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
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
Department of Veterans Affairs June 15, 2022 Washington, D.C. 20420
Pest Inspection Fees and Repair Costs
1. Purpose. This Circular addresses the Department of Veterans Affairs policies regarding wood destroying pest inspection fees and repair costs.
2. Background. Historically, VA has authorized, as a local variance, that Veterans may be charged for a wood destroying pest inspection report in a limited number of states and territories.1 Localities susceptible to termites and other wood destroying pests, however, are on the rise. Accordingly, VA requires, as a Minimum Property Requirement, a wood destroying pest inspection report for certain properties located in an area on the Termite Infestation Probability Map2 where the probability of termite infestation is “very heavy” or “moderate to heavy.”3 If applicable, the VA Notice of Value (NOV) will be conditioned for this requirement and MPR repairs identified on a wood destroying pest inspection report must be completed prior to guaranty.4
3. Action. Effective immediately, VA is authorizing in advance, as a local variance, that Veterans may be charged wood destroying pest inspection fees, where required by the NOV. Veterans may also pay for any repairs required to ensure compliance with MPRs. Veterans are encouraged to negotiate the cost of the wood destroying pest inspection and repairs with the seller.
a. Documentation for Audit Purposes. An itemized invoice identifying the Veteran and the property is required to verify the cost on the Closing Disclosure Statement (CD). Lenders should include the invoice(s) to support the cost of the inspection and any repairs in the loan file if the loan is selected for Full File Loan Review (FFLR).
4. Paperwork Reduction Act. The information collection requirements contained in this document have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. § 3501-3520) and assigned OMB control number 2900-0515. In accordance with the Paperwork Reduction Act, VA may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB control number
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.
Affordable home financing options for Kentucky VA borrowers on active duty and retired military members.
KENTUCKY VA MORTGAGE LENDER 
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