KENTUCKY VA MORTGAGE LENDER

4 Keys to VA Loan Approval | Military.com

Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

4 Keys to VA Loan Approval | Military.com.

Borrowers must, first and foremost, be eligible for VA home loans. This means they must have satisfied the service requirements and have enough “entitlement” available to be considered for a VA loan. Entitlement is a word used to refer to the amount the VA will guarantee for a particular veteran borrower. “Full” entitlement is usually enough for a VA home loan of $417,000 (or even more in high-cost counties).

Key #2 — Property Eligibility

The lender’s handbook states that VA home loan benefits are to be used mainly for owner-occupied properties. The VA lists single-family homes, VA-approved condos, townhouses and multi-family homes (up to four units per borrower) as properties generally eligible for VA financing. (There may be additional qualifying requirements.) The VA also guarantees the financing of manufactured homes if they are attached to a permanent foundation; but not all lenders offer…

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Refinance Guidelines and Information for Kentucky VA Mortgage Loans.

va pic for blogh

Kentucky VA Mortgage Refinance Guidelines

Borrow up to 100% of the home’s value. Unlike other programs that only allow 80% or 85% of the home’s value.
No Income or Asset verification is required. We don’t need your paystubs, w-2’s tax info, or bank statements. Much easier qualifying.
No Appraisal is required (unless Discount is being charged to borrower – see below)—-VA does not require a new appraisal. So even if your home has not equity or went down in value, we can go off on old value when doing a rate and term with no cash back.
No Credit Qualifying. Meaning we don’t have to repull credit again and check your fico scores. Just verify your last 12 months mortgage history is on time.
VA Funding Fee is .50%, much less than the 2 or 3% you pay when you buy the home, If disabled, you will not have to pay the funding fee.
Can refinance an investment property as long as you can document it was formerly the borrower’s primary residence
At least 6 monthly payments must have been made on the original loan being refinanced; AND
The first payment due date of the new loan must be at least 210 days after the first payment due date of the original loan being refinanced
A copy of the Note from the previous loan being refinanced must be provided
An IRRRL refinancing a Fixed Rate Mortgage into another Fixed Rate Mortgage must result in a rate reduction of at least 0.5%
An IRRRL refinancing a Fixed Rate Mortgage into an Adjustable Rate Mortgage must result in a rate reduction of at least 2.0%
IRRRLs in which a Discount is being charged to the borrower will now require an Exterior-Only Appraisal to be ordered

If the Discount being charged is 1% or less, the loan will be limited to 100% LTV based on the value of the Exterior-Only Appraisal
If the Discount being charged is more than 1%, the loan will be limited to 90% LTV based on the value of the Exterior-Only Appraisal

Loan must current be guaranteed by VA and must be current
Closing costs must be recouped within 36 months
Proposed P&I payment must be less than current payment unless:

Veteran refinancing ARM to Fixed
Term of IRRL is shorter than existing loan as long as payment does not increase over 20%
Energy efficiency improvements are included in the IRRL

Refinancing a Kentucky VA Loan

Kentucky VA loans may be used to replace an existing mortgage, called “refinancing.” A KY VA refinance may be used to reduce an existing interest rate, change loan terms or a combination of both. The most common reason to refinance is to lower the monthly payment. A borrower may take out a KY VA loan then later see that interest rates have fallen and are lower than an existing rate. By refinancing, the borrower can replace the old loan with a new one to obtain the lower rate and subsequent lower mortgage payment.

A refinance can also make sense when changing loan terms such as switching from an adjustable rate mortgage to a fixed rate or adjusting the term of the loan to save on interest charges.
The Streamline

The Interest Rate Reduction Refinance Loan, or IRRRL is commonly referred to as the Kentucky Mortgage Refinance VA “streamline” refinance program. This is a special VA loan to VA loan refinance that requires very little documentation to obtain an approval. Some of the features of the VA streamline are:

• No appraisal needed

• Income or employment is not verified

• No credit review

• Closing costs may be rolled into the loan amount

As long as you’re reducing your current mortgage payment, not taking any cash out or switching from an adjustable rate mortgage to a fixed rate loan, you may qualify for this unique program and you don’t have to use your existing Kentucky VA lender in order to benefit from the Kentucky VA streamline mortgage.
Cash Out VA loan Refinance

Cash out refinance loans allow the borrower to pull out equity in the home in the form of cash during the course of a refinance. While the VA doesn’t establish a maximum loan amount, most VA lenders do place limits on the loan based upon the current value of the property and the final loan amount. Lenders may limit any cash out loan to 80 or 90 percent of the property’s current value. If taking cash out of your home is needed and you have sufficient equity in your home, it may be better to obtain a home equity loan or refinance into a conventional mortgage.

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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

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#57916 http://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.

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KENTUCKY VA REFINANCE LOAN — QUESTIONS ABOUT A KENTUCKY VA MORTGAGE REFINANCE. CALL OR TEXT ME TODAY. I HAVE DONE OVER 200 VA LOANS IN MY CAREER AND A FORMER ARMY TANKER THAT HAS USED A VA LOAN FOR MY OWN FAMILY.

VA Home Loan Eligibility Requirements

VA home loans can be used to:

– Buy a home, a condominium unit in a VA-approved project

– Build a home

– Buy a manufactured home and/or lot

VA Home loan is a government guarantee for a portion of the home loan, it is not a guarantee that you will receive a loan. You still need to have:
Suitable Credit. Due to the government guarantee for a portion of the loan, this allows lenders greater flexibility on credit scores. In today’s lending climate, most VA lenders require a score of at least 620. If your spouse will be obligated on the loan, he or she will need to hit the same benchmark.
The average FICO score for VA borrowers is 708, compared to 750 to 770 scores for conventional loans backed by Fannie Mae and Freddie Mac, respectively,
Sufficient Income to qualify for the amount you are requesting.

In order to apply for the VA Loan one needs to get ” A certificate of Elgibilty” This verifies to the lender that you qualify for a VA backed home loan.

Many lenders will help get the Certificate for you or you can apply for it online by going to the veterans affairs portal. You will need your DD 214 or if you are still on active duty you will need a statement of service.

The home that is being purchased must be occupied by the veteran/active duty member.
Veteran Must have been discharged under conditions other than dishonorable and meet the service requirements below

Each era has its own specific requirement, so be careful to match your service dates with eligibility requirement.
If one is still on active duty or are currently serving in the Reserve or national guard the below are the requirements.

If one is on active duty in order to qualify you need to have served at least 90 continuous days

As a Reservist or National Guard member one needs to have at least 90 days active duty. Another way to become eligible is to have served at least 6 years as a reservist or national guardsman and been honorably discharged. There are several other ways that one can qualify as outlined below.

VA website has more detail eligibility guidelines. go to benefits.va. gov
The VA Home Loan program is one of the better benefits we as veterans receive. I should know, I have used this program to purchase my own home.

This is just one in series of information videos that details the VA Home Loan Program. I hope that the information in this one has been helpful.

As Always, If you have any questions, regardless of your location feel free to call or contact me. Thank you and God Bless.

Richard Garza Homes

VA home loans can be used to:

– Buy a home, a condominium unit in a VA-approved project

– Build a home

– Buy a manufactured home and/or lot

VA Home loan is a government guarantee for a portion of the home loan, it is not a guarantee that you will receive a loan. You still need to have:

Suitable Credit. Due to the government guarantee for a portion of the loan, this allows lenders greater flexibility on credit scores. In today’s lending climate, most VA lenders require a score of at least 620. If your spouse will be obligated on the loan, he or she will need to hit the same benchmark.

The average FICO score for VA borrowers is 708, compared to 750 to 770 scores for conventional loans backed by Fannie Mae and Freddie Mac, respectively,

Sufficient Income to qualify for the amount you are requesting.

In order to…

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