Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016


 

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Source: Kentucky $15,000 Down payment Assistance Grant For Kentucky Home Buyers in 2016

 

 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)
 
 Fax:     (502) 327-9119
 
 

 

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

 

 

Kentucky VA Loan Limits for 2013


KENTUCKY KENTUCKY VA Limits

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Kentucky VA Loan Limits for 2013

County Name

Single Family Home
($0 DOWN AND UP TO)

Maximum Guaranty
VA Loan Refinance

ADAIR

$417,000.00

$1,000,000

ALLEN

$417,000.00

$1,000,000

ANDERSON

$417,000.00

$1,000,000

BALLARD

$417,000.00

$1,000,000

BARREN

$417,000.00

$1,000,000

BATH

$417,000.00

$1,000,000

BELL

$417,000.00

$1,000,000

BOONE

$417,000.00

$1,000,000

BOURBON

$417,000.00

$1,000,000

BOYD

$417,000.00

$1,000,000

BOYLE

$417,000.00

$1,000,000

BRACKEN

$417,000.00

$1,000,000

BREATHITT

$417,000.00

$1,000,000

BRECKINRIDGE

$417,000.00

$1,000,000

BULLITT

$417,000.00

$1,000,000

BUTLER

$417,000.00

$1,000,000

CALDWELL

$417,000.00

$1,000,000

CALLOWAY

$417,000.00

$1,000,000

CAMPBELL

$417,000.00

$1,000,000

CARLISLE

$417,000.00

$1,000,000

CARROLL

$417,000.00

$1,000,000

CARTER

$417,000.00

$1,000,000

CASEY

$417,000.00

$1,000,000

CHRISTIAN

$417,000.00

$1,000,000

CLARK

$417,000.00

$1,000,000

CLAY

$417,000.00

$1,000,000

CLINTON

$417,000.00

$1,000,000

CRITTENDEN

$417,000.00

$1,000,000

CUMBERLAND

$417,000.00

$1,000,000

DAVIESS

$417,000.00

$1,000,000

EDMONSON

$417,000.00

$1,000,000

ELLIOTT

$417,000.00

$1,000,000

ESTILL

$417,000.00

$1,000,000

FAYETTE

$417,000.00

$1,000,000

FLEMING

$417,000.00

$1,000,000

FLOYD

$417,000.00

$1,000,000

FRANKLIN

$417,000.00

$1,000,000

FULTON

$417,000.00

$1,000,000

GALLATIN

$417,000.00

$1,000,000

GARRARD

$417,000.00

$1,000,000

GRANT

$417,000.00

$1,000,000

GRAVES

$417,000.00

$1,000,000

GRAYSON

$417,000.00

$1,000,000

GREEN

$417,000.00

$1,000,000

GREENUP

$417,000.00

$1,000,000

HANCOCK

$417,000.00

$1,000,000

HARDIN

$417,000.00

$1,000,000

HARLAN

$417,000.00

$1,000,000

HARRISON

$417,000.00

$1,000,000

HART

$417,000.00

$1,000,000

HENDERSON

$417,000.00

$1,000,000

HENRY

$417,000.00

$1,000,000

HICKMAN

$417,000.00

$1,000,000

HOPKINS

$417,000.00

$1,000,000

JACKSON

$417,000.00

$1,000,000

JEFFERSON

$417,000.00

$1,000,000

JESSAMINE

$417,000.00

$1,000,000

JOHNSON

$417,000.00

$1,000,000

KENTON

$417,000.00

$1,000,000

KNOTT

$417,000.00

$1,000,000

KNOX

$417,000.00

$1,000,000

LARUE

$417,000.00

$1,000,000

LAUREL

$417,000.00

$1,000,000

LAWRENCE

$417,000.00

$1,000,000

LEE

$417,000.00

$1,000,000

LESLIE

$417,000.00

$1,000,000

LETCHER

$417,000.00

$1,000,000

LEWIS

$417,000.00

$1,000,000

LINCOLN

$417,000.00

$1,000,000

LIVINGSTON

$417,000.00

$1,000,000

LOGAN

$417,000.00

$1,000,000

LYON

$417,000.00

$1,000,000

MADISON

$417,000.00

$1,000,000

MAGOFFIN

$417,000.00

$1,000,000

MARION

$417,000.00

$1,000,000

MARSHALL

$417,000.00

$1,000,000

MARTIN

$417,000.00

$1,000,000

MASON

$417,000.00

$1,000,000

MCCRACKEN

$417,000.00

$1,000,000

MCCREARY

$417,000.00

$1,000,000

MCLEAN

$417,000.00

$1,000,000

MEADE

$417,000.00

$1,000,000

MENIFEE

$417,000.00

$1,000,000

MERCER

$417,000.00

$1,000,000

METCALFE

$417,000.00

$1,000,000

MONROE

$417,000.00

$1,000,000

MONTGOMERY

$417,000.00

$1,000,000

MORGAN

$417,000.00

$1,000,000

MUHLENBERG

$417,000.00

$1,000,000

NELSON

$417,000.00

$1,000,000

NICHOLAS

$417,000.00

$1,000,000

OHIO

$417,000.00

$1,000,000

OLDHAM

$417,000.00

$1,000,000

OWEN

$417,000.00

$1,000,000

OWSLEY

$417,000.00

$1,000,000

PENDLETON

$417,000.00

$1,000,000

PERRY

$417,000.00

$1,000,000

PIKE

$417,000.00

$1,000,000

POWELL

$417,000.00

$1,000,000

PULASKI

$417,000.00

$1,000,000

ROBERTSON

$417,000.00

$1,000,000

ROCKCASTLE

$417,000.00

$1,000,000

ROWAN

$417,000.00

$1,000,000

RUSSELL

$417,000.00

$1,000,000

SCOTT

$417,000.00

$1,000,000

SHELBY

$417,000.00

$1,000,000

SIMPSON

$417,000.00

$1,000,000

SPENCER

$417,000.00

$1,000,000

TAYLOR

$417,000.00

$1,000,000

TODD

$417,000.00

$1,000,000

TRIGG

$417,000.00

$1,000,000

TRIMBLE

$417,000.00

$1,000,000

UNION

$417,000.00

$1,000,000

WARREN

$417,000.00

$1,000,000

WASHINGTON

$417,000.00

$1,000,000

WAYNE

$417,000.00

$1,000,000

WEBSTER

$417,000.00

$1,000,000

WHITLEY

$417,000.00

$1,000,000

WOLFE

$417,000.00

$1,000,000

WOODFORD

$417,000.00

$1,000,000

Can I Pay My Loan Officers Differently Per Mortgage Product?


Can I Pay My Loan Officers Differently Per Mortgage Product?.

 

 

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How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?


How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

Another Satisfied Home Buyer! Let us help you buy your next Kentucky Home. Great Rates and local, friendly, honest advice. Zero Application FEES! Free Credit Report on all April Applications
Another Satisfied Home Buyer! Let us help you buy your next Kentucky Home. Great Rates and local, friendly, honest advice. Zero Application FEES! Free Credit Report on all April Applications

The Kentukcy FHA loan application process includes many steps, including running a credit report and having the Kentucky FHA borrower fill out paperwork with personal information like open lines of credit and current income. Applying for a government home loan also requires giving the lender two types of personal history–a record of where the borrower has lived and where the borrower has worked.

KEntucky FHA requirements dictate furnishing at least a two-year work history, but that requirement shouldn’t be mistaken for an employment minimum. According to the FHA’s official site, “FHA does not impose a minimum length of time a borrower must have held a position of employment to be eligible for a mortgage.”

What does a buyer do if they can’t show at least a two-year work history? Some KEntukcy FHA home loan applicants who recently graduated from college or have separated from the military may wonder if they have reduced chances of getting an FHA loan approved because they can’t show a history of traditional employment.

In the case of military members, especially Guard and Reserve members who may have joined and been called to active duty right away because of wartime operations, the military service itself is viewed as employment.

There’s no liability or negative consequences as a result of military service, especially where a government home loan application is concerned. The FHA requests a copy of discharge paperwork or related documents to establish a military work history.

For students, part-time work and internships may be interpreted as employment under the right circumstances, but regardless all the FHA requires is supporting documentation of college attendance. College transcripts are usually sufficient. There is one caveat–according to the FHA official site, “…You must prove steady income for at least three years, and demonstrate that you’ve consistently paid your bills on time.”

Steady income for college students may be more difficult to demonstrate, but those on work-study programs, lengthy internships or other programs may find it easier to get Kentucky FHA approval for a home loan than those who studied full-time but did not work. In the end, it’s up to the lender and the FHA to determine what college experience is worth on the Kentucky FHA loan application.

How Long Do I Have To Be Employed to Qualify for an Kentucky FHA Loan?

Free Application and Credit call today 502=905=3708 or email kentuckyloan@gmail.com
Free Application and Credit call today 502=905=3708 or email kentuckyloan@gmail.com
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

Bullitt County Kentucky USDA Home Loan and Rural Housing Loans for Bullitt County KY


Bullitt County USDA Loan Adjusted Maximum Income Limits by County
Updated 10/24/2012

County Name     1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) BULLITT $74,750 $98,650
Bullitt Bullitt County Area
Bullitt County Overview
Bullitt County Map 1
Bullitt County Map 2
Bullitt County Map 3
Bullitt County Map 4
Bullitt County Map 5 
Bullitt County Map 6
Bullitt County Map 7
 

Overview Map of Bullitt Ineligible area

Fill out the Application on this page, or call one of our certified USDA loan agents at 502-905-3708 and find out if you’re eligible.

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Kentucky Mortgage Updates for VA, FHA, USDA, Fannie Mae for October 2012


 

Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*