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.
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 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:
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 
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Reblogged this on Kentucky FHA Mortgage Loans Guidelines and commented:
FHA Changes for Mortgage Loans in Kentucky
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