If you are looking to refinance your mortgage loan, you’ll want to be prepared to meet your lender’s criteria and educate yourself about your FICO® Scores as they are the credit scores most commonly used in the mortgage refinancing process.
As there are different versions of the FICO Score, it’s important that you focus on the FICO Score versions used in mortgage lending. It’s highly likely that the following FICO Score versions will be pulled on all mortgage loan applicants and from all three credit bureaus:
FICO Score 5 based on Equifax data
FICO Score 2 based on Experian data
FICO Score 4 based on TransUnion data
You can access the scores along with the top reasons why the scores are not higher at myFICO. Focusing your credit actions on these top reasons could help you to understand your scores and gain access to more attractive rates.
You can now focus on those mortgage-related versions in your FICO Score explanation report with confidence knowing they are the same versions your mortgage lender will likely access in the refinance loan review process.
1. Based on $300,000 mortgage loan with fixed interest rate of 4.5% and 30-yr term
Fannie Mae loan requirements Kentucky
Credit Scores Required for a Mortgage Loan Approval in Kentucky. Credit Scores Required for a Mortgage Loan Approval in Kentucky. Kentucky Mortgage Requirements for FHA, VA, USDA and Fannie Mae pic.twitter.com/miEMCXQWyb
If you are looking to refinance your mortgage loan, you’ll want to be prepared to meet your lender’s criteria and educate yourself about your FICO® Scores as they are the credit scores most commonly used in the mortgage refinancing process.
As there are different versions of the FICO Score, it’s important that you focus on the FICO Score versions used in mortgage lending. It’s highly likely that the following FICO Score versions will be pulled on all mortgage loan applicants and from all three credit bureaus:
FICO Score 5 based on Equifax data
FICO Score 2 based on Experian data
FICO Score 4 based on TransUnion data You can access the scores along with the top reasons why the scores are not higher at myFICO. Focusing your credit actions on these top reasons could help you…
No matter what you must provide a 2 year employment history. Conventional or Kentucky FHA Mortgage Loan. Conventional does not always need to be verified with a written work verification form
if you do not have a complete 2 year history you must explain any large gaps. Typically I have seen this to be greater than 30 days.
you must have a 2 year history prior to the gap as well. (two underwriters from two different lenders have recently told me the same thing)
also check your AUS-Automated Underwriting Findings because that can help when speaking with your potential borrower.
Exception to the 2 year history is college or HS graduation
need official college transcripts or they can be unofficial if you get them with the web URL just like bank activity.
good idea to snag their diploma as well.
you probably don’t even need to use this exception if the person was a student…
If you have public student loans in collections, you really have three options to resolve it so it is not a CAIVRS issue.
1. Pay it off in full – Not typically an option because very rarely do the clients have the funds to do so.
2. Consolidation – Only takes about 90 days to consolidate and resolve CAIVRS issues. However, you push forward the last activity dates, DLA, and also introduce a new credit trade line that dilutes the length of the credit history. So you will normally see a drop in credit score.
3. Rehabilitation – It is the slowest of all the options, but is the best thing for the clients’ credit scores. It is a 9 month commitment and once the client makes 9 consecutive payments, they will change the collection status to a good standing status. This will…
Kentucky USDA Income Limits 2020 Increases for all Kentucky Counties
USDA income limits 2020 increase allows more home buyers purchase a home with no down payment. Effective May 2020 through April 30, 2021, USDA guaranteed housing base income limits are as follows: $90,300 for 1 – 4 person households and a whopping $119,200 for 5 or more person households. Guys, that is not low income! So, we are talking about a majority of American households meeting this income limit. Therefore, first time buyers or repeat buyers have the ability to use an amazing product to purchase a home without down payment.
Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 