Category: credit score

Here are 10 facts about Kentucky Mortgage VA Loans you might not have known.

1. Kentucky Mortgage VA Loans do not have a maximum loan limit.  The Veteran can qualify for up to $2-3 million they may need to put down payment in depending on the entitlement they have. 
2. VA manual underwriting is 0 x 30 in the last 12 month on revolving and installment credit.  We can ignore credit over 12 months old. 
3. Kentucky Mortgage VA Loans DTI is up to whatever DU/LP will approve.  On manual underwriting will do up to 50% with 120% residual income. 
4. Kentucky Mortgage VA Loans does not have an identity of interest guideline.  VA allows non-arm’s length transactions. 
5. Kentucky Mortgage VA Loans does not have a flipping rule.  If the value can be supported with an appraisal and there is no indication of inappropriate behavior ok to proceed.
6. Seller can pay more than 4% concession/closing costs. 
7. Kentucky Veterans with entitlement that has been previously used can use their additional 25% to obtain 100% financing.
8. VA disability can be grossed up 125% Kentucky Mortgage VA Loans
9. VA allows no score with alt trades.
10. Kentucky VA Mortgage Loans require 2 years out of bankruptcy for Chapter 7 and 1 year for Chapter 13 bankruptcy