Kentucky VA Mortgage Requirements 2013


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Kentucky VA loans are designed specifically to provide home loans for eligible United States military veterans. In general,

Kentucky VA loans are available to almost all honorably discharged service members and active duty members.

Benefits of Kentucky VA Loans

For those that qualify,  Kentucky VA loans provide the opportunity to minimize costs and maximize benefits for veterans. Borrowers are able to save time and money, making the loan process easier than ever. Here are some of the advantages of Kentucky VA loans:

  • Requires no money down: With no up-front expenses, this is the most attractive advantage of Kentucky  VA loans. It is nearly impossible to find another lending option that provides borrowers with 100% financing.
  • No private mortgage insurance: The VA is responsible for guaranteeing VA loans; therefore no additional insurance is needed.
  • VA limits amount of closing costs: The seller is allowed to pay all of your closing costs and concessions up to 6% of the loan amount.
  • No Pre-Pay penalties: You have the option to refinance or sell your home at any time without having to pay a fee.
  • Assumable mortgage
Eligibility For Kentucky  VA Loans

Veterans are not automatically qualified to receive a VA Loan. In order to become eligible to receive a VA loan you must first apply for a Certificate of Eligibility (VA Form 26-1880). This can be obtained by applying online at the Department of Veterans Affairs website (http://vip.vba.va.gov) or through your lender.

There are further guidelines used to determine eligibility. If you fall under one of the following requirements you are eligible for a VA loan:

  • Active-Duty veterans who served a minimum of 90 consecutive days in wartime
  • Active-Duty veterans who were discharged during or after WWII, without “dishonorable” status
  • Peacetime veterans who served 181 consecutive days
  • Enlisted veterans with service dates after 1980, or officers with service dates after 1981, who have served at least 2 years
  • Served 6 years in the Selected Reserves or National Guard
  • Spouse of a deceased veteran (with a service-related death) and has not remarried, or a spouse of a serviceperson missing in action or prisoner of war

Eligibility may also be established for citizens who:

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Uses For VA Loans  in Kentucky

VA loans can be used to purchase a home, townhouse or condominium, build a home, make energy efficient home improvements, purchase land/lot for a manufactured home, or refinance a previous home loan.

VA Jumbo Home Loan

The VA guarantees a maximum of 25% of your home loan with a standard loan limit of $417,000. What if the house you want costs more than the limit?

For veterans who qualify, the VA offers a VA Jumbo Home Loan. The maximum guaranty amount depends on the location of the property. The potential loan maximum for all locations in the U.S. other than Alaska, Hawaii, Guam, and the U.S. Virgin Islands is $1,094, 625. In Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the potential loan maximum is $1,641,937.50. VA Jumbo Home Loans offer the same benefits as standard VA loans; however, the qualifying standards for VA Jumbo Home Loans are generally stricter. Unlike standard VA loans, VA Jumbo Home loans have credit score restrictions and require a down payment. Borrowers are also required to pay the funding fee upfront without the option of having it rolled into the loan.

Unmarried Survivng Spouses

In order for the spouse to be eligible, the veteran must have died due to being in active duty or later from service-connected causes. If the surviving spouse gets remarried on or after age 57 they are still eligible for the benefits. Also, if the veteran is a POW or MIA the spouse can be eligible but it is a one-time only use. If the spouse qualifies, there is a form attached that needs to be mailed or faxed into the VA to obtain the certificate of eligibility. We cannot obtain the certificate of eligibility for the spouse. Please have them call 888-244-6711 for details on how to submit the form to the VA.

Entitlement

Loan $144,000 or less entitlement is $36,000.
For loans in excess of $144,000 additional entitlement may be available. For loans greater than $144,000 but less than $417,000 the max entitlement is $104,250 but even though the veteran may have this additional entitlement the COE will never reflect the extra entitlement. There will be an asterisk by the word “available” and that is how you tell the extra entitlement.


 

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

 

Author: Louisville Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

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. Customer Testimonials 😍😍😍 We just moved here the first of January in 2017 from Ohio to the Louisville, KY area and we found Joel's website online. He was quick to respond to us and got back the same day on our loan approval. He was very knowledgeable about the local market and kept us up-to date throughout the loan process and was a pleasure to meet at closing. Would recommend his services. Angela Forsythe "We were searching online for mortgage companies in Louisville, Ky locally to deal with and found Joel's website, and it was a godsend. He was great to work with, and delivered on everything he said he would do. I ended up referring my co-worker at UPS, and she was very pleased with his service and rates too. Would definitely vouch for him." September 2016 Monica Leinhardt "We contacted Joel back in July 2011 to refinance our Mortgage and he was great to work with. We contacted several lenders locally and online, and most where taking almost 60 days to close a refinance, Joel got it done in 23 days start to finish,I would definetly recommmend him. He got us 3.75% with just $900 in closing costs on our FHA Streamline loan. Kayle Griffin “Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010 Tim Beck “Joel has always worked very hard to keep his word and to work out seasonable solutions to difficult problems. He is truly an expert in FHA and other type loans.” September 1, 2010 Nancy Nalley “I have worked with Joel since 1998. He is a great loan professional.” I refer most of my Louisville, Kentucky area home buyers to him and he always take special care of them. August 23, 2012 Jon ClarK “Joel Lobb is a real professional in the lending industry, with many years of experience, he is the one to go to for any mortgage lending needs.” August 22, 2011 RICHARD VOLZ , Residential Sales , Remax Foursquare Realty “When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say's they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010 Stacie Drake "We first use Joel on our new home purchase in 2007 in St Matthews, Kentucky area and he was great to work with. We have since refinanced our home with him in 2010 when rates got really low and he has always delivered on what he says. I could not imagine using anyone else." Melody Glasscock March 2014 Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn't expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS. Cee Bellisle August 2017 Contacted him about buying a home and he was great to work with. I was moving to Louisville Ky to take a new job and he walked me through the entire process. He explained to me all the different options for FHA, VA, USDA mortgage loans and credit score requirements versus Fannie Mae. Since I was a first time home buyer I needed alot of help and guidance. I would definitely recommend him. Fast to respond and available to answer questions that I or my realtor had after hours. Anderson Johnson April 2018 Wow, what a great loan officer. I was referred to him by our agent and he was great to work with. We used him for a USDA no money down loan in Shelby County and we were really impressed. We were afraid we could not buy a home since we did not have money saved for a down payment, but Joe l was able to get us a zero down loan and we even got our appraisal fee and good faith deposit back at closing. We actually got money back at closing!!! I Can't think him enough. Our family moved from our apartment in the south end of town to get our own home with 5 acres for our kids and 2 dogs, at a payment that is equal to our rent payment also. .Thanks Again Joel. May god bless you Patty Locker We contacted Joel about buying a house on our move from Ohio for my husband's job transfer with Ford. We put a lot of trust in him since we were new to the area and first time home buyers in the Louisville KY market, and he always delivered on what he said. It took us a while to find a home due to the lack of homes, but once we got one, he was always quick to respond our questions via text or email ,and kept us informed through the process. We got to meet him at the closing and he was super nice and even got us a closing gift for our home which we didn't expect at all. Super nice guy 😀!!! I would definitely recommend him for a local Home loan in the Louisville area. pam dolby I got a VA loan with Joel and he was great. He is an ex-army guy so he could relate to my past experiences of being a veteran and moving around the country a lot. I had some credit issues that required a little extra work but Joel was able to find A VA lender to approve my situation as far as having past bad credit problems and a lower credit score. We closed yesterday on our home here in Louisville and we could not be happier. We finally have a home of our own thanks to Joel . I would definitely recommend him for a mortgage loan. Great experience and closed 8 days before expected close date so we were able to move in early. larry summit I contacted Joel about the $10,000 KY Housing Grant last month and we were able to get it and I just closed on my home. He was great to work with and if you are a first time home buyer here in Louisville, I would definitely contact him. I met him at his office and he was very nice and knowledgeable and kept me informed through the process. No surprises either so I was very happy. I am new homeowner thanks to Joel . Joel Lobb Senior Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com http://www.mylouisvillekentuckymortgage.com/ Company ID #1364 | MB73346E This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. http://www.nmlsconsumeraccess.org/ Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. NMLS#57916 http://www.nmlsconsumeraccess.org/ . The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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