Category: 100% Financing

The minimum credit score requirement to get approved for a Kentucky Mortgage loan offered through FHA, USDA, Fannie Mae, VA and Kentucky Housing today is a 620 FICO score.

Fico, 2,4, 5 from Fico for Experian, Equifax, and Transunion. They throw out the high and low score. and take mid score.

When you think credit score, you probably thinkFICO
Since the Fair Isaac Corporation introduced its FICO scoring system in 1989, “What is my FICO score?” has become a common question. FICO scores have burrowed their way into all kinds of lending decisions, most notably mortgages, credit cards, and rentals.

But over the last decade or so, FICO’s market dominance has been challenged by a newcomer calledVantageScore.As the result of a collaboration between the three major credit reporting agencies (CRAs) — Experian, Equifax, and TransUnion — VantageScore uses similar scoring methods to FICO but with slightly different…

Kentucky Mortgage Credit Score Requirements for a Mortgage Loan.

Different Kentucky mortgage programs like FHA, VA, USDA, and Fannie Mae Conventional loans have different credit requirements, and sometimes you can qualify with a credit score as low as 500 or in some cases no credit score. Lenders have credit overlays so keep that in mind. Even though USDA, FHA VA may say in the their guidelines they can do low scores and no scores, a lot of lenders will limit the credit score to 620 or higher. This is the current credit score that most Secondary Market lenders want. Scores go from 300 to 800 credit score range, and mortgage lenders use Fico Version 2, 4,5 respectively for Transunion, Equifax, and Trans union. with lenders taking the middle score. . 

As far as minimum credit requirements for Kentucky Mortgage Loan Approval.

• Kentucky Conventional home loan: Minimum credit score of…

 Expands VA Home Loan Eligibility for Certain National Guard Members in Kentucky

VA announced they are expanding eligibility for Kentucky VA home loan benefits for certain members of the Kentucky Army and Air National Guard to include current and former National Guard members, regardless of service dates, who meet the requirements outlined below effective for COE applications received on or after 01/05/2021.

Because VA is retroactively expanding these eligibility requirements applicants who may have been previously denied VA home loan benefits and now meet the requirements below for eligibility are encouraged to reapply.

To be eligible the member must have performed not less than 90 cumulative dates of full-time National Guard duty, of which, at least 30 of those days must have been consecutive.

Full-time National Guard duty:

• includes training or other duty in the member’s status as a member of the National Guard for which the member is entitled to…