Louisville Kentucky VA Mortgage and home loan Program Quick Reference


VA Program Quick Reference Terms 15 & 30 Year Fixed

Loan Amount Max Purchase = $1,500,000 max Refinance = limited to the max LTV of the property value on the appraisal

. To calculate max loan amount (and guaranty), visit http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf

Max LTV/CLTV Purchase & IRRRL = 100%/100% Cash-Out Refinance = 90%/90% (based on appraised value)

Min. Credit Score 620 up to $417,000, 640 for Interest Rate Reduction Refis 720 for $417,000-$650,000 740 for loan amounts > $650,000 Borrower Eligibility Veterans who served on active duty after 9/15/40 and who were honorably discharged /released from active duty.

Occupancy Owner occupied by veteran and/or spouse. Ratios 29%/41% – ratios may be exceeded with acceptable AUS and underwriter’s approval. Transaction Types Purchase, Interest Rate Reduction Refinance & Cash-Out Refinance Income Documentation Full/Alt Residual Income Refer to Residual Income Table in VA Guidelines for specific requirement, Chapter VII. Assets Less than or = $417,000 None required $417,000 – $650,000 6 months PITI Greater than $650,000 12 months PITI Property Types SFR, 2-4 units, PUDs & VA-approved Condos Appraisal IRRRL: 2055 or full appraisal by VA-approved appraiser Purchase & Cash-Out: Full appraisal by VA-approved appraiser Loan amounts > $650,000: Require full appraisal by VA-approved appraiser and field review

. Energy Efficient Mortgage Up to $6,000 of the loan proceeds may be used to reimburse the veteran for the cost of energy efficient improvements. Funding Fees Refer to the Funding Fee Table in VA Guidelines, Chapter XII. Seller Concessions Limited to 4% maximum

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Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

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