Louisville Kentucky VA FIXED PROGRAM GUIDELINES  

PROGRAM TERMS

·         ELIGIBLE STATES  Kentucky,

Originators must be properly licensed, if required, to originate loans in the state where the subject property is located.   ACCEPTABLE AUS FINDINGS  DU Approve/Eligible.

DU Refer is eligible for manual underwriting.   AUS REDUCED DOCUMENTATION  Platinum Mortgage will accept reduced documentation as specifically addressed by properly submitted DU Findings.       MAXIMUM LOAN AMOUNT  ·         $417,000 (including Funding Fee)

·         For Total loan amounts (Base + VA funding fee) that exceed $417,000 please see VA Jumbo requirements.

·      ESCROWS  ·         Repair escrows not permitted.

·         Tax and Insurance escrows required, escrow waivers not permitted.

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(INDEX)   FORECLOSURE BAILOUT / NON-ARMS LENGTH TRANSACTIONS  ·         Non-arms length transactions require a 12-month payment history from the seller to ensure the subject transaction is not a foreclosure bailout.

·         Transactions where the buyer and seller are swapping properties (or buying each other properties)…