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
Getting the best Kentucky mortgage rate in for a VA loan today
A VA mortgage loan in Kentucky offers benefits like zero-down payment and competitive interest rates for eligible veterans and service members. Meeting criteria related to income, work history, debt ratio, military service, and property standards is essential. Working with an experienced mortgage professional can help secure the best terms for a VA loan.
A VA mortgage loan can be a fantastic option for eligible veterans and active-duty service members looking to purchase or refinance a home in Kentucky. Understanding the qualifying criteria is crucial to navigating the process smoothly and securing the benefits offered by VA loans.
Qualifying Criteria Overview: Here’s a breakdown of the key qualifying criteria for a Kentucky VA mortgage loan:
The qualifying criteria for a Kentucky VA mortgage loan in regards to income, work history, debt ratio, bankruptcy, foreclosure, time in service, loan limits, upfront funding fees, refinance, purchase, cash out refinance, down payments, property requirements in a chart or organizational chart, interest rates
| Criteria | Details |
|---|---|
| Income | Stable income that supports the ability to repay the loan. VA loans typically have more flexible income requirements. |
| Work History | A consistent 2 year work history, though exceptions can be made for veterans transitioning to civilian employment. |
| Debt Ratio | VA loans generally allow for higher debt-to-income (DTI) ratios compared to conventional loans, typically up to 41%, but can be much higher with strong credit scores, residual income, and assets |
| Bankruptcy | Generally, veterans must wait two years after a Chapter 7 bankruptcy discharge before being eligible for a VA loan. |
| Foreclosure | Veterans may be eligible for a VA loan two years after a foreclosure. |
| Time in Service | Minimum service requirements vary based on when and where the veteran served. Typically, 90 consecutive days during wartime or 181 days during peacetime are required. |
| Loan Limits | VA loan limits in Kentucky follow the conforming loan limits set by the Federal Housing Finance Agency (FHFA). |
| Upfront Funding Fees | VA loans often come with an upfront funding fee, which can vary based on factors like down payment amount, military category, and if it’s a first-time or subsequent use of the VA loan benefit. |
| Refinance Options | VA loans offer several refinancing options, including Interest Rate Reduction Refinance Loans (IRRRL) and Cash-Out Refinance loans. |
| Down Payments | VA loans are known for their zero-down payment option, making homeownership more accessible for veterans. |
| Property Requirements | VA-approved properties must meet certain standards, including being safe, sanitary, and structurally sound. |
| Interest Rates | VA loans often have competitive interest rates, which can vary based on market conditions and individual factors. |
Qualifying for a Kentucky VA mortgage loan involves meeting various criteria related to income, work history, debt ratio, military service, and more. Veterans and active-duty service members can benefit from the zero-down payment option, competitive interest rates, and flexible requirements offered by VA loans. Working with a knowledgeable mortgage professional like Joel Lobb can help navigate the VA loan process smoothly and secure the best terms possible.
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Kentucky VA Mortgage does not have a minimum credit score requirement. When a lender requires a minimum credit score it is generally a 580-620, that is called a lender overlay. An overlay is a lender’s own underwriting guidelines above and beyond the VA guidelines.
The most common reason for a Veteran’s loan to be declined is not having a required minimum credit score per the lenders own set of guidelines above and beyond what the VA requires.
As announced by the 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.
In 1944, the Servicemen’s Readjustment Act was established in to provide veterans and their surviving spouses with a number of benefits. Among these benefits was the VA loan program. VA loans allow veterans and military to purchase homes with 100% financing, no mortgage insurance, and limited closing costs.
In order to apply for a VA loan, you need to meet eligibility requirements. Most veterans, military, and spouses of deceased military members will be eligible. Veterans can apply without any delay if minimum active duty service requirements have been met. Active duty service members on the other hand will need to complete a minimum of 6 months of service first. National Guard and reservists will need to wait 6 years before the benefit kicks in. If they are called to active duty at any point, they will become eligible after only 181 days.
Anyone who intends to apply for a VA loan will need to obtain their Certificate of Eligibility. It is important to note that the COE only proves to your lender that you have met the minimum service requirements. It is not a guarantee that you will be approved for a loan. One of the easiest ways to get your COE is through the VA’s eBenefits Portal. Whether you are looking to purchase your very first home or are looking to take advantage of the VA loan program to refinance, we can help you find a loan that meets your exact needs.
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KENTUCKY VA MORTGAGE LENDER 
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