Category: Fort Knox VA loans

Kentucky VA Home Loan Program


Affordable home financing options for Kentucky VA borrowers on active duty and retired military members.

Your veteran and active-duty clients can now take advantage of fixed and adjustable rate VA loan programs. We are determined to get them the best rate possible in the shortest turn time.

Kentucky VA Mortgage Loan Program’s Key Features:

100% financing with no mortgage insurance (purchase only)
no minimum score but most lenders will want a 580 score or higher
41% DTI (up to 60% may be accepted with compensating factors)No Income verification for IRRRLVA funding fee applies to most veterans

 You can do a VA IRRRL on a property that the veteran no longer lives in
• Payoff debts at closing with seller concessions. When writing the offer, this
information goes in the “under additional provisions or other terms” section
• No seasoning requirement for being added to the title (No flip rule)
“As we express our gratitude, we must
never forget that the highest appreciation is not
to utter words, but to live by them.”
• Only type of loan where an SAR Underwriter can adjust the value after a
secondary review in Tidewater with a request from the borrower. That gives us
two chances to increase the value if it comes in under.
• You can have more than one at the same time.
• If the DD-214 is a Dishonorable Discharge, the Veteran can re-apply and get their
benefits reinstated and then buy their home. (Apply to the BCMR to upgrade on
basis of clemency)
• No max loan amount & no max amount of closing costs a seller can pay.
“Our debt to the heroic men and valiant women in the service
of our country can never be repaid. They have
earned our undying gratitude.”
• Time of service requirements can be appealed if they are discharged due to a
service-related disability
• Student loans in deferred status that go by old guidelines can be omitted.
• Disputes do not need to be removed to qualify. This is a good trick if you need a
couple extra points. (Disputing collections)
• Time of service requirements can be appealed if they are discharged due to a
service-related disability.

List of Government Foreclosed Homes in Kentucky to include VA, FHA, HUD, Fannie Mae and USDA


 
 

Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out- one might be just what you’re looking for!

Single Family Homes for Sale

Benefits and Drawbacks of Kentucky VA Mortgage Loans

Kentucky VA Mortgage  Loans


Kentucky VA Mortgage  Loans

Why VA Loans?
First and foremost, VA loans put homeownership within reach of a wider population.
That’s because, while they’re issued and administered through a wide range of lending institutions, all VA mortgages are federally guaranteed.
Lenders consider them lower risk than other loans. That means that people with average or even below-average credit scores are more likely to be approved for a VA loan than a traditional loan.
If you have a high debt-to-income ratio or you’ve fallen behind on your credit card payments in the past, you may be eligible for a VA loan, even if you’ve been turned down for a private mortgage in the past.
What’s more, vets and active-duty soldiers can often purchase a loan with no down payment.
Military wages aren’t the most generous. In 2020, new service members earned as little as $19,000 per year, while the median salary in the US is nearly $50,000 per year.
Particularly for people who are just starting out in their military careers, it can be tough to amass enough savings to match the down payment requirements associated with traditional loans.
If you take out a private loan and put down less than 20% of your home purchase price, you’ll be required to pay for Private Mortgage Insurance (PMI) until you’ve established 20% equity in your home. That can add $100 or more to your monthly homeownership expenses.
The government stipulates that VA loan borrowers don’t have to take out PMI.
Finally, VA loan interest rates typically track below market averages. Again, that’s because lenders consider them less risky.
What can that mean in savings for you?
Here’s just one example. A 0.5% interest rate reduction on a $200,000 30-year mortgage can save you more than $19,000 in lifetime loan costs.
And that’s before you factor in PMI payments. The more you borrow, the more you benefit from a low interest rate.
The median purchase price of a US home in 2021 is over $400,000. So chances are, you could wind up saving more with a VA loan.