KHC's First Mortgage Government Loan Products
Kentucky Housing KHC Credit Standards and Guidelines
1 Vote
KHC Credit Standards as of October 2010
Credit Standards
Insuring agency credit standards for the loan type the borrower
receives.
Minimum credit score required for FHA, VA, and RHS: 620.
Minimum score for conventional: 660.
FHA, VA, and Conventional loans: AUS approval required;
follow findings with maximum debt ratios of 40/45.
RHS loans: maximum debt ratios of 29/41 for manual
underwriting; with GUS approval 40/45 and follow findings.
Collections: for FHA, VA and Conventional loans, AUSapproved
findings to be followed. For RHS loans, follow agency
guidelines and/or GUS findings.
Bankruptcies must be discharged for 2-7 years, according to
Kentucky Housing KHC Credit Standards and Guidelines
FHA KHC Mortgage Guidelines
Minimum 620 credit score required.
Financing to 96.50% of lesser of sales price or appraised value.
All KHC DAPs and other KHC-approved secondary financing may be used.
Maximum 6% seller-paid items.
Maximum ratios of 40/45 with AUS approval.
agency guidelines and AUS findings.
Foreclosures must be discharged for a minimum 2-7 years
according to agency guidelines and AUS findings.
For most loan types, non-taxable income can be grossed-up by
15%. Must follow insuring agency guidelines.
Rural Housing Services (RHS)
Minimum 620 credit score required.
Financing to 100% of the appraised value, plus guarantee fee of 3.5%.
All KHC DAP programs and other KHC-approved secondary financing may be used.
No maximum on seller-paid items.
Ratio requirements and guarantee fee per agency guidelines.
KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with approval, expanded
ratios up to 40/45.
Minimum 620 credit score required.
Ratios up to 40/45% with AUS Approval.
Financing to 100% of the lesser of the appraised value or sale price.
All KHC DAP programs and other KHC-approved secondary financing may be used.
Maximum 4% seller-paid items.
Follow agency guidelines for ratio requirements and funding fee.
Mortgage Revenue
KHC's First Mortgage Government Loan Products
Call us today for a free preappoval and compare our rates and service to any one in Kentucky
KHC's First Mortgage Government Loan Products
Kentucky Housing KHC Credit Standards and Guidelines
1 Vote
KHC Credit Standards as of October 2010
Credit Standards
Insuring agency credit standards for the loan type the borrower
receives.
Minimum credit score required for FHA, VA, and RHS: 620.
Minimum score for conventional: 660.
FHA, VA, and Conventional loans: AUS approval required;
follow findings with maximum debt ratios of 40/45.
RHS loans: maximum debt ratios of 29/41 for manual
underwriting; with GUS approval 40/45 and follow findings.
Collections: for FHA, VA and Conventional loans, AUSapproved
findings to be followed. For RHS loans, follow agency
guidelines and/or GUS findings.
Bankruptcies must be discharged for 2-7 years, according to
Insuring agency credit standards for the loan type the borrower
receives.
Minimum credit score required for FHA, VA, and RHS: 620.
Minimum score for conventional: 660.
FHA, VA, and Conventional loans: AUS approval required;
follow findings with maximum debt ratios of 40/45.
RHS loans: maximum debt ratios of 29/41 for manual
underwriting; with GUS approval 40/45 and follow findings.
Collections: for FHA, VA and Conventional loans, AUSapproved
findings to be followed. For RHS loans, follow agency
guidelines and/or GUS findings.
Bankruptcies must be discharged for 2-7 years, according to
Kentucky Housing KHC Credit Standards and Guidelines
FHA KHC Mortgage Guidelines
Minimum 620 credit score required.
Financing to 96.50% of lesser of sales price or appraised value.
All KHC DAPs and other KHC-approved secondary financing may be used.
Maximum 6% seller-paid items.
Maximum ratios of 40/45 with AUS approval.
Financing to 96.50% of lesser of sales price or appraised value.
All KHC DAPs and other KHC-approved secondary financing may be used.
Maximum 6% seller-paid items.
Maximum ratios of 40/45 with AUS approval.
agency guidelines and AUS findings.
Foreclosures must be discharged for a minimum 2-7 years
according to agency guidelines and AUS findings.
For most loan types, non-taxable income can be grossed-up by
15%. Must follow insuring agency guidelines.
Foreclosures must be discharged for a minimum 2-7 years
according to agency guidelines and AUS findings.
For most loan types, non-taxable income can be grossed-up by
15%. Must follow insuring agency guidelines.
Rural Housing Services (RHS)
Minimum 620 credit score required.
Financing to 100% of the appraised value, plus guarantee fee of 3.5%.
All KHC DAP programs and other KHC-approved secondary financing may be used.
No maximum on seller-paid items.
Ratio requirements and guarantee fee per agency guidelines.
KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with approval, expanded
ratios up to 40/45.
Financing to 100% of the appraised value, plus guarantee fee of 3.5%.
All KHC DAP programs and other KHC-approved secondary financing may be used.
No maximum on seller-paid items.
Ratio requirements and guarantee fee per agency guidelines.
KHC will accept Government Underwriting System (GUS) findings, including reduced documentation and, with approval, expanded
ratios up to 40/45.
Minimum 620 credit score required.
Ratios up to 40/45% with AUS Approval.
Financing to 100% of the lesser of the appraised value or sale price.
All KHC DAP programs and other KHC-approved secondary financing may be used.
Maximum 4% seller-paid items.
Follow agency guidelines for ratio requirements and funding fee.
Mortgage Revenue
Ratios up to 40/45% with AUS Approval.
Financing to 100% of the lesser of the appraised value or sale price.
All KHC DAP programs and other KHC-approved secondary financing may be used.
Maximum 4% seller-paid items.
Follow agency guidelines for ratio requirements and funding fee.
Mortgage Revenue
KHC's First Mortgage Government Loan Products
Call us today for a free preappoval and compare our rates and service to any one in Kentucky