The Veterans Administration will determine if a veteran is
eligible to participate in the program. A valid Certificate of
Eligibility must be submitted with each loan application.
General guidelines for eligibility can be found at this link…
Although a Valid Certificate of Eligibility is required, it does
not guarantee loan approval. Each veteran must meet all VA
and Crescent requirements for the loan request.
To obtain a COE, obtain a VA Form 26-1880, Request for a
Certificate of Eligibility: It should be completed and signed by
the veteran. Certificates can be obtained from the Veterans’
Information Portal https://vip.vba.va.gov/portal/VBAH/Home
under the webLGY function. To obtain access to the website,
click the “User Registration” tab to the left and follow the
instructions. If the automated system does not issue a COE,
then follow the directions on the response and upload the
required information to VA for review.
Minimum credit score is 620, unless otherwise indicated on
the matrix. Three trade lines are required unless one is a major
account, such as mortgage.
No Manufactured homes – No “on frame” modular homes
Maximum debt ratio is 55% if credit score is =>640 and
50% when credit score < 640.
ALL loans must score “approve/eligible” or
“accept/accept” through AUS. We can no longer approve
KENTUCKY VA MORTGAGE LIMITS
Loan amounts, including the funding fee, are limited to
PLEASE NOTE: Any borrower who has been late on
mortgage payments and/or who has a poor credit history could
be denied regardless of AU findings
VA recognizes only an Interest Rate Reduction (Streamline) Refinancing
Loan and a Cash-Out transaction. Cash out transactions are limited to 90%.
No late payments on housing payments in the last 12 months (all mortgages
& rent payments).
If cash-out – No Bankruptcy or Foreclosure within most recent 2 years (7
years for high balance loans.
Maximum 1% origination fee
Appraisal and compliance inspections
Prepaid items (taxes, assessments and similar items)
Special mailing fees for refinancing loans
Mortgage Electronic Registration System (MERS) fee
Other fees authorized by VA
If an origination fee is charged, lenders may NOT assess veterans any other
fees, other than the allowable fees noted above.
Please see VA circular 26-10-01 for additional detail on fees that may, and
may not, be charged
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*