to military.com.
Kentucky VA Home Purchase Loan Guidelines with lenders
- Option for no down payment, zero down home loan
- No monthly mortgage insurance premium
- No credit score minimum but VA lenders will institute credit overlays for minimum scores with most being 620 middle score of your three fico scores from experian, transunion, and equifax. Some VA lenders we work will go down to 580 middle score of yoru three fico scores. Very few if any will go below this even though on paper VA states "no minimum credit score"
- No bankruptcies or foreclosure in the last two years
- Rental History not required with an Approved Eligible thru DU
- You can use your Kentucky VA loan Certificate of Eligibility more than once and have two VA loans out at the same time in some cases.
- Seller or lender may contribute to veteran’s closing costs
- Termite report required on all VA loans
- No closing costs option available
- Close in as little as 30 days
- Free Mortgage Approvals for Kentucky Veterans and Active Duty soldiers
Joel Lobb
Senior Loan Officer
Senior Loan Officer
(NMLS#57916)
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346
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