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Kentucky VA Loan Credit Score Requirements


via Kentucky VA Loan Credit Score Requirements

 

Louisville Kentucky VA Home Loans Frequently Asked Questions

Frequently Asked Questions

  1. What is a COE? Where can I get one?
  2. COE stands for Certificate of Eligibility. This certificate proves that you are a veteran and, therefore, eligible for a VA-guaranteed home loan. Mortgage companies that work with AllMilitary can get a COE for you during the loan process.
  3. How do interest rates fluctuate?

    Interest rates can change daily, sometimes even a couple times a day. They are based on the 30-year mortgage bond and many other market factors. Credit, employment status, loan program and many other factors can also affect interest rates.

  4. Why should I use my VA home loan benefit?

    The VA loan program helps active duty and retired military personnel purchase homes. The VA will guarantee 100% financing on a home at a competitive rate, without you having to pay mortgage insurance. The VA also limits the types of fees that can be charged, protecting you against predatory lending.

  5. What is a funding fee? Do I have to pay for this?

    The VA funding fee is a fee added to loans. The Department of Veterans Affairs uses these fees to help fund its VA loan program. The first time you use a VA loan, the funding fee will be 2.15% of the loan amount. For each subsequent use, the funding fee will be 3.3%. You will be required to pay it, unless you have a service-related disability of 10% or greater, in which case the funding fee is waived.

  6. What does a VA lender need from me to see if I qualify for a loan?

    A VA lender will want to know your income and debts, and your social security number so that your credit history can be checked. After you supply this information to a lender, it will contact you in a few hours to let you know if you are eligible for a VA loan.

  7. What are the benefits of a VA loan?

    A VA loan offers 100% financing with no mortgage insurance fees. The loan is assumable, and you are eligible for streamlined refinancing if rates go down. A VA loan also offers great rates and is less strict on credit than most conventional loans.

  8. Can I get an interest-only loan?

    Interest-only options are unvailable with VA loans. However, many VA-approved lenders offer interest-only conventional loans.

  9. Can I purchase only land with a VA loan?

    No, VA loans are for home purchases and new home construction. The VA will not approve a loan that is only for land. However, you may use a VA loan to purchase a lot for a manufactured home.

  10. May I use my VA eligibility more than once?

    Yes, but in most cases you can only hold one VA loan at a time. After the first home loan is paid in full, your eligibility will be restored for another loan.

  11. What is the funding fee for a second VA loan?

    The funding fee is 3.3 %. But with a 5% down payment, the funding fee drops to 1.5%.

  12. How important is my credit score to the VA?

    The VA does not emphasize credit scores as much as conventional lenders. However, it does looks for a clear credit history in the borrower’s previous 12 months.

  13. Can a family member use their grandparent’s or parent’s eligibility to qualify for a VA loan?

    No, only a veteran or the surviving spouse of a veteran killed during active duty is eligible for VA loan benefits. Active duty servicemembers also are eligible if the home they are purchasing will be a permanent residence and they are within 60 days of moving in.

  14. Can I use a co-borrower to help get approval?

    VA guidelines only allow a spouse as a co-borrower. However, many VA-approved lenders offer conventional financing, which may be more suitable if a co-borrower other than a spouse is needed to secure a loan.

  15. May my spouse co-sign so that I can get a larger VA loan?

    Your spouse may co-sign in order to help you qualify for a VA loan. However, your spouse’s liabilities, in addition to your spouse’s income, will be considered when determining eligibility and loan amount.

  16. Can I have two VA loans at once?

    No. You can have only one VA loan at a time, and it must be used for a home that is your primary residence. After you pay off that loan, you are eligible for another VA loan.

  17. Does it cost anything to prequalify for a VA loan?

    No, it does not. The VA loan specialists that work with VAJoe do not charge prequalification fees.

  18. What are the differences between VA loans and a conventional loans?

    The main differences are that VA loans are guaranteed by the Veterans Administration, they require no money down, and they usually are easier to qualify for than conventional loans.

  19. Are VA loan rates the same as conventional rates? Better? Worse?

    Some days VA rates are better, some days they are worse. It depends on many market factors. However, VA loan rates are always close to conventional rates.

  20. Does my credit score affect my VA loan rate?

    No. Your credit score has no impact on VA loan rates. It can affect rates for a conventional loan.

  21. If I filed bankruptcy, can I still get a VA loan? How long must I wait after filing?

    Yes, you are still eligible for a VA loan. You must be at least one year out of Chapter 13 bankruptcy or two years out of Chapter 7. You also must have no late payments in the year leading up to applying for the loan.

  22. Can a friend co-sign my VA loan?

    Only spouses can co-sign on VA loans. However, other loans, such as conventional home loans and FHA loans, may allow a friend to co-sign.

  23. As a veteran, will my VA loan entitlement ever expire?

    Your entitlement never expires. However, your Certificate of Eligibility may need to be renewed if it is older than 12 months.

  24. How much can I borrow with a VA home loan?

    You may be able to borrow enough to cover 100% of your home purchase and could qualify for up to a $417,000 loan. In Alaska and Hawaii, the loan guarantee limit is $625,000. On a refinance you can borrow up to 90% of the appraised value of your home.

  25. May I use a VA loan to invest in real estate?

    A VA loan may only be used for a home that you intend to live in as your primary residence.

  26. Are VA loans provided by the U.S. government?

    The Department of Veterans Affairs does not actually loan the money for VA loans. It insures loans that VA-approved lenders provide, which allows borrowers to get loan amounts for 100% of the appraised value of a home.

  27. What is an adjustable-rate VA loan?

    An adjustable-rate loan starts off at a slightly lower interest rate than a fixed-rate loan. Most often it stays at this rate for three, five or seven years. After that, the interest rate changes every year to the current interest rate.

  28. What is a fixed-rate VA loan?

    A fixed-rate loan has an interest rate that stays the same. The interest rate at the time the loan is finalized is the interest rate for the life of the loan.

  29. Do I need a down payment with a VA loan?

    A VA loan covers 100% of the value of a home, so a down payment is not required. However, you have to pay any closing costs. But the seller can pay these closing costs for you up to an amount that equals 6% of the home’s value. This usually is more than enough to cover closing costs, so you can move into a home with no money out of pocket.

  30. May I use a VA loan for a vacation home?

    No, a VA loan can only be for your primary residence.

  31. If I am on active duty, can I get a VA loan?

    Yes, if the home will be your permanent residence and you are within 60 days of moving in.

  32. My realtor has implied that VA appraisers do poor work. Is this true?

    No. VA appraisers protect buyers. VA loans are government-backed, so VA appraisers need to make sure homes meet government safety and quality guidelines

 

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2019 Kentucky BAH (Basic Allowance Housing) Rates


VA-Loan-Border

via 2019 Kentucky BAH (Basic Allowance Housing) Rates

 

  • See the 2019 Basic Allowance for Housing rates update here.

    MHA: KY106 – Military Housing Area Name: FORT CAMPBELL, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,242 $999
    E02 $1,242 $999
    E03 $1,242 $999
    E04 $1,242 $999
    E05 $1,263 $1,137
    E06 $1,401 $1,218
    E07 $1,569 $1,245
    E08 $1,752 $1,314
    E09 $1,899 $1,425
    W01 $1,413 $1,242
    W02 $1,647 $1,290
    W03 $1,872 $1,428
    W04 $1,911 $1,440
    W05 $1,959 $1,602
    O01E $1,605 $1,263
    O02E $1,833 $1,374
    O03E $1,917 $1,437
    O01 $1,281 $1,215
    O02 $1,398 $1,257
    O03 $1,860 $1,431
    O04 $1,971 $1,578
    O05 $2,046 $1,683
    O06 $2,067 $1,857
    O07 $2,082 $1,902

    MHA: KY107 – Military Housing Area Name: LEXINGTON, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,119 $852
    E02 $1,119 $852
    E03 $1,119 $852
    E04 $1,119 $852
    E05 $1,197 $969
    E06 $1,461 $1,092
    E07 $1,473 $1,122
    E08 $1,482 $1,251
    E09 $1,569 $1,329
    W01 $1,470 $1,104
    W02 $1,479 $1,248
    W03 $1,491 $1,338
    W04 $1,605 $1,458
    W05 $1,752 $1,464
    O01E $1,476 $1,197
    O02E $1,485 $1,311
    O03E $1,623 $1,452
    O01 $1,230 $1,038
    O02 $1,458 $1,170
    O03 $1,488 $1,362
    O04 $1,803 $1,461
    O05 $2,043 $1,533
    O06 $2,061 $1,545
    O07 $2,076 $1,557

    MHA: KY109 – Military Housing Area Name: LOUISVILLE, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,377 $1,053
    E02 $1,377 $1,053
    E03 $1,377 $1,053
    E04 $1,377 $1,053
    E05 $1,491 $1,182
    E06 $1,713 $1,281
    E07 $1,728 $1,380
    E08 $1,743 $1,539
    E09 $1,824 $1,602
    W01 $1,722 $1,341
    W02 $1,737 $1,536
    W03 $1,758 $1,611
    W04 $1,851 $1,713
    W05 $1,962 $1,722
    O01E $1,731 $1,491
    O02E $1,749 $1,587
    O03E $1,866 $1,704
    O01 $1,521 $1,257
    O02 $1,710 $1,452
    O03 $1,755 $1,629
    O04 $2,001 $1,719
    O05 $2,184 $1,725
    O06 $2,202 $1,740
    O07 $2,220 $1,782

    MHA: KY110 – Military Housing Area Name: FORT KNOX, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $843 $651
    E02 $843 $651
    E03 $843 $651
    E04 $843 $651
    E05 $894 $735
    E06 $1,119 $837
    E07 $1,215 $912
    E08 $1,314 $987
    E09 $1,437 $1,077
    W01 $1,131 $849
    W02 $1,257 $942
    W03 $1,383 $1,080
    W04 $1,461 $1,140
    W05 $1,551 $1,230
    O01E $1,233 $924
    O02E $1,359 $1,020
    O03E $1,473 $1,113
    O01 $924 $786
    O02 $1,116 $915
    O03 $1,377 $1,083
    O04 $1,581 $1,215
    O05 $1,728 $1,296
    O06 $1,743 $1,368
    O07 $1,755 $1,401

    MHA: KY339 – Military Housing Area Name: FRANKFORT, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $891 $684
    E02 $891 $684
    E03 $891 $684
    E04 $891 $684
    E05 $942 $780
    E06 $1,053 $843
    E07 $1,140 $891
    E08 $1,239 $966
    E09 $1,356 $1,017
    W01 $1,062 $882
    W02 $1,182 $963
    W03 $1,305 $1,020
    W04 $1,374 $1,071
    W05 $1,455 $1,155
    O01E $1,158 $942
    O02E $1,284 $990
    O03E $1,386 $1,044
    O01 $957 $837
    O02 $1,050 $927
    O03 $1,299 $1,023
    O04 $1,485 $1,143
    O05 $1,617 $1,212
    O06 $1,629 $1,290
    O07 $1,641 $1,323

    MHA: KY430 – Military Housing Area Name: PADUCAH, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $948 $735
    E02 $948 $735
    E03 $948 $735
    E04 $948 $735
    E05 $1,023 $819
    E06 $1,254 $939
    E07 $1,323 $993
    E08 $1,392 $1,071
    E09 $1,485 $1,137
    W01 $1,266 $951
    W02 $1,353 $1,068
    W03 $1,443 $1,149
    W04 $1,503 $1,269
    W05 $1,572 $1,332
    O01E $1,335 $1,023
    O02E $1,425 $1,125
    O03E $1,512 $1,248
    O01 $1,053 $867
    O02 $1,251 $999
    O03 $1,437 $1,170
    O04 $1,596 $1,320
    O05 $1,707 $1,359
    O06 $1,722 $1,428
    O07 $1,734 $1,464

    About half the U.S. Counties (about 1,500) have little to no military population. While half the zip codes is significant, less than two percent of service members that are eligible for Basic Allowance for Housing (BAH) are within these counties. In order to account for these service members there are approximately 30 separate County Cost Groups (CCGs) assigned, each with similar housing costs. Use the BAH Calculator to enter your zip code to determine your Military Housing Area (MHA) aka County Cost Group. They range from ZZ530 to ZZ890 in increments of 10.

    Military bases in Kentucky (not a complete list):

    • Fort Campbell, Hopkinsville, Kentucky
    • Fort Knox, Hardin, Kentucky

    BAH rates listed are for all branches of the military; Air Force, Army, Coast Guard, Marines, Navy and Reserves forces, where applicable.

    Read more: https://militarybenefits.info/bah-rates-state/kentucky/#ixzz53FBXIkEB

Louisville Kentucky VA Approved Condos

BAHd are for all branch’s of the military; Air Force, Army, Coast Guard, Marines, Navy and Reserves forces, where applicable.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
Text or Call 502-905-3708 cell
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/


This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.
All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines

2019 Kentucky BAH (Basic Allowance Housing) Rates

 

 

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Repair Escrows for Kentucky USDA, FHA, VA, Fannie Mae Home loans

Repair Escrows for Kentucky USDA, FHA, VA, Fannie Mae Home loans


via Repair Escrows for Kentucky USDA, FHA, VA, Fannie Mae Home loans

Maximum Repair Escrow Amounts for Kentucky Mortgages: 

Kentucky Fannie Mae Loans:
The cost of completing improvements must not represent more than 10% of the “as completed” appraised value of the property.

Kentukcy FHA Loans:
There is no maximum amount to be held in escrow for the cost of repairs required by appraiser.

Kentucky FHA Loans: (HUD REO):
The maximum limit of cost of repairs for escrow holdback is $10,000, plus $1,000 contingency included in the loan amount.

Kentukcy VA Loans:
There is no maximum amount to be held in escrow for the cost of repairs required by appraiser.

Kentucky USDA Loans:
The maximum amount to be held in escrow for repairs required by appraiser cannot exceed $5,000.

 

American homeownership tenure is climbing


Americans are remaining in their homes longer than ever before, and recent data indicates that homeownership tenure has risen 10% just from 2017. But why are homeowners staying put and what does that mean for the housing market’s future?

Source: American homeownership tenure is climbing