Tag: Kentucky

Kentucky VA Mortgage Guidelines For Income and Job History

Kentucky Mortgage VA Guidelines for Income.

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


Kentucky Mortgage VA Guidelines for Income.

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

Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

Kentucky VA Mortgage Guidelines for Inspections on Well Water and Septic Systems


Kentucky VA Mortgage Guidelines for Inspections on home for Well water testing is based on local requirements, if not applicable, EPA requirements for subject local will need to be followed . As for septic, if the appraiser references /notates any issues an inspection will be required.

Well water testing is based on local requirements, if not applicable, EPA requirements for subject local will need to be followed . As for septic, if the appraiser references /notates any issues an inspection will be required.
Well water testing is based on local requirements, if not applicable, EPA requirements for subject local will need to be followed . As for septic, if the appraiser references /notates any issues an inspection will be required.

Kentucky VA Home Loan Program


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.