Tag: VA LOANS KY

Kentucky VA loans skyrocket in popularity for first-time home buyers


via Kentucky VA loans skyrocket in popularity for first-time home buyers

VA Underwriting Changes

 

VA has just revised Chapter 4 – Credit Underwriting and Chapter 11 – Appraisal Requirements (now named Appraisal Reports) of their underwriting guidelines. These changes will take effect for all VA loans beginning May 23rd, 2019. Major changes are as follows, but the documents have been revised throughout so it is recommended that everyone review them HERE.
  • Borrowers using rental income from a non-subject property to qualify need to document a minimum 2 year rental history and 3 months reserves PITI for each rental property (excluding property being vacated and turned into a rental). When no mortgage exists on a rental property, 3 months reserves must still be provided that cover taxes, insurance, HOA dues, and any other fees documented for the property. These reserves cannot come from equity, gift funds, or any loan proceeds.
  • Rental income from boarders can now be used as qualifying income provided
    • A 2 year history of tax returns can be provided showing boarder income generated by the property; AND
    • The use of the property for boarder rental cannot impair the residential nature of the property and cannot exceed 25% of the property’s total floor area
  • Alimony, child support, and maintenance require at least 3 years continuance to be considered effective income.
  • For payment plans after a judgment, VA will generally require 12 months of timely payments before credit is considered reestablished. A shorter repayment history may be considered if it can be determined that the borrower addressed the judgment responsibly and began a repayment plan immediately after it was filed. If borrower has missed payments within the last 12 months, they will be ineligible for financing even if the debt is paid in full.
  • For voluntary short sales or deeds-in-lieu where the borrower was current on their payments at the time the property was surrendered, no minimum derogatory credit waiting period will be required.
  • VA’s list of required Appraisal Report Contents has been updated and now includes specific photographs required on the appraisal (refer to VA Chapter 11: Topic 3: Appraisal Report Contents for full list).
  • VA Chapter 11: Topic 4: Gross Living Area has been added to provide direction in determining the Gross Living Area of the property.
  • Other sections have been updated to include guideline changes from previous VA Circulars.

Kentucky VA loans skyrocket in popularity for first-time home buyers


Kentucky VA Mortgage Lendersvia Kentucky VA loans skyrocket in popularity for first-time home buyers

Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?


via Government Shutdown Affects USDA Loans. Are FHA, VA, USDA Mortgage Loans Shutdown in Kentucky?49202911_10158433385021164_3411137423906701312_n

Your Complete Guide to the Kentucky VA Loan for 2019


via Your Complete Guide to the Kentucky VA Loan for 2019

FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS


via FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS

 

 

 

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

Kentucky VA Mortgage Frequently Asked Questions


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Louisville Kentucky VA FIXED PROGRAM GUIDELINES


via Louisville Kentucky VA FIXED PROGRAM GUIDELINES

 

FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS


via FREQUENTLY ASKED QUESTIONS FOR KENTUCKY VA MORTGAGE LOANS

 

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