Tag: VA MORTGAGE APPROVAL KY

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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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 VA Home Loans for 2021


 

Kentucky VA Home Loans for 2021

 

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  •  No down payment in most cases for purchase loans (up-front money toward your home purchase), and easier borrower credit requirements.
  •  No monthly mortgage insurance premiums or private mortgage insurance (PMI).
  •  Lower homebuyer closing costs, and limits to what borrowers can be charged.
  •  The opportunity to roll your “VA funding fee” into your mortgage.
  • The ability to refinance a non-VA loan into the VA mortgage program.
  •  The opportunity to: ask a home seller to contribute up to 4 percent of the mortgage amount to cover some of the closing costs; ask your lender to cover some of the closing costs; seek closing cost assistance through state homebuying programs created for veterans and first-time buyers.
  • The right to become a VA borrower for life. In most cases you can use VA mortgage programs forever, and sometimes you can have more than one VA loan.
  •  Eligibility of financing for spouses of service-members who died in the line of duty or from a service-related disability.

You can review all types of Kentucky VA Home Loans here, including purchase mortgages, refinance mortgages (called Interest Rate Reduction Refinance Loans or IRRRLs), and cash-out refinance loans.

To qualify for a Kentucky VA Home Loan, usually a military veteran or service-member must have 90 consecutive days of active service during wartime, or 181 straight days of service during peacetime, or six years in the national guard or reserves of a particular military branch. You can find out if you’re eligible here.

Kentucky  VA mortgage comes with an additional closing cost called a “VA funding fee” of between 1.4 to 3.6 percent on the amount borrowed (depending on your circumstance). This special fee that non-VA borrowers never have to pay helps partially fund the “government backed” part of the VA borrower program, and many VA borrowers can roll it into their mortgage.

 

VA Loan Quick Facts

0% Down
Minimum Down Payment
620 Credit
Minimum Credit Score
41% DTI
Max Debt-to-Income Ratio
 
 

What is a VA Loan?

VA Loans are designed to assist veterans purchase a home. Active duty military and veterans across the nation will enjoy the desirable loan terms and low interest rates that often come with a VA loan. Additional benefits like no down payment requirement help make home buying an affordable and cost-effective reality for those who have served and continue to serve our country.

What are the benefits of a VA Loan?

VA Loan benefits and features:

  • Zero down payment
  • Buyers may finance the funding fee into the loan
  • Closing costs may be covered
  • Buyers may use gifts and seller contributions to cover closing costs

Who may benefit from a VA Loan?

A VA Loan may the right fit for you if:

  • You’re an eligible veteran or active-duty military
  • You’re buying a first home or are a repeat homebuyer

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