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/

VA Updated Guidance for Borrowers Affected Financially by COVID-19


VA Guidelines for Covid-19


Income Verification

Lenders may continue to use good judgement and flexibility when verifying a borrower’s income and determining whether that income is stable and reliable and will follow standard VA guidelines.
Third-party services may be used to provide employment and income verification (please note additional fees associated with these services cannot be charged to borrower).
Note: The VOE flexibilities previously announced by VA have not been extended and did expire 04/01/2021.

Income Analysis

VA’s guidelines generally require income to be stable and reliable for 2 years. However, borrowers’ income impacted by COVID-19 may continue to be reviewed as follows:
Any period in a borrower’s income (i.e. furlough, curtailment of income, etc.), should not be considered a break in employment or income provided they have returned or anticipated to return to work in the same capacity and income levels. In addition to standard verification documentation Borrower’s should provide furlough letters where applicable.
VA continues to encourage proactive measures in documenting and obtaining evidence of their analysis and justifications for all Borrower’s, especially borderline cases.
 This may proactively address questions that VA may otherwise ask and prevent a loan level audit of a loan.
Remote Online Notarization (RON)

Additionally, ensure that the VA-guaranteed home loan is secured by a first lien on the property being used as collateral.

How to Qualify For A Kentucky Mortgage Loan


Kentucky VA Loan
VA loans are for veterans and active duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have an funding fee like USDA, but it is higher starting at 2.3% for first time use, and 3.6% for second time use. The funding fee is financed into the loan, so it is not something you have to pay upfront out of pocket.

VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit.

Most VA lenders I work with will want a 620 credit score even though on paper, VA says they don’t have a minimum credit score.

VA requires 2 years removed from bankruptcy or foreclosure.

VA Loan Limits for 2021 in Kentucky.

As announced previously by VA in Circular 26-19-30 (which provides interim guidance on implementing “The Blue Water Navy Vietnam Veterans Act of 2019”) the conforming loan limit cap on guarantees was removed for Veterans with full entitlement. For Veterans who have previously used entitlement and the entitlement has not been restored, the maximum amount of guaranty entitlement available to the Veteran (for a loan above $144,000) is 25 percent of the conforming loan limit reduced by the amount of entitlement previously used (not restored) by the Veteran. The new guaranty requirements apply for loans closed on or after January 1, 2020.

As a reminder, Veterans are able to use their VA Home Loan Guaranty benefit regardless of loan amount, but in order to purchase homes with loan amounts above the conforming loan limits, Veterans with partial entitlement may be required to make a down payment on amounts in excess of the conforming loan limit. Regardless of full or partial entitlement, the VA guaranty plus any required down payment must total 25% of the loan amount.

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

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minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan What is the minimum credit score I need to qualify for a Kentucky FHA, VA, USDA and KHC Conventional mortgage loan

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Mortgage Application Checklist of Documents Needed below 👇

W-2 forms (previous 2 years)
Paycheck stubs (last 30 days – most current)
Employer name and address (2 year history including any gaps)
Bank accounts statement (recent 2 months – all pages
Statements for 401(k)s, stocks and other investments (most recent)
federal tax returns (previous 2 years)
Residency history (2 year history)
Photo identification for applicant and co-applicant (valid Driver’s License

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…

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Kentucky VA Home Loans for 2021


 

Kentucky VA Home Loans for 2021

 

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  •  No down payment in most cases for purchase loans (up-front money toward your home purchase), and easier borrower credit requirements.
  •  No monthly mortgage insurance premiums or private mortgage insurance (PMI).
  •  Lower homebuyer closing costs, and limits to what borrowers can be charged.
  •  The opportunity to roll your “VA funding fee” into your mortgage.
  • The ability to refinance a non-VA loan into the VA mortgage program.
  •  The opportunity to: ask a home seller to contribute up to 4 percent of the mortgage amount to cover some of the closing costs; ask your lender to cover some of the closing costs; seek closing cost assistance through state homebuying programs created for veterans and first-time buyers.
  • The right to become a VA borrower for life. In most cases you can use VA mortgage programs forever, and sometimes you can have more than one VA loan.
  •  Eligibility of financing for spouses of service-members who died in the line of duty or from a service-related disability.

You can review all types of Kentucky VA Home Loans here, including purchase mortgages, refinance mortgages (called Interest Rate Reduction Refinance Loans or IRRRLs), and cash-out refinance loans.

To qualify for a Kentucky VA Home Loan, usually a military veteran or service-member must have 90 consecutive days of active service during wartime, or 181 straight days of service during peacetime, or six years in the national guard or reserves of a particular military branch. You can find out if you’re eligible here.

Kentucky  VA mortgage comes with an additional closing cost called a “VA funding fee” of between 1.4 to 3.6 percent on the amount borrowed (depending on your circumstance). This special fee that non-VA borrowers never have to pay helps partially fund the “government backed” part of the VA borrower program, and many VA borrowers can roll it into their mortgage.

 

VA Loan Quick Facts

0% Down
Minimum Down Payment
620 Credit
Minimum Credit Score
41% DTI
Max Debt-to-Income Ratio
 
 

What is a VA Loan?

VA Loans are designed to assist veterans purchase a home. Active duty military and veterans across the nation will enjoy the desirable loan terms and low interest rates that often come with a VA loan. Additional benefits like no down payment requirement help make home buying an affordable and cost-effective reality for those who have served and continue to serve our country.

What are the benefits of a VA Loan?

VA Loan benefits and features:

  • Zero down payment
  • Buyers may finance the funding fee into the loan
  • Closing costs may be covered
  • Buyers may use gifts and seller contributions to cover closing costs

Who may benefit from a VA Loan?

A VA Loan may the right fit for you if:

  • You’re an eligible veteran or active-duty military
  • You’re buying a first home or are a repeat homebuyer

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