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Which Credit Score is used for a Kentucky Mortgage Loan Approval?


Credit score used for a Kentucky Mortgage Loan Approval for FHA, VA, USDA Rural Housing, KHC Down payment assistance FAnnie Mae

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 No Money Down with a Conventional Loan from Kentucky Housing Down Payment Assistance​​


Buying a Kentucky Home No Money Down with a Conventional Loan from Kentucky Housing Down Payment Assistance​​

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Kentucky VA Mortgage Qualifications for 2022


Kentucky VA Mortgage Loans What are VA Home Loans? VA Loans provide military veterans and current service members a distinct advantage when it comes time to purchase or refinance a home. Today's VA Loans have the most favorable terms available for most veterans. VA Loans can be used to purchase a new home with no … Continue reading Kentucky VA Mortgage Qualifications for 2022

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Kentucky Rural Housing USDA Loan Student Loan Debt Calculations


FHA, VA, USDA, Conventional, and KHC Zero Down Payment Home Loans

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatarKentucky USDA Mortgage Lender for Rural Housing Loans

For potential home buyers with student loans that are either in a deferred payment status or being paid back through an income based or graduated repayment program, the treatment of this liability needs to be considered. When student loan debts are not currently being paid upon, due to the loan applicant still being in school or recently graduating from school, the monthly liability will be calculated based on the lower of 1/2 of 1% of the outstanding loan balance or the monthly payment listed on the credit report. Example if you owe $100,000 in student loan debt the monthly payment will be $500. Also, if the student loan is being paid upon, but at a lesser amount than originally agreed, such as the payment being determined based on repayment ability (i.e. Income Based Repayment Plan), the monthly payment will be calculated the same as above (monthly liability = 1/2 of…

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What kind of credit score do I need to qualify for a Kentucky Mortgage Loan?


Kentucky Mortgage Loan Credit Score Requirement.

Loan Type Min. Credit Score Description
Conventional 620
  • Most common
  • Available from most lenders
  • Requires private mortgage insurance (PMI) with less than 20% down
FHA 500-10% down

580-3.5% down
  • Can have lower credit scores, lower incomes, and/or higher debt
  • Federal government guarantee and borrower-paid mortgage insurance allow lenders to approve these higher-risk loans
VA None
  • Available to qualifying military service members, veterans, and some spouses
  • Federal government guarantee and borrower-paid funding fee protects lenders and helps those who serve our country
USDA None
  • Helps low- to moderate-income borrowers buy homes in rural areas
  • Government guarantee encourages lenders to offer these loans

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 What kind of credit score do I need to qualify for a Kentucky Mortgage Loan in 2019?

Credit scores play an important part in getting approved for a Kentucky Mortgage loan. Your credit scores consist of 3 digits and range anywhere from the low-end of 300 to a high score of 800 range on the top-end. Most borrowers are going to fall in the 500, 600, 700 range, with a few in the 300 and 800 ranges.
 The higher the score the better it is for chances of getting approved for a Kentucky Mortgage loan and getting better terms as far as rates, closing costs and mortgage insurance.
There are three main credit bureaus in the United States that lenders will pull from Experian, Equifax, Transunion. Most loan programs will take your middle score. So For example, if you have 629 on transunion, 690 on equifax, and 577 on…

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