Kentucky Mortgage Lender

 W hat is a good FICO Score for Mortgage Loan Approval? FICO Scores generally range from 300 to 850, where higher scores demonstrate lower credit risk and lower scores demonstrate higher credit risk (note: some types of FICO® Scores have a slightly broader range).  What’s considered a “good” FICO® Score varies, since each lender has its own standards for approving credit applications, based on the level of risk it finds acceptable. So one lender may offer its lowest interest rates to people with FICO® Scores above 730, while another may only offer it to people with FICO® Scores above 760. The chart below provides a breakdown of ranges for FICO® Scores found across the U.S. consumer population. Again, each lender has its own credit risk standards, but this chart can serve as a general guide of what a FICO® Score represents.

We’ve dropped our minimum FICO score to 620 for Kentucky Mortgage Loan Approvals for FHA, VA, USDA and Conventional Mortgage Loans in Kentucky! Now that’s refreshing! Call me today to qualify your borrowers with one of our great programs: KENTUCKY FHA MORTGAGE LOANS Minimum credit score 620 AUS approved 640 manual Non-Credit Qualifying Streamline refinances allowed Gift funds allowed for down payment and closing costs Cash out 80% LTV KENTUCKY VA MORTGAGE LOANS Minimum credit score 620 AUS approved 640 manual/640 High BA Cash-out up to 90% LTV Foreclosure/Short Sale/Bankruptcy KENTUCKY RURAL USDA MORTGAGE LOANS Minimum credit score: 620 100% maximum LTV Manual Underwrites No maximum loan amount Rate/Term refinances allowed KENTUCKY CONVENTIONAL MORTGAGE LOANS 620 min score Fannie Mae Freddie Mac Standard and High Balance HomeReady HomePossible Joel Lobb Mortgage Loan Officer Individual NMLS ID #57916 American Mortgage Solutions,...

New FICO changes could lower your credit score   The newest version of the FICO credit score  unveiled on Thursday  will have a broader view of how you manage your debt and will boost as many scores as it will hurt.  Instead of relying on just a snapshot of your financial behavior, the new score, called FICO Score 10, will be able to peer into your financial habits for the past 24 months and determine – based on that history – if you’re a risky borrower. About 40 million Americans will see their FICO score increase by 20 points or more because of the change, while another 40 million will experience a decline by at least 20 points, said Dave Shellenberger, vice president of product management at FICO. Another 30 million will notice smaller changes either way. “These are the most predictive scores FICO has developed to date,” Shellenberger told Yahoo Money. “They really do an excellent job of reinforcing good consumer financial habits – making payme...

In order to get a Kentucky FHA Mortgage Loan with a 600 credit score, you must meet the following requirements to qualify. Note. some lenders require additional credit overlays that may affect your mortgage loan approval.   3 active trade line reporting to the bureaus (rent can count as one). 43% max debt ratio 2 most recent bank statements with 2 months piti in reserve No bankruptcies or foreclosures in last 3 years   Verifiable rent history from management company or cancelled checks if you rent from individual for last 12 months with no 30 day lates 3.5% down payment required. Cannot do the Welcome Home Program ***We require a 620 credit score for Kentucky USDA Loans and a 620 credit score for VA loans. Fannie Mae Mortgage Loans require a 620 credit score. If mortgage insurance is needed for Fannie Mae loans, the minimum credit score is higher and subject to investor  mi approval. Joel Lobb Senior...