Showing posts with label Credit Score Requirements for First-Time Homebuyers in Kentucky. Show all posts
Showing posts with label Credit Score Requirements for First-Time Homebuyers in Kentucky. Show all posts

Credit Scores Required For A Kentucky Mortgage Loan Approval



1 - 📅 Email - kentuckyloan@gmail.com 
2.  📞 Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans


🌐 Websitewww.mylouisvillekentuckymortgage.com
🏢 Address: 911 Barret Ave., Louisville, KY 40204


Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.

Credit Score Requirements for First-Time Homebuyers in Kentucky

 Credit Score Requirements for First-Time Homebuyers in Kentucky

Obtaining a mortgage pre-approval is a crucial initial step in the home buying journey for Kentucky first-time homebuyers. 

Credit score is a significant factor lenders consider during the pre-approval process. Here's a breakdown of credit score requirements for various mortgage programs in Kentucky:

Credit Score Requirements for First-Time Homebuyers in Kentucky



* Kentucky Conventional Loans: Offered by private lenders, these loans typically require a minimum credit score of  620.

* Kentucky FHA Loans: Insured by the Federal Housing Administration (FHA), FHA loans cater to borrowers with lower credit scores. A minimum credit score of 580 is required with a down payment of at least 3.5% and a 500 credit score and up to 580 will need a 10% down payment. 

* Kentucky VA Loans: Exclusive to veterans and active service members meeting eligibility criteria, VA loans don't have a minimum credit score requirement.

* Kentucky USDA Loans: Backed by the U.S. Department of Agriculture (USDA) for rural properties, USDA loans often have a minimum credit score requirement around 620 with no down payment needed.

* Kentucky Housing Corporation (KHC) Loans: Offered by the state housing authority, KHC loan programs may have varying minimum credit score requirements, but they're often around 620.

While these are the minimum credit score requirements, remember that a higher credit score typically translates to a more favorable interest rate. Consider consulting a mortgage professional to discuss strategies to improve your credit score and obtain the best possible mortgage terms for your Kentucky home purchase.

Credit Score Requirements for First-Time Homebuyers in Kentucky


Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email:
 kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/