Tag: Kentucky

FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS

KENTUCKY VA MORTGAGE LOANS


Kentucky VA Mortgage Lender
502-905-3708
What Does Having Basic Entitlement of $36,000 Mean?
The $36,000 does not represent the maximum loan amount you can obtain through the VA Home Loan Program. The figure merely provides evidence to your lender that you have full VA entitlement.
With this entitlement and underwriter approval, you can obtain a loan,
I Now Have My COE, What Do I Do Next?
 Contact any VA approved lender and start the loan process. Do note that the COE does not guarantee you a VA loan; you still must qualify based upon your income and credit.
 
How Do I Apply For a Loan?
VA does not do any direct lending, and as such VA does not accept loan applications from veterans. You must contact a VA approved lender in order to apply for a VA loan. For more information about VA loans, visit www.benefits.va.gov/homeloans/.
 
 
What is the VA Interest Rate?
VA does not establish interest rates or closing costs for VA loans. Rates are negotiable between you and your lender. It is advisable to obtain quotes from at least three different lenders.
What is the Minimum Credit Score Required for a VA loan?
VA has no minimum credit score requirement. However, the lender you choose to do business with may have such a requirement.
 
What Types of Property Does My COE Cover?
The VA Home Loan program guarantees loans for real property that is to be used by the veteran as a primary residence. The program does not cover vacation homes, vacant land, multiplexes in excess of four units, motor-homes, small business loans, or commercial buildings.
 
Can I Use My VA Entitlement to Refinance?
Yes. You can refinance any type of loan on your property using your VA entitlement.
 
 
Why Does My COE Reflect a Paid-in-Full Loan With No Restoration of Entitlement?
In order for entitlement to be restored, the prior VA loan must be paid in full and the property disposed of. If you no longer own the property, please state as such on your application form 26- 1880 and resubmit. Do note that you can obtain a restoration of entitlement without disposing of the property when the loan is paid in full on a one time basis
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
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I have originated over 125 Kentucky VA Mortgage loans in my career. As a former Army Tanker, put my experience to work for you. I offer free VA Home loan approvals & local service. I hope you find this website informative and hope it can give you more confidence as you shop for your next Kentucky VA loan. I can be reached locally in Louisville Kentucky Text/call 502-905-3708 NMLS 57916 Equal Housing Lender. Not affiliated with VA or any other government agency

 
 

 

Kentucky USDA Rural Housing Underwriting Guideline Updates


USDA Rural Housing Underwriting Guideline Updates

Kentucky USDA Rural Housing Underwriting Guideline Updates

Kentucky VA Mortgage Funding Fees Reduced for 2023

Kentucky VA Announces Reduced Funding Fees


Kentucky VA Announces Reduced Funding Fees
Effective with loans closing on and after 04/07/2023, VA has announced new lower loan fee rates for Purchase and Cash Out Refinance loans. There is no change to the funding fees for other Kentucky VA Home Loan Types. 

  • VA Purchase / Construction Loans
    • First Use
      • Down Payment Amount:
        • Less than 5%: Funding Fee 2.15%
        • 5% or more down payment: 1.5%
        • 10% or more down payment: 1.25%
    • Subsequent Use
      • Down Payment Amount:
        • Less than 5%: 3.3%
        • 5% or more down payment: 1.5%
        • 10% or more down payment: 1.25%
  • VA Cash-Out Refinance
    • First Use: 2.15%
    • Subsequent Use: 3.3%
  • Other VA Home Loan Types
    • Interest Rate Reduction Refinance Loan (IRRRLs): 0.5%
    • Loan Assumptions: 0.5%

Please note the following:

  • For standard purchase loans, the reduced funding fee is based on the sales price. 
  • For construction purchase loans, equity in the secured property may be used as a down payment for calculating the reduced funding fee.