Tag: kentucky va mortgage

Kentucky VA Mortgage Qualifications


 

Kentucky VA Loan Benefits

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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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

Expands VA Home Loan Eligibility for Certain National Guard Members in Kentucky


 Expands VA Home Loan Eligibility for Certain National Guard Members in Kentucky


VA announced they are expanding eligibility for Kentucky VA home loan benefits for certain members of the Kentucky Army and Air National Guard to include current and former National Guard members, regardless of service dates, who meet the requirements outlined below effective for COE applications received on or after 01/05/2021.

Because VA is retroactively expanding these eligibility requirements applicants who may have been previously denied VA home loan benefits and now meet the requirements below for eligibility are encouraged to reapply.

To be eligible the member must have performed not less than 90 cumulative dates of full-time National Guard duty, of which, at least 30 of those days must have been consecutive.

Full-time National Guard duty:

  • includes training or other duty in the member’s status as a member of the National Guard for which the member is entitled to pay from the United States or for which the member has waived pay from the United States.
  • does not include inactive duty, such as monthly drills. It also does not include basic or initial training.

Processing delays can be avoided when submitting a COE application (VA Form 26-1880) by listing in block 9c any active duty time served and by providing copies of one or more of the following documents as evidence of the active duty time served:

  • DD Form 214, Report of Separation: showing active duty dates, types of discharge, and the authority under which the applicant was called to serve.
  • DD Form 220, Report of Active Service: with an order for the same period.
  • For National Guard members still servicing on active duty: a current Statement of Service which identifies the National Guard member by name and social security number and provides:
    • the date of entry for the current active duty period, and
    • the duration of any time lost (or a statement noting there has been no lost time).
    • Note: the Statement of Service should also specify the authority under which the National Guard member was called to serve. Generally, this is a document written on military letterhead and signed by the Commanding Officer.
  • NGB 23 Form, National Guard Bureau Retirement Credits Record or a copy of the retirement points statement: showing one or more periods in which the National Guard member served on active duty.
  • Any other documents to support the activation may be submitted.