In the more than 70 years since the VA loan program was established, more than 22 million qualifying homebuyers have used it to obtain affordable financing.
Will you be the next veteran or active duty service member to take advantage of these great benefits? Read on to learn more about the VA mortgage program in Kentucky.
The Department of Veterans Affairs (VA) insures home loans through the VA loan program. These loans are available to veterans, active duty service members, and surviving spouses that meet the eligibility criteria.
The advantage of having the VA backing your loan is that the insurance on the mortgage offsets risk factors in your borrower profile, qualifying you for affordable interest rates and other exclusive benefits.
Kentucky VA loans have the following benefits:
You do not need to make any down payment to move into a home with a VA loan.
Mortgage rates for VA loans are generally affordable, even if you do choose zero down.
A perfect credit score is not necessary to obtain a VA mortgage and all of the benefits which go with one.
For qualified disabled veterans, the funding fee for a VA mortgage can be waived.
The seller may cover the closing costs, or they will be affordably capped.
Private mortgage insurance (PMI) is not a requirement for a VA mortgage.
Choosing to pay off your mortgage early is always an option with a VA home loan, as there are no prepayment penalties.
Looking for a loan not for home purchase, but for repairs, upgrades or construction?
The VA insures mortgages for these purposes as well, and also backs refinance loans.
Determining eligibility for a VA mortgage can be complicated since minimum service requirements are based on the time period when you were active. While there are exceptions, the minimum requirement for most eras is 90 days of wartime service or 181 days of peacetime service. It does not matter what branch of the military you served in. All are eligible. So are the Reserve and National Guard. You can be active duty now and qualify for a VA mortgage. You can also be a retired veteran and be eligible. Some surviving spouses may be able to obtain a VA home loan as well. Your VA mortgage benefits never expire, and can be used as many times as you wish. With a foreclosure or bankruptcy on your record, you may also still obtain a VA mortgage after the waiting period passes.
What Our Clients Are Saying
VA mortgages are among the most affordable and flexible in existence. So if you think there may be a chance that you are eligible, it is worth it to find out. To discover if you qualify, please call 502-238-9655 to apply for a VA loan now.
First Savings Bank Louisville is located on 295 N Hubbards Ln #302, Louisville. From Louisville International Airport (SDF) head southwest on Terminal Dr and take the ramp onto I-264 E. Then use the right 2 lanes to take exit 21 for KY-1447 W and use any lane to turn left onto KY-1447/Westport Rd. Finally, turn left onto Castleview Dr, turn right and First Savings Bank Louisville will be on your left.
Monday through Friday 8:30AM–5PM.
For additional questions you can call us at (502) 238-9655 or you can find us on Superpages.
First Savings Bank Louisville NMLS ID: 411341 is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.