I have successfully originated over 200 VA Home loans in Kentucky. Put my experience to work for you. Call or text me today at 502-905-3708 or email me at Kentuckyloan@gmail.com-This website is not affiliated with the VA or any other government agency. NMLS #57916 Equal Housing Lender. Same Day Approvals, Fast Closings, and a Local Veteran offering VA Home Loans in Kentucky. Free Credit Report and Pre-Approvals NMLS# 57916 Joel Lobb Loan Originator, Company NMLS ID 1738461 . Equal Housing Lender
Here are 10 facts about Kentucky Mortgage VA Loans you might not have known.
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.
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.
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.
Kentucky Mortgage VA Loans does not have an identity of interest guideline. VA allows non-arm’s length transactions.
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.
Seller can pay more than 4% concession/closing costs.
Kentucky Veterans with entitlement that has been previously used can use their additional 25% to obtain 100% financing.
VA disability can be grossed up 125% Kentucky Mortgage VA Loans
VA allows no score with alt trades.
Kentucky VA Mortgage Loans require 2 years out of bankruptcy for Chapter 7 and 1 year for Chapter 13 bankruptcy
Generally, Overtime, Part-Time, Second Jobs, and Bonuses cannot be considered stable and reliable unless it has continued and been verified for 2 years.
However, Kentucky VA guideline
Generally, Overtime, Part-Time, Second Jobs, and Bonuses cannot be considered stable and reliable unless it has continued and been verified for 2 years. However, Kentucky VA guidelines allow the lender to offset debt of 6-24 months in duration with this income.
Reference: VA Handbook – Chapter 4 – Section 2(h) “The lender may use this income, if not eligible for inclusion in income, but verified for at least 12 months, to offset debts of 6 to 24 months duration. An explanation of why the income was used to offset must be documented.”
This little-known secret in the guidelines could help your borrower qualify by reducing the debt included in their qualifying ratio!
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Have Questions or Need Expert Advice? Text, email, or call me below:
Joel Lobb Mortgage Loan Officer Individual NMLS ID #57916
American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364
You can find more information and how to prove your eligibility on the VA benefits website. The specific service requirements and time periods can be found here.
Unfortunately, the VA loan cannot be used for ANY type of purchase. Like many federally sponsored programs there are very specific requirements to what can be bought with a VA loan.
As defined by the VA, the loan can be used for five types of homes, all of which must be your personal home. The specific VA wording can be found here.
Buy a home or condominium unit in a VA approved project.
Build a Home.
Simultaneously purchase and improve a home.
Improve a home by installing energy-related features or making energy efficient improvements.
Buy a manufactured home and/or lot.
Multi-plex for a VA loan – The VA allows you to buy a single family, duplex (2 units), triplex (3 units) and a quadplex (4 units). The key is that you have to live in one unit, however, you are still allowed to rent the other unit(s) out.
Eligibility for a VA loan
Once you know that you qualify, the next step is to figure out your eligibility. Unfortunately, it’s not as simple as it sounds because it’s based on your location. The VA location list to check eligibility can be found here.
Multiple VA Loans
The great thing about the new VA rules is not only are you given a set amount, but you can buy as many houses under the amount of the last local place. You entitlement includes the purchase price AND the funding fee (described below) of your location.
This is the Equation: Current Location Entitlement – Previous Entitlement(s) if you have multiple (Funding Fee included) = amount you have left.
So just because you are “out” in one location in regards to your VA loan eligibility, does not mean you should not have your mortgage broker check your eligibility in the next place you go. It never hurts to ask, you could be missing out on an opportunity!
Financing Above Your VA Loan
The VA loan does allow you to finance above your VA loan amount. The key thing to note is anything above the VA funding amount requires a down payment of 25%. So if you go above your funding amount by 10,000 you will now owe a down payment of $2,500.
VA Funding Fee
The VA funding is the only downside to the VA loan and using it for multiple loans. The VA loan charges a funding fee for all their loans. The rates depends on a couple of different variables so certainly look at this chart to figure out your funding fee.
Waiving of the Funding Fee
If you have a VA disability rating then you should definitely check out this article. I explain all the regulations and how all those fees/other expenses could be waived.
The VA loan is truly an amazing loan. There are so many nuances and great benefits. I highly recommend you find a great mortgage broker who can walk you through all the different possibilities. Did I miss anything regarding the VA loan? What has been your experience?
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 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#57916http://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.
KENTUCKY VA MORTGAGE LENDER 
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