Tag: Mortgage loan

Top VA Refinance Options for Louisville Homeowners

http://www.mylouisvillekentuckymortgage.com/p/va-loans.html


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Louisville, Kentucky VA Refinance Loans

If you are a veteran or active-duty homeowner in Louisville, Kentucky, and you are researching VA refinance options through Google, ChatGPT, YouTube, or other online sources, you want one thing: a refinance that improves your financial position. Lower payment, better terms, or a more stable loan. Anything else is noise.

Free Louisville VA Refinance Review

I will review your current mortgage, confirm the VA refinance option that applies, and tell you clearly whether refinancing makes sense.

Call or Text 502-905-3708 Apply Online
Serving Louisville, Jefferson County, and statewide Kentucky.

What is a VA refinance loan in Louisville, Kentucky?

A VA refinance replaces your current mortgage with a new VA-backed loan. Depending on the program, it can reduce your interest rate, lower your monthly payment, eliminate monthly mortgage insurance, or improve long-term stability. The VA sets the baseline rules, but individual lenders often add overlays that can make the process harder than it needs to be.

Two VA refinance options for Louisville homeowners

1) VA Streamline refinance (IRRRL)

The VA Interest Rate Reduction Refinance Loan (IRRRL), commonly called a VA Streamline, is designed for borrowers who already have a VA mortgage and want a simpler refinance.

VA Streamline highlights:

  • Built to lower rate and payment (when the numbers work)
  • No VA-required appraisal
  • No VA-required income verification
  • No VA-required credit check
  • Typically faster than a traditional refinance

Important: some lenders add overlays (appraisal requirements, credit score minimums, etc.). Your approval path depends on the lender, even when the VA does not require it.

Closing costs apply, but they are commonly rolled into the new loan balance. VA guidelines may allow financing up to $6,000 in approved energy-efficiency improvements in certain scenarios.

2) VA Cash-Out refinance (cash out is optional)

The VA Cash-Out refinance is the flexible option. It can be used to refinance a current VA loan, or to refinance a non-VA loan into VA (such as FHA or conventional). Taking cash out is optional.

VA Cash-Out refinance is commonly used to:

  • Refinance FHA to VA and eliminate monthly mortgage insurance
  • Refinance conventional to VA and eliminate monthly mortgage insurance
  • Adjust your loan structure with full underwriting
  • Access equity if needed (optional)

This program requires a full VA underwrite: income documentation, debt-to-income analysis, and an appraisal.

Why Louisville veterans refinance VA loans

Louisville homeowners refinance for practical reasons: reduce monthly payment, move from adjustable to fixed, remove monthly mortgage insurance, or improve long-term affordability. The VA program is strong, but the refinance only makes sense if it produces a measurable benefit.

VA net tangible benefit requirement

VA guidelines require that a refinance provides a net tangible benefit to you. In plain English: the refinance has to improve your situation in a real way. If the payment does not improve or the long-term benefit is not clear, you should not refinance.

A strong VA refinance review should confirm:

  • Real payment savings or a clear long-term benefit
  • Reasonable break-even timeline
  • Closing costs explained upfront
  • The refinance meets VA net tangible benefit expectations

Global lender vs local Louisville VA refinance support

Many VA loans are serviced by large national lenders. That does not make the loan bad, but it often creates call-center communication, slow follow-up, and one-size-fits-all advice. A local Louisville VA refinance specialist typically gives you clearer accountability and Kentucky market awareness from start to finish.

YouTube: what Louisville VA borrowers should watch for

A lot of VA refinance content online is generic. When you watch YouTube videos or short clips, focus on content that explains the program rules, lender overlays, and the break-even math. If a video only sells “low rates” without addressing total cost and net benefit, it is not trustworthy guidance.

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Louisville VA refinance FAQs

Do I need an appraisal for a VA Streamline (IRRRL)?

The VA does not require an appraisal for IRRRL in many cases, but some lenders add appraisal overlays. Your outcome depends on the lender’s requirements.

Can I refinance into a VA loan if I have FHA or conventional?

Yes. Eligible veterans can use the VA Cash-Out refinance to convert FHA or conventional into VA. Cash out is optional, but full underwriting and an appraisal are required.

Can closing costs be rolled into a VA refinance?

Often, yes. The structure depends on the program, loan terms, and lender rules. The key is confirming the final payment and the break-even timeline before moving forward.

Related Louisville and Kentucky VA refinance resources

Official VA refinance information

Ready for a Louisville VA refinance answer you can trust?

If refinancing does not clearly improve your financial position, I will tell you that upfront.

Call or Text 502-905-3708 Email Me Apply Online
Equal Housing Lender. NMLS licensing and program guidelines apply. Not a commitment to lend.

Overview of KHC Loan Programs for Kentucky Buyers

KHC Eligibility and Credit Standards Overview offers crucial guidelines. These guidelines are for Kentucky home buyers seeking assistance through Kentucky Housing Corporation KHC Loan Programs(KHC) loan programs


The KHC Eligibility and Credit Standards Overview offers crucial guidelines. These guidelines are for Kentucky home buyers seeking assistance through Kentucky Housing Corporation KHC Loan Programs(KHC) loan programs. Here’s a summary of key points from the image:

Kentucky khc Home Buyer Eligibility

  1. Available for first-time and repeat home buyers across Kentucky.
  2. Borrower must be a U.S. citizen or legal resident.
  3. Income eligibility is determined through the Secondary Market.
  4. The property must be the borrower’s primary residence.
  5. Borrowers cannot own any other residential property at the time of closing if using MRB Funding.
  6. Down Payment Assistance is available for borrowers who meet both income and purchase price limits.

Kentucky Housing Credit Standards

  1. Minimum Credit Score Requirements:
    • 620 for FHA, VA, and RHS loans.
    • 660 for Conventional loans.
  2. Debt-to-Income (DTI) Ratio: 50% maximum.
  3. Collection Accounts: Do not always need to be paid in full before loan approval.
  4. Bankruptcies and Foreclosures: Must be discharged for at least 2 to 7 years.
  5. Non-taxable income can be grossed up, which helps borrowers qualify for higher loan amounts.

Property Eligibility for khc loan programs

  1. Eligible properties include both new and existing homes.
  2. Manufactured homes are eligible for both new and existing purchases.
    • RHS loans only allow new construction for manufactured housing.
  3. Purchase price limit: HERE ➡️➡️for Secondary Market and MRB Loans.
  4. Full appraisals are required for all KHC loans.
  5. VA loans require a termite inspection for existing properties.
  6. New construction properties (except conventional loans) must have a termite soil treatment certificate.

KHC credit and income qualifying guidelines

  1. Flexible credit requirements: Borrowers with 620+ credit scores can qualify for FHA, VA, and RHS loans. On the other hand, Conventional loans require a 660+ credit score.
  2. Debt-to-income ratio of up to 50% allows flexibility for borrowers with higher debt obligations.
  3. Down Payment Assistance is available for those who meet income and price limits.
  4. Manufactured housing is eligible, but new construction requirements apply for RHS loans.
  5. Bankruptcy and foreclosure waiting periods range from 2-7 years, depending on the loan type.

Eligible KHC Mortgages

  • FHA, RHS, VA, HFA Preferred, HFA Preferred Plus 80, & Freddie HFA Advantage
  • Must be used with a KHC first mortgage

khc Eligibility Requirements

Summary of khc mortgage loan product

  1. DAP funds are only available to home buyers obtaining a KHC first mortgage.
  2. Offers affordable repayment terms (4.75% interest over 15 years).
  3. No home buyer education required, which simplifies the process.
  4. Can be used with various loan programs (FHA, VA, USDA, Conventional).
  5. Debt-to-income ratios up to 50% are allowed with AUS approval.

This program makes homeownership more accessible by providing down payment assistance without requiring extensive upfront savings. Would you like help determining eligibility or applying for KHC mortgage assistance? Let me know!


 Email – kentuckyloan@kentuckymortgage  

Call/Text – 502-905-3708

Joel Lobb
Mortgage Loan Officer – Expert on Kentucky Mortgage Loans


 Website: www.mylouisvillekentuckymortgage.com

 Address: 911 Barret Ave., Louisville, KY 40204

Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.

Kentucky VA Farm Loan Guidelines

Kentucky VA Farm Loan Guidelines


Farm Loans: Kentucky VA Home Loans Overview

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Kentucky VA Home Loans

Can You Buy a Farm in Kentucky With a VA Home Loan?

Yes, in many cases. The VA Home Loan benefit can be used to purchase a farm property in Kentucky when there is a residence on the land and the Veteran will live in that home as a primary residence. VA loans are for residential purposes and cannot be used to buy a business.

Kentucky eligibility rules Appraisal and acreage Farm income qualifying VA vs FHA vs USDA acreage Steps to get started FAQ

Kentucky eligibility rules for “farm” properties

  • There must be a residential dwelling on the land.
  • The Veteran must occupy the home as their primary residence.
  • The loan must be primarily for a residence, not for purchasing a business or commercial operation.
  • Properties that are primarily commercial farms (business-first) may not qualify.

Practical Kentucky example: A home on acreage in areas like Oldham County, Shelby County, Spencer County, Hardin County, or rural Warren County can be workable when comps support residential use and the home is the primary purpose of the purchase.

Appraisal, acreage, and outbuildings in Kentucky

  • VA does not set a maximum number of acres.
  • Acreage typically isn’t an issue if comparable sales in the area sold primarily for residential use.
  • Outbuildings and improvements like barns, sheds, corrals, stables, and pastures may be considered in value as residential-related improvements.
  • The VA valuation must not include livestock, crops, or farm equipment/supplies.

This is why “comps” matter in Kentucky: if the closest comparable sales are residential-with-acreage (not commercial ag sales), underwriting is usually more straightforward. :contentReference[oaicite:1]{index=1}

Using farm income to qualify

If some or all of the income needed to qualify comes from farming operations, the VA requires verification that the Veteran has the ability and experience to operate the farm. :contentReference[oaicite:2]{index=2}

  • Expect documentation similar to self-employment (history, consistency, and ability to continue).
  • We’ll focus on stable, documentable qualifying income—not one-time or speculative income.

VA vs FHA vs USDA acreage comparisons (Kentucky)

The real-world issue usually isn’t a hard acreage cap. It’s whether the property is primarily residential, whether comps support the value, and whether there are income-producing features that make the property look like a business purchase.

Program Does it have a strict acreage limit? What underwriters/appraisers care about Common Kentucky “deal killers”
VA No stated acre limit. Primary residence requirement, residential comps, no value for livestock/crops/equipment; residential-only valuation for farmland portion. Property is primarily a working commercial farm; comps are commercial ag sales; value tied to business assets. :contentReference[oaicite:3]{index=3}
FHA No universal acre cap; must be typical for the area and primarily residential. Residential highest-and-best use, marketability, and appraisal support; avoid properties that function like a commercial operation. Commercial ag use dominates; unique specialty improvements without residential market support.
USDA (Guaranteed) No specific site size/acreage limit, but it must be predominantly residential. Predominantly residential character; the property must not include buildings principally used for income-producing purposes. Income-producing land or facilities used primarily for ag/commercial enterprise; property fails rural eligibility mapping. :contentReference[oaicite:4]{index=4}
Quick Kentucky rule of thumb
Residential-first Comps must fit No business purchase Documentable income Clear occupancy plan

Steps to a VA home loan (including farm properties)

  1. Get your Certificate of Eligibility (COE). Lenders can typically retrieve this electronically.
  2. Get preapproved with a VA-experienced lender and connect with a Realtor.
  3. Choose a home and sign a purchase agreement that includes a VA financing contingency.
  4. Order the VA appraisal and clear final underwriting conditions for closing.

If you’re looking at acreage properties in Kentucky, send the listing early. The earlier we evaluate comps and “residential vs business” risk, the fewer surprises you’ll have later.

FAQ: Kentucky VA farm properties

Can a VA loan be used on a property with barns and stables?

Often, yes, if the property is primarily residential and the improvements contribute to residential market value. The VA valuation cannot include livestock, crops, or farm equipment. :contentReference[oaicite:5]{index=5}

Does VA cap acreage?

No stated acreage limit. The focus is on residential use and comparable sales support. :contentReference[oaicite:6]{index=6}

Can I use farm income to qualify?

Potentially, yes. VA requires documentation and verification of ability/experience as a farm operator when farming income is used to qualify. :contentReference[oaicite:7]{index=7}

What makes a farm property ineligible?

When it’s primarily a business purchase (commercial farm), or value depends on business assets like livestock, crops, or equipment.

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One-page guide

VA Farm Property Eligibility (Kentucky)

Use this checklist before writing an offer on acreage property.

Primary residence required Residential purpose only Acreage not capped
Must-haves
  • Home on the land
  • Veteran occupies as primary residence
  • Property is primarily residential
  • Comparable sales support residential-with-acreage value
What cannot be included in value
  • Livestock
  • Crops
  • Farm equipment or supplies
Often OK (when residential)
  • Barns, sheds, corrals, stables
  • Pastures and typical rural improvements
  • Farm income, if documentable and experience is verified
Common red flags
  • Commercial farm operation is the main purpose
  • Value relies on business assets
  • No good residential comps (only ag/commercial sales)
Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA • NMLS 57916
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