Tuesday, December 17, 2013

Kentucky VA Mortgage Loan Guidelines for 2014

  Kentucky VA Loans include:

·         Little Cash Needed! 100% Financing, Zero down payments plus funding fee for purchases and refinances down to a 620 credit score 

·         Relaxed Qualifying Guidelines! Flexible income, debt and credit requirements to help borrowers qualify
Typically at least 2 years must have elapsed from the completion of the foreclosure and the file must contain documentation of reestablished satisfactory credit for the borrower. If the foreclosure was on a Kentucky VA loan, the applicant might not have full entitlement. Ensure the applicant’s COE reflects sufficient entitlement to ensure at least 25% guaranty.

·         Gifts Allowed!  Funds for optional down payments and all closing costs may come from gifts
·         Seller Contributions may cover all of the closing costs!  Up to 4% towards recurring items such as prepaids and financing concessions such as the funding fee.  The nonrecurring closing costs don't count towards the seller contribution limit
·         No monthly MI!  Initial Funding Fee may be financed or seller may pay as part of the 4% allowable contribution or premium pricing may pay it

Joel Lobb
Senior  Loan Officer

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346