I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
Mortgage Employment or Job History Requirements for a VA Loan Approval in Kentucky
Gaps in Employment
A borrower who has no verifiable employment for 6 months or longer is deemed to have a gap in employment.
VA: VA does not address gaps in employment and generally does not consider non military employment less than 12 months as stable and reliable. Any exceptions based on the loan as a whole is underwriter discretion.
Medical or Temporary Leave Income
The borrower has taken a temporary leave of absence from work typically for medical leave such as maternity, illness, surgery, or on the job injury. This leave is short term in nature and the borrower is still employed with their same employer prior to the leave of absence.
VA: Borrower’s on temporary leave are not eligible for a loan transaction.
Frequent Job Changes
Frequent job changes may indicate instability in a borrower’s income.
VA: the borrower must demonstrate the ability to maintain an income at a constant level over the recent 2-year period even if he or she has worked for a variety of employers.
Seasonal Employment
Seasonal Employment refers to employment that is not year round typically due to weather conditions. Seasonal Employment can be full time or part time.
VA: Borrower must have worked the same job (or same line of seasonal work) for the past 2 years and the borrower’s employer must state there is a reasonable expectation that the borrower will be rehired for the next season. Tax returns will be required if unemployment compensation will be used to qualify the borrower.
*Income calculation will follow calculation guidelines. These guidelines are for employment history and profile only.
Are you a veteran or active-duty service member in Kentucky looking to buy a home? VA mortgage loans could be your key to homeownership. In this guide, we'll explore everything you need to know about VA loans in the Bluegrass State.
What Are VA Mortgage Loans?
VA loans are mortgage options backed by the U.S. Department of Veterans Affairs. These loans offer numerous benefits to eligible veterans, active-duty service members, and certain military spouses.
Benefits of VA Loans for Kentucky Veterans
No Down Payment: Unlike conventional loans, VA loans often require no down payment, making homeownership more accessible.
Competitive Interest Rates: VA loans typically offer lower interest rates compared to conventional mortgages.
No Private Mortgage Insurance (PMI): This can save you hundreds of dollars each month.
Flexible Credit Requirements: VA loans often have more lenient credit score requirements than conventional loans.
VA Loan Eligibility in Kentucky
To qualify for a VA loan in Kentucky, you must:
Be a veteran, active-duty service member, or eligible surviving spouse
Meet the VA's service requirements
Have a valid Certificate of Eligibility (COE)
Meet the lender's credit and income requirements
Key Requirements for VA Loans in Kentucky
Credit Score Requirements
While the VA doesn't set a minimum credit score, most lenders in Kentucky typically look for a score of at least 580. However, some may accept lower scores, especially if you have a strong overall financial profile.
Work History Requirements
Lenders generally prefer to see:
2 years of steady employment
If self-employed, 2 years of successful business operation
Recent college graduates or those recently discharged from military service may have more flexible requirements
VA Second Tier Entitlement Use
If you've used your VA loan benefit before, you may still be eligible for another VA loan through second-tier entitlement. This allows you to:
Purchase another home while keeping your current VA-financed property
Buy a more expensive home if you've already paid off a previous VA loan
Bankruptcy and Foreclosure Requirements
After a bankruptcy or foreclosure, waiting periods typically apply:
Chapter 7 Bankruptcy: 2-year waiting period
Chapter 13 Bankruptcy: 1 year of on-time payments in the bankruptcy
Foreclosure: 2-year waiting period
These periods may be shorter if you can prove extenuating circumstances.
Debt-to-Income (DTI) Ratio Requirements
The VA prefers a DTI of 41% or less or manually underwritten loans, but lenders may accept higher ratios with compensating factors such as excellent credit or substantial assets.
The Kentucky Housing Market and VA Loans
Kentucky's housing market offers great opportunities for VA loan users. With a mix of urban areas like Louisville and Lexington, and beautiful rural regions, there's something for everyone. The median home price in Kentucky is often below the national average, making it an attractive market for VA loan recipients.
Steps to Secure a VA Loan in Kentucky
Obtain Your Certificate of Eligibility (COE)
Find a VA-Approved Lender in Kentucky
Get Pre-Approved for Your Loan
House Hunting in Kentucky
VA Appraisal and Home Inspection
Closing on Your Kentucky Home
VA Loan Limits in Kentucky
As of 2024, there are no VA loan limits for borrowers with full entitlement. This means you can borrow as much as a lender is willing to lend without a down payment, subject to your income and credit qualifications.
Appraisal and Inspection Requirements
VA Appraisal
A VA-approved appraiser must assess the property to ensure it:
Meets the VA's Minimum Property Requirements (MPRs)
Is worth at least as much as you're paying for it
This typically takes 7-10 days.
Termite Inspection
In Kentucky, a termite inspection is required for all VA loans unless:
The seller usually pays for the termite inspection in Kentucky.
Time Frame to Close
The average time to close a VA loan in Kentucky is 30- 45days, slightly longer than conventional loans. This extra time accounts for the VA appraisal process and additional paperwork.
Potential Pitfalls in VA Loan Closing
Several issues can delay or prevent a VA loan from closing:
Property Condition Issues: The home must meet VA MPRs.
Low Appraisal: If the appraisal comes in lower than the purchase price, you may need to renegotiate or pay the difference.
Change in Employment: Losing your job or changing jobs during the process can jeopardize your loan approval.
New Debts: Taking on new debt during the process can affect your DTI ratio.
Insufficient Funds: Even with no down payment, you'll need funds for closing costs and reserves.
Title Issues: Problems with the property's title can delay or derail the process.
VA mortgage loans offer an excellent opportunity for Kentucky's veterans and active-duty service members to achieve homeownership. With benefits like no down payment, competitive rates, and no PMI, these loans can make your dream of owning a home in the Bluegrass State a reality. Understanding the requirements and potential pitfalls can help ensure a smooth loan process.
Take the Next Step with a Trusted VA Loan Expert
Are you ready to start your VA loan journey in Kentucky? Look no further than Joel Lobb, your local VA loan specialist.
Meet Joel Lobb: Your Kentucky VA Loan Expert
Joel Lobb brings a unique blend of military experience and mortgage expertise to serve Kentucky's veterans:
Army Veteran: Joel understands firsthand the challenges and needs of military service members.
20 Years of Mortgage Experience: With two decades in the industry, Joel has the knowledge to navigate even the most complex VA loan scenarios.
Dedicated to Serving Veterans: Joel's mission is to help fellow veterans achieve their dream of homeownership in Kentucky.
My wife and I have struggled most of our lives with poor choices in marriage or in what I will call lifestyle choices but the one thing that we had to do on our own, and that was to just pay my bills on time and believe it or not that wasn't as easy as one might think. I went through a lot of different banks and/or loan officers,or bank reps. Then thru my researching came across Joel,Jeana and I still believe that God the Father lead us to Joel. You see I'm on a fixed income and was barely able to get from month to month. W ith no money down and on a very short time limit Joel was to get us into home that more than met our needs. It met our wants as well needs and our is more than 2X the size of the house we were renting, And 4X the size of the outside of the house we were renting. And for only $160.oo more a month than what we were paying in rent. A lot of people said it couldn't be done even people in tha thefield . What I know is that Joel Lobb worked extra hard and longer hours to achieve my wife and I's dreams even though we had a lifetime of adverseties I don't think of myself as being special. I do however believe that Mr.Lobb worked as hard for me as he does for any of his other clients. He was always transparent and tanaitous in his work ethics. So in my experiences with people in general I think it would be a good idea to give Joel and the mortgage company he represents a serious try.
Joel did an outstanding job. I am a 100% disabled retired Army Soldier. My wife and I have never bought a house. Joel made this process seem so easy it was scary. We found our 23acre ranch and put a bid on it and Joel did the rest. He made this process easier than buying our truck. We were even out of state at the time of closing and it was still no problem for Joel. My wife and I both highly recommend Joel for your home buying, whether it is your first or retirement. Thank you Joel, we Love our first and retirement home. Dennis and Shannon Jackson
Joel is the best mortgage guru in town. My wife and I were first time homebuyers via VA loan moving from NY to KY. He made the process of buying a home smooth and streamlined. We had no worries and everything went flawless. Thank you Joel!
Absolutely Amazing!! I emailed Joel after I had just got a denial from a bank and just thought i would try to get some advice on what my next steps would be to get a house. I honestly didn't expect to even get a reply because my credit is not great. That was about a week and a half ago. I just signed a contract on a house last night. ONLY because of Joel Lobb. He even worked with us throughout the weekend, which shocked me. Best decision I have ever made. THANK YOU SO MUCH FOR WORKING WITH US THROUGHOUT THE ENTIRE PROCESS.
Contact Joel Lobb Today Army Veteran with 20 years Mortgage Loans in KY
Don't wait to start your journey to homeownership with a VA Mortgage. Contact Joel Lobb now:
Joel is ready to answer your questions, address your concerns, and guide you through the entire VA loan process. With his expertise, you can confidently take the next step towards owning your home in Kentucky.
Schedule your free VA loan consultation with Joel Lobb today and take the first step towards your new home!
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When it comes to securing a home loan, having a knowledgeable and reliable mortgage broker by your side is crucial. Joel Lobb has been serving the Kentucky community for over 20 years, assisting countless families in achieving their dream of homeownership. Let’s take a closer look at what makes Joel stand out in the mortgage industry.
Specializations
Joel specializes in a variety of mortgage programs, catering to the unique needs of Kentucky residents:
FHA Loans: As an expert in Federal Housing Administration (FHA) loans, Joel helps first-time homebuyers and others qualify for affordable financing.
VA Loans: Veterans and active-duty military personnel can benefit from VA loans, which offer favorable terms and low or no down payment options.
USDA & Rural Housing Loans: For those living in rural areas, Joel assists with USDA and Rural Housing loans, making homeownership accessible even in less densely populated regions.
KHC Loans: The Kentucky Housing Corporation (KHC) provides down payment assistance, and Joel guides buyers through the process.
Conventional Loans: Whether you’re a first-time buyer or looking to refinance, Joel offers conventional loan options tailored to your financial situation.
Why Choose Joel Lobb?
Personalized Attention: Unlike mega banks, where borrowers can feel like mere numbers, Joel treats each client as an individual. He listens to your needs, answers your questions, and ensures a smooth loan process.
Access to Multiple Lenders: Joel has access to over 10 different mortgage companies across the country. This advantage allows him to search and negotiate for the best loan options, considering credit, income, and other factors.
Transparent and Honest: Joel delivers on his promises. You can trust him to provide straightforward information and guide you through every step of the mortgage journey.
My husband and I before we met Joel was at 3 realtors and 3 mortgage companies….with no movement. My parents referred us to Joel and the rest was history. From the very beginning we explained where we were with home buying. He took it and ran with it. He made sure we got into a home. Such an easy process full of communication and open door when it came to any question we had since this was our first time home buying. I recommend Joel to anyone! He will get you in a home as well as making sure your home loan is fit for you! Very dedicated and even after the closing he will still be there to communicate and follow you through this journey if any questions arise!
Joel and his colleagues were an immense help in getting me pre-approved and approved for a home loan. Professional and thorough group of people and my experience could not have been easier. Highly recommend.
Joel and Dawn have been really great through the home buying process. They were prompt in getting back to me whenever I had questions. I would definitely recommend them when purchasing a home.
Joel was amazing in helping us get into our dream home. No matter what my question was, no matter the time, he was there ready to help. I wouldn’t recommend anyone better to help!
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