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Kentucky VA loans skyrocket in popularity for first-time home buyers


Service members 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 Kentucky VA loans have become for service members in the last decade.

Source: Kentucky VA loans skyrocket in popularity for first-time homebuyers

 

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/.

 

2019 Kentucky BAH (Basic Allowance Housing) Rates


2019 BAH RATES FOR FORT KNOX, FORT CAMPBELL KENTUCKY HOUSING VA LOANS

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarLouisville Kentucky Mortgage Loans

VA-Loan-Border

via 2019 Kentucky BAH (Basic Allowance Housing) Rates

  • See the 2019 Basic Allowance for Housing rates update here.

    MHA: KY106 – Military Housing Area Name: FORT CAMPBELL, KY

    GRADEWITH DEPENDENTSWITHOUT DEPENDENTS
    E01$1,242$999
    E02$1,242$999
    E03$1,242$999
    E04$1,242$999
    E05$1,263$1,137
    E06$1,401$1,218
    E07$1,569$1,245
    E08$1,752$1,314
    E09$1,899$1,425
    W01$1,413$1,242
    W02$1,647$1,290
    W03$1,872$1,428
    W04$1,911$1,440
    W05$1,959$1,602
    O01E$1,605$1,263
    O02E$1,833$1,374
    O03E$1,917$1,437
    O01$1,281$1,215
    O02$1,398$1,257
    O03$1,860$1,431
    O04$1,971$1,578
    O05$2,046$1,683
    O06$2,067$1,857
    O07$2,082$1,902

    MHA: KY107 – Military Housing Area Name: LEXINGTON, KY

    GRADEWITH DEPENDENTSWITHOUT DEPENDENTS
    E01$1,119$852
    E02$1,119$852
    E03$1,119$852
    E04$1,119$852
    E05$1,197$969
    E06$1,461$1,092
    E07$1,473$1,122
    E08$1,482$1,251
    E09$1,569$1,329
    W01$1,470$1,104

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WHAT IS A Kentucky VA Mortgage LOAN?


 

What IS A Kentucky VA Mortgage LOAN?

The U.S. Government created the VA loan the help those brave men and women who serve our country purchase a home. VA Loans are guaranteed by the U.S Department of Veteran Affairs. This program has many distinct advantages over traditional mortgages and has placed over 20 million veterans and their families purchase a home of their own.

THE BENEFITS OF USING A VA LOAN IN KENTUCKY TO BUY A HOME

VA loans are long-term financing options for eligible American Veteran and their spouses.

There are many benefits of a Kentucky VA tailored mortgage to help Veterans get the assistance they need to get into a home and a reasonable financial situation.

  • %0 down
    • VA loans don’t require a down payment unlike most loans that require down payments up to 20%
  • No PMI
    • Private Mortgage Insurance (PMI) is something that is required for buyers that are financing more than 80% of their home. However, if you are applying for a Kentucky  VA loan, the government backs these mortgages and does not require a PMI for Veterans.
  • Competitive Interest Rates
    • The VA guaranty gives lenders a degree of insurance and flexibility which allows them to lower rates for Veterans that may be lower than most other loans.
  • Easy to qualify for
    • The government funds this program making fewer qualifications for Veterans to have to worry about.
  • Reduced Closing cost
    • If you have a service-related injury, you may qualify for waived funding fee, this will lower the closing cost of your home
  • Right to Prepay without penalty
  • Negotiable Interest rates
  • Assumable mortgage

DO I QUALIFY FOR A KENTUCKY VA LOAN?

If you are a Veteran, an active duty personnel, in the National Guard, or a surviving spouse, then you may qualify for a VA loan. Veterans can apply with any mortgage lender that participates in the VA home loan program.

However, they will need a certificate of eligibility for the loan. In some cases, they can attain this from the lender. The eligibility requirements are a suitable credit score and a sufficient income to insure the borrower will remain in good standing with mortgage payments.

If you or your spouse may qualify for a VA loan check out your options and talk to a lender today. This program is created to thank you for your service and help you find your dream home.

 

cropped-38880941_686155338409067_160869974GFDGDSFGDFSGHSDFG4681459712_o-1.jpgKENTUCKY VA MORTGAGE LENDERS WITH BAD CREDIT