Kentucky VA Mortgage Loan Limits for 2021 for Kentucky Veterans


 New Kentucky VA Mortgage Loan Limits for 2021 for Kentucky Veterans

VA loans no longer have a maximum loan amount.

  • Veterans, active-duty service members, National Guard members, and surviving spouses (those who qualify) will be able to get a VA home loan for any amount, with no required down payment.
  • Income guidelines are still in place.
  • With loan limits now gone you can borrow 100% of what you financially qualify for.
  • Loan limits will still be applied if you have one or more active VA loans or if you’ve defaulted on a previous VA loan.
  • Mortgage insurance is not needed..

 Funding Fees for VA Loans Are Not Going Away

Even with the loan limits going away, there is still an upfront funding fee for all VA loans (unless you are getting a VA home loan as an active-duty service member who’s received a Purple Heart). 2020 brought changes to these funding fees.

Here’s the updated funding fee percentages for VA loans:

To explain further, the fee for first-time use went up from 2.15% in 2019 to 2.30% in 2020. The fee for subsequent use went up from 3.3% in 2019 to 3.6% of the loan in 2020. These fees will stay in place until 2022, and you can choose to pay the funding fee up front or just roll it into the total cost of the home loan.

Additional VA Loan Benefits:

  • You can reuse your VA mortgage benefits over and over
  • You don’t have to be a first-time home buyer
  • No pre-payment penalty so you’re free to consider future home purchases and refinancing options
  • Can be used to buy a house, condo, newly-built home, and other types of properties
  • Your eligibility never expires

How Do You Know If You’re Eligible for a VA Loan?

Eligibility is based on specific guidelines established through the U.S. Department of Federal Affairs. These guidelines are typically based on service and discharge requirements.

Unknown's avatar

Author: Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans

Thank you for visiting. I hope you find this website both informative and empowering as you explore your mortgage options. My goal is to help you feel confident in selecting the right home loan for your unique situation. I proudly serve all 120 counties in Kentucky, offering a full range of mortgage loan programs, including: FHA Loans VA Loans USDA Rural Housing Loans Fannie Mae Conventional Loans KHC Down Payment Assistance Programs With over 20 years of lending experience, I’ve had the privilege of helping more than 1,300 Kentucky families achieve their homeownership goals. Whether you're a first-time homebuyer or seeking a second opinion, I’m here to offer honest, no-pressure advice—always free of charge. I am dedicated to: Attending as many closings as possible Providing responsive, personalized service Ensuring quick, efficient, and accurate loan processing Making myself accessible every step of the way I've been consistently recognized as a top mortgage loan officer in Kentucky for VA, FHA, USDA, and KHC programs. I take pride in being thorough, transparent, and attentive with each and every client. Please take a moment to read my reviews below. If you have questions or need guidance, feel free to call or text me directly. Call/text at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer/p> call/text phone: (502) 905-3708 kentuckyloan@gmail.com Company ID #1738461 EQUAL HOUSING LENDER http://www.mylouisvillekentuckymortgage.com/