The President is expected to sign H.R. 299, the ‘Blue Water Navy Vietnam Veterans Act.’ This legislation includes language which will eliminate the cap on the VA home loan guarantee.
Source: Congress Passes VA Loan Bill
Tag: kentucky va mortgage
Kentucky VA Mortgage Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.
Kentucky VA Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.
Foreclosure and Bankruptcy Guidelines For Kentucky VA Home Mortgage Loans in 2019 and 2020
Kentucky VA Loan Guide for Foreclosures, Bankruptcy, and short sales or deed in lieu.
Follows guidelines provided for bankruptcies filed under straight liquidation (Chapter 7)
The fact that a home loan foreclosure in Kentucky (or deed-in-lieu or short sale in lieu of foreclosure) exists in a borrower(s) history does not in itself disqualify the VA borrower for a Kentucky VA loan. Develop complete information on the facts and circumstances of the foreclosure
You may disregard a foreclosure finalized more than 2 years from the date of closing. If the foreclosure was finalized within the last 1 to 2 years from the date of closing, it is probably not possible to determine that the borrower(s) is a satisfactory credit risk unless both of the following requirements are met:The borrower (s) has obtained consumer items on credit subsequent to the foreclosure and has satisfactorily made the payments over a continued period, and the foreclosure was caused by circumstances beyond the control of the borrower (s) such as unemployment; prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified.
If a foreclosure, deed in lieu, or short sale process is in conjunction with a bankruptcy, use the latest date of either the discharge of the bankruptcy or transfer of title for the home to establish the beginning date of re-established credit. If there is a significant delay in the transfer of title, the lender should contact the RLC of jurisdiction for guidance.
For a deed in lieu or short sale, develop complete information on the facts and circumstances in which the borrowers) voluntarily surrendered the property. If the borrower’s payment history on the property was not affected before the short sale or deed in lieu and was voluntarily communicating with the servicer or holder, then a waiting period from the date transfer of the property may not be necessary.
If the foreclosure, deed and lieu or short sale was on a Kentucky VA-guaranteed loan, then a borrower may not have full entitlement available for the new Kentucky VA loan. Ensure that the borrower’s COE reflects sufficient entitlement to meet any secondary marketing requirements of the VA Mortgage Lender in Kentucky
In order to get you pre-approved, I will need the following items from you. This is a free process and I will give you a copy of your credit report for free.
Kentucky VA Loan Mortgage Pre-Approval Checklist
- one full month’s worth of pay stubs
- 2018 and 2017 W-2′s
- 2018 and 2017 tax returns
- Your VA Certificate of Eligibility (we can help you get this if needed, just need your dd214)
- Last two months bank statements for all accounts
- Link here to get your COE—–>>>>> https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp
Once I get the information above, I can usually get you pre-approved in one day, and get your loan closed in 30-45 days after you get an accepted offer on a home.
Your first house payment usually starts 30-60 days after you close.
Your loan pre-approval is usually good for 60 days.
I don’t need originals, copies are fine. You can fax or email me the above documents, or meet me face-to-face if you wish to make copies and go over your options.
Let me know your questions.
Thanks and look forward to helping you.
—
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
click here for directions to our office
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
Using Your Veterans Benefit to Buy a Home In Kentucky
Probably one of the most talked about GI benefits is the VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? Learn what it is & how can it help you here.
Using Your Veterans Benefit to Buy a Home In Kentucky
Using Your Veterans Benefit to Buy a Home in Kentucky |
Probably one of the most talked about GI benefits is the Kentucky VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? Learn what it is & how can it help you here.
Using Your Veterans Benefit To Buy A Home In Kentucky For Zero Down
May 31, 2019 06:00AM
Those eligible for VA loans should at least look into taking advantage of this benefit
Probably one of the most talked about GI benefits is the VA Home Loan. You’ve probably heard of it, but have you ever thought of it using it? What is the benefit, how can it help you, and what’s the process?
Experience tells me that in our area, this is an under-utilized tool by many real estate agents and loan officers. Why? Because like anything having to do with the government, there are a few internal twists. But fear not—if you hire an experienced agent and have the right loan officer, you won’t even be aware of these.
What’s the Benefit?
While there are other housing-related programs that will help assist in repairing, retaining, or adapting a personal home, we’re specifically referring to the VA home loan. This type of loan is available through private lenders to service members, veterans, and qualifying surviving spouses. In a nutshell, the VA stands behind the loan, guaranteeing a portion of it, and either eliminating the need for or in lieu of a 20% down payment, as well as costly private mortgage insurance. It can be used to buy, build, or refinance a primary residence.
How Can It Help You?
- Limited or Zero Down payment for veterans
- No Mortgage Insurance monthly (there is a one-time funding fee)
- Re-Usable & Assumable by other eligible VA Mortgage buyers
- No minimum credit score
- Past Bankruptcies and Foreclosure over 2 years you can apply again
- Can be used in any county of Kentucky with no max loan limit
- No income limits on how much you can make
- can refinance up to 100% of the home’s value if it passed the VA Net Tangible Worksheet
- Very low 30 year fixed rate loans when compared to conventional loans
- VA loans require termite inspection on all loans.
What’s the Process?
The first question to ask is, do you qualify? If the answer is yes:
- Get financially pre-qualified by a lender that does VA backed loans, since not all banks do them, it is best to shop around and ask if the lender does a lot of VA loans in Kentucky
- Obtain your Certificate of Eligibility (COE). The lender can help you with this.
- Find your home
- Negotiate the terms of your transaction
- Apply for your loan
- Closing
Those eligible for Kentucky VA loans, should at least look into taking advantage of this benefit.
Joel Lobb (NMLS#57916)
Senior Loan Officer
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
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#57916 http://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.
—
Joel Lobb
Source: Using Your Veterans Benefit to Buy a Home | Bellingham Bulletin
KENTUCKY VA MORTGAGE LENDER 
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