Minimum Credit Scores for a Kentucky FHA loan.

All Kentucky FHA loans  will soon require a 500  credit score for all Kentucky Home buyers or homeowners looking to refinance who have a debt to income ratio over 55% percent.

Kentucky FHA Loans with FICO scores under 620 will remain FHA-eligible, but you must show compensating factors or reasons to approve the loan. Compensating factors would be large down payments in excess of 10%, or a lot of money in savings or reserves after the loan is made.

Credit Scores Required For A Kentucky Mortgage Loan Approval

Credit Score FHA Requirements for FHA Loans.

Kentucky FHA loans and Foreclosure Rules

Currently,  a Kentucky homebuyer or home owners can get a  FHA-insured financed three years after a foreclosure or short-sale.  FHA will now require  that only borrowers who (1) have re-established credit, and (2) can provide a fully-documented loan application will qualify for a Kentucky FHA loan

Furthermore, the group will examine the cause of the foreclosure to determine whether it was a one-time event, such as loss of employment, which may be a predictor of future loan performance.

FHA loans Louisville Ky Kentucky

FHA Premiums and Kentucky FHA Loans

There is a very good chance that the mortgage insurance premiums for upfront mortgage insurance and monthly mortgage insurance will be going up from the current 1.75% upfront funding fee and .85 and .80 % monthly mi factor for 30 year fixed rate FHA loans

Loan Type Minimum FICO Credit Score Intended For
FHA 580 with a 3.5% down payment or 500 with 10% down Homebuyers with low- to moderate-income
VA No set minimum from the VA although most lenders with require a 620 or higher credit score (some may allow a score as low as 580) Veterans & Active Military
USDA No set minimum from the USDA although most lenders will require a score of at least 640 Buyers purchasing a home in a designated rural area
Conventional 620 to 640 Buyers who want a traditional mortgage

If you have any more questions or would like to apply for your Kentucky FHA loan, please contact me below:

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