How to Apply for a Kentucky VA Loan


via How to Apply for a Kentucky VA Loan

 

5 Easy Steps To A Kentucky VA Loan

Apply for a Certificate of Eligibility.

A veteran who doesn’t have a certificate can obtain one easily by making application on VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement, to the local VA office.

Decide on a home you want to buy and sign a purchase agreement.

Order an appraisal from VA. (Usually this is done by the lender).

Most VA regional offices offer a “speed-up” telephone appraisal system. Call the regional VA office for details. See also How To Get a VA Loan.

Apply to a mortgage lender for the loan.

While the appraisal is being done, the lender (mortgage company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised valuedetermination, the loan can be approved and closed without waiting for VA’s review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.

Close the loan and move in.41708199_2217996045114382_5135852507360133120_n

Advertisements

Debt-to-Income Ratio for Kentucky Mortgage Loans:


via Debt-to-Income Ratio for Kentucky Mortgage Loans:

 

How Much Debt Do You Currently Have?

It only makes sense that the more debt you have the riskier the loan is for the lender. There is a finite amount of income in all of our households and it all gets allocated every month. Lenders use a “debt-to-income” ratio to determine how qualified you are for the loan based on how much debt you already have.

debt_to_income_ratioYour Debt to Income Ratio (DTI) is the percentage of your incomethat you owe in debt on a monthly basis. For example, if you make $5,000 per month, and have debt payments (car loans, credit cards, student loans, etc.) of $2,000, your DTI ratio is 40%. The higher this ratio is, the less likely you will be to qualify for a low interest rate.

Conventional loans typically have a qualifying ratio of 28/36. FHA loans will sometimes allow for a higher debt load of 29/41 qualifying ratio.

The first number in a qualifying ratio is the maximum percentage of your gross monthly income that can be applied to your mortgage. That includes the loan principal and interestprivate mortgage insuranceproperty taxeshomeowners insurance, and homeowner’s association dues.

The second number is the maximum percentage of your gross monthly income that can be applied to housing expenses and recurring debt. Recurring debt includes monthly payments for carsboatsmotorcycleschild support payments and monthly credit card payments.

 Example:  of a 28/36 qualifying ratio:

Gross monthly income of $5,000 x .28 = $1400 can be applied to housing.

Gross monthly income of $5,000 x .36 = $1,800 can be applied to recurring debt plus housing expenses

Example: of a 29/41 qualifying ratio:

Gross monthly income of $5,000 x .29 = $1,450 can be applied to housing.

Gross monthly income of $5,000 x .41 = $2,050 can be applied to recurring debt plus housing expenses

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. 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.

Louisville Ky VA Loans


via Louisville Ky VA Loans

Guide to Kentucky VA LoansGuidelines

 

Kentucky USDA Mortgage Upfront Guarantee Fee and the monthly mortgage insurance Annual fee


via Kentucky USDA Mortgage Upfront Guarantee Fee and the monthly mortgage insurance Annual fee

 

Kentucky Rural Housing Loans for 2018

USDA home loans in Kentucky are also known as the Rural Development Loan or RHS Loans. It is one of the best options for homebuyers that are currently looking for a home outside the urban areas of Lexington, Louisville, Bowling Green and Northern Kentucky that requires No Money Down.
Another major advantage of this home loan is it’s fixed interest rate.  The fixed interest rate insulate buyers from interest rate fluctuations. You’ll have the same monthly loan repayment throughout the life of your loan.
100 percent Financing Kentucky USDA Rural Development Loans will allow you to roll up some of your closing cost into your monthly mortgage. While it is impossible to avoid closing costs of the home purchase, it is possible to have the seller pay for some of these cost and or arranged for them to be added to your total loan with minimal impact on your monthly payments.

Eligibility for Kentucky USDA Loans

When applying for eligibility for 100% USDA loans, There are six factors taken into account:
  • Loan income restrictions Most household income limits are set between $78k for a family of four, and up to $103k for a family of five or more see map >>>>>http://www.rd.usda.gov/files/RD-GRHLimitMap.pdf
  • Credit score  You have three credit scores, they throw and the high and low score and take the middle score of each of the three main credit bureaus, experian, equifax, and transunion.Most lenders will want a 640 middle credit score due to the fact that GUS(Guaranteed Underwriting System) will not give you an automated approval upfront if the middle score is below the 640 threshold. You may get a refer eligible on the initial pre-approval but a lot of lenders will not honor a refer eligible USDA file.
  • Property Ownership (Do you own other Property) In most cases, USDA will not allow you to use their program to purchase another home if you already have a home in your name. In some extreme cases, they will waive this if certain exceptions are met. You can call or email me for more details on this matter. The USDA loans are only available for single family primary residences. No rental homes or working farms are allowed on the USDA Home Loan Program
  • Residential Location (USDA Eligibility:  to checkk click here ) Is the property located in a Eligible area. See link above for eligibility boundaries for counties in Kentucky
  • Debt to Income Ratios: If your credit score is above 640, GUS will typically limit your backend ratio to 45% of your total gross income. The front end ratio, or the housing ratio, usually is centered around 30% to 35% range, with compensating factors such as assets or money in bank to cover your new house payment, disposable income, high credit scores, and no rent payment shock. Rent payment shock is where your new house payment is much larger than your current rent payment. This only comes into play on lower credit scores.
  • Assets  I have noticed that with 3 or 4 months reserves you can typically get a loan approved with lower credit scores with payment shock on the new loan. Additionally, if you have access to 20% down payment in your checking or savings account, they will make you use your own money. If the money is in a 401k or other tax deferred savings accounts this will not factor in and you can use the USDA loan program.
  • I can explain this more in detail if you want to call or email me.

 

 

Joel Lobb Senior  Loan Officer

American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3
Louisville, KY 40223
 Fax:     (502) 327-9119
Company ID #1364 | MB73346E
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.

 

 

 

 

What are the property requirements for a USDA Rural Housing Loan in Kentucky?


via What are the property requirements for a USDA Rural Housing Loan in Kentucky?

 

 

Kentucky VA Mortgage Frequently Asked Questions


via Kentucky VA Mortgage Frequently Asked Questions