Kentucky VA Home Loans, Zero Down


 

Source: Kentucky VA Home Loans, Zero Down

 

 

2017 Kentucky VA LOAN LIMITS


December 6, 2016   2017 KENTUCKY VA LOAN LIMITS VA has announced loan limit changes for the year 2017. The base limit will be increased to $424,100 for 2017 for all Kentucky VA Home Loans.  This li…

Source: 2017 Kentucky VA LOAN LIMITS

 

GOOD NEWS!  In Circular 26-16-36, VA has announced loan limit changes for the year 2017. The base limit will be increased to $424,100 for 2017.  This limit applies to the loan amount for VA loans with no down payment and with full entitlement.
These new loan limits will be effective for loans closing on or after January 1, 2017.
We will be accepting locks at the higher limits beginning December 12, 2016, but cannot close until January 1, 2017.
Revised Loan limits (for counties in excess of $424,100) by county/state for 2017 can be found online at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2017_HERA-BASED_FINAL.PDF
In addition, for comparison, the prior year limits (for counties previously in excess of $417,000) are available at: http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2016_HERA-BASED_FINAL.pdf

 

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