I specialize in Kentucky First Time Homebuyers FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 1300 Kentucky families buy their first home or refinance their current mortgage for a lower payment; Kentucky First time buyers we still how available down payment assistance with KHC. Free Mortgage applications/ same day approvals. Web site is not endorsed by the FHA, VA, USDA govt agency. Text/call 502-905-3708 kentuckyloan@gmail.com NMLS 57916 NMLS 1738461
Kentucky Mortgage Loans with no down payment - Joel Lobb
Buy a Home in Kentucky With No Money Down — Even With Bad Credit, subject to credit qualfying criteria
Struggling with credit? Don’t have a down payment saved up?
You’re not out of options. You’re just one good loan officer away from a plan.
At Kentucky Home Loans by Joel Lobb, we specialize in helping homebuyers just like you get approved using government-backed loan programs that require little to no money down—even with less-than-perfect credit.
You Might Qualify for These No-Money-Down Options:
USDA Loans
$0 down payment required
Flexible credit guidelines (scores as low as 580)
Great for rural areas and small towns across Kentucky
VA Loans (for veterans, active duty & eligible spouses)
100% financing — no down payment
No monthly mortgage insurance
Approvals with credit scores as low as 500–580
FHA Loans + KHC Assistance
Only 3.5% down, with help available from Kentucky Housing Corporation
Credit scores as low as 580 (even lower with 10% down)
Forgiving on past credit issues, bankruptcies, or foreclosures
Kentucky Housing Corporation (KHC)
Up to $10,000 in down payment help
Pair with FHA, VA, USDA, or Conventional loans
Available to first-time and repeat buyers
We Make It Simple:
Free mortgage application
Same-day credit review and pre-approval
No hidden fees or pressure
One-on-one help every step of the way
Let’s Find Out What You Qualify For
I’m Joel Lobb, a local loan officer with 20+ years of experience helping Kentucky families become homeowners. If you've been told “no” before, don’t give up. There may still be a path forward—and I’ll help you find it.
Call or Text: (502) 905-3708 Email:kentuckyloan@gmail.com NMLS #57916 – Kentucky #1 Lender for Kentucky First Time Homebuyers for government backed loans by FHA, VA, USDA and KHC.
Ready to Get Started?
If you’re ready to purchase a home in Kentucky, partnering with an experienced loan officer will make the process seamless. Whether you're a first-time homebuyer or upgrading, programs like FHA, VA, USDA, and KHC down payment assistance are designed to help you achieve your dream of homeownership.
For personalized guidance and support, contact:
1 - 📅 Email - kentuckyloan@gmail.com
2. 📞 Call/Text - 502-905-3708
Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans
🌐 Website: www.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.
Kentucky Home Buyers: What Credit Score Do You Need?
Buying a home in Kentucky? Your credit score plays a crucial role in determining which mortgage loans you qualify for and how much you’ll pay in interest rates. Understanding the minimum credit score requirements for FHA, VA, USDA, and Conventional loans can help you prepare for homeownership and secure the best loan options.
While there's no single, simple answer, this guide will break down the minimum credit score requirements for various Kentucky mortgage options, empowering you to understand where you stand and how to achieve your homeownership goals. We'll cut through the confusion and give you the straight facts!
Why Your Credit Score Matters: More Than Just a Number
Think of your credit score as your financial reputation. Lenders use it to assess the risk of lending you money. A higher score signals lower risk, translating to better interest rates, more favorable loan terms, and potentially lower down payment requirements.
Here's the credit score impact on interest rates and your wallet (in general terms):
760-850: The Gold Standard! Expect the lowest interest rates and the most attractive loan options.
700-759: Excellent! You'll still qualify for very competitive rates and favorable terms.
640-699: Good. You'll likely be approved, but interest rates will be slightly higher.
620-639: Acceptable. This range is often the minimum for conventional loans, but be prepared for less favorable rates.
As the guide shows, aiming for a 740+ score can lead to best rates and closing costs on mortgage loans, especially Conventional Mortgage Loans,.
Let's explore the minimum credit score requirements for different Kentucky mortgage types:
Conventional Loan
• At least 3%-5% down• Closing costs will vary on which rate you choose and the lender. Typically, the higher the rate, the lesser closing costs due to the lender giving you a lender credit back at closing for over par pricing. Also, called a no-closing costs option. You have to weigh the pros and cons to see if it makes sense to forgo the lower rate and lower monthly payment for the higher rate and less closing costs.
Fico scores needed start at 620, but most conventional lenders will want a higher score to qualify for the 3-5% minimum down payment requirements Most buyers using this loan have high credit scores (over 720) and at least 5% down.
The rates are a little higher compared to FHA, VA, or USDA loan but the mortgage insurance is not for life of loan and can be rolled off when you reach 80% equity position in home. Conventional loans require 4-7 years removed from Bankruptcy and foreclosure. Kentucky USDA Rural Housing Program If you meet income eligibility requirements and are looking to settle in a rural area, you might qualify for the KY USDA Rural Housing program. The program guarantees qualifying loans, reducing lenders’ risk and encouraging them to offer buyers 100% loans. That means Kentucky home buyers don’t have to put any money down, and even the “upfront fee” (a closing cost for this type of loan) can be rolled into the financing.
Fico scores usually wanted for this program center around 620 range, with most lenders wanting a 640 score so they can obtain an automated approval through GUS. GUS stands for the Guaranteed Underwriting system, and it will dictate your max loan pre-approval based on your income, credit scores, debt to income ratio and assets.
They also allow for a manual underwrite, which states that the max house payment ratios are set at 29% and 41% respectively of your income.
They loan requires no down payment, and the current mortgage insurance is 1% upfront, called a funding fee, and .35% annually for the monthly mi payment. Since they recently reduced their mi requirements, USDA is one of the best options out there for home buyers looking to buy in a rural area
A rural area typically will be any area outside the major cities of Louisville, Lexington, Paducah, Bowling Green, Richmond, Frankfort, and parts of Northern Kentucky. There is a map link below to see the qualifying areas.
There is also a max household income limits with most cutoff starting at 109,500 for a family of four, and up to $136,000 for a family of five or more.
The income limits change every spring, so make sure and check to see what updated income limits are. USDA requires 3 years removed from bankruptcy and foreclosure There is no max USDA loan limit.
Kentucky FHA Loan
FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580-credit score.
The current mortgage insurance requirements are kind of steep when compared to USDA, VA, but the rates are usually good so it can counteract the high mi premiums. As I tell borrowers, you will not have the loan for 30 years, so don’t worry too much about the mi premiums.
The mi premiums are for life of loan like USDA.
FHA requires 2 years removed from bankruptcy and 3 years removed from foreclosure.
Kentucky VA Loan
VA loans are for veterans and active-duty military personnel. The loan requires no down payment and no monthly mi premiums, saving you on the monthly payment. It does have an funding fee like USDA, but it is higher starting at 2% for first time use, and 3% for second time use. The funding fee is financed into the loan, so it is not something you have to pay upfront out of pocket.
VA loans can be made anywhere, unlike the USDA restrictions, and there is no income household limit and no max loan limits in Kentucky
Most VA lenders I work with will want a 580-credit score, even though VA says in their guidelines there is no minimum score, good luck finding a lender VA requires 2 years removed from bankruptcy or foreclosure Clear Caviars needed to for a VA loan.
Kentucky Down Payment Assistance
This type of loan is administered by KHC in the state of Kentucky. They typically have $10,000 down payment assistance year around, that is in the form of a second mortgage that you pay back over 10 years. Current terms are $10,000 over 10 years at 3.75%
Sometimes they will come to market with other down payment assistance and lower market rates to benefit lower income households with not a lot of money for down payment.
KHC offers FHA, VA, USDA, and Conventional loans with their minimum credit scores being set at 620 for all programs. The conventional loan requirements at KHC requires 660 credit score. The max debt to income ratios is set at 50% and 50% respectively.
FHA Loans – Best for First-Time Homebuyers with Low Credit
500-579 Credit Score – Requires 10% down payment 580+ Credit Score – Requires 3.5% down payment Flexible credit guidelines & lower down payments Easier approval for first-time buyers & those with past credit issues
VA Loans – Best for Veterans and Active Military
No official minimum credit score Most lenders require 580-620+ 0% down payment – No mortgage insurance required Best for veterans, active-duty military & eligible spouses
USDA Loans – Best for Rural & Suburban Homebuyers
Minimum 620 to 640+ Credit Score (for automatic approval through GUS ) Some lenders may approve below 640 with manual underwriting with a minimum score of 581 and above 0% down payment required Best for low-to-moderate-income homebuyers in rural areas Income limits and property locations restrictions
Conventional Loans – Best for Borrowers with Good Credit
Minimum 620+ Credit Score-Truthfully, if scores are 620 and less than 20% down payment look at going to the government loan programs like FHA, USDA and VA Higher scores (760+) qualify for better interest rates Down payment: 3%-5% or more Best for buyers with strong credit & stable income
Minimum 620+ Credit Score, Income limits and max dti is 50% usually used for the down payment and closing costs on a FHA, VA, USDA or Conventional loan with the $10k DAP assistance Offers down payment assistance for eligible buyers Best for first-time homebuyers needing financial help
Non-QM Loans – Alternative Financing for Unique Situations
Minimum 500-620 Credit Score (Varies by lender) Includes Bank Statement Loans, DSCR Loans, Asset-Based Loans Best for self-employed borrowers, real estate investors & those with non-traditional income sources
Why Choose Non-QM? These non-traditional loans are great for borrowers who don’t qualify for conventional or government-backed loans due to income verification challenges.
How Credit Scores Affect Mortgage Interest Rates
Your credit score doesn’t just determine loan eligibility—it also affects the interest rate you receive.
Here’s how credit scores impact mortgage rates (examples based on typical loan rates):
Credit Score
Estimated Interest Rate
Kentucky Mortgage Loan Options Available
760-850
Best Rate (Lowest Cost)
Kentucky Conventional, FHA, VA, USDA
700-759
Good Rate
Kentucky Conventional, FHA, VA, USDA
640-699
Higher Rate
Kentucky FHA, VA, USDA, Some Conventional
620-639
Even Higher Rate
Kentucky FHA, VA, USDA, Some Conventional
Below 620
Limited Options, Highest Rates
FHA, VA, USDA and (with higher down payment), Non-QM
Evo Mortgage Company NMLS# 1738461 Personal NMLS# 57916
For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.
Kentucky Local Home Loan Lender Services
First-Time Home Buyers Welcome FHA, Rural Housing (USDA), VA, and Kentucky Housing Corporation (KHC) Loans Conventional Loan Options Available Fast Local Decision-Making Experienced Guidance Through the Home Buying Process
TheConsumer Financial Protection Bureau (CFPB) finalized a rule January 7, 2025 that will remove $49 billion in medical debt from credit reports, helping 15 million Americans!
Here’s what’s changed:
Medical bills are no longer on credit reports – They won’t hurt your score anymore.
Lenders can’t use medical info in loan decisions.
Credit scores could rise – Many people will see a boost of points
Evo Mortgage Company NMLS# 1738461 Personal NMLS# 57916
For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.
Kentucky Local Home Loan Lender Services
First-Time Home Buyers Welcome FHA, Rural Housing (USDA), VA, and Kentucky Housing Corporation (KHC) Loans Conventional Loan Options Available Fast Local Decision-Making Experienced Guidance Through the Home Buying Process
Understanding Credit Scores for Kentucky Mortgage Loan Approval
Why do some mortgage lenders require a certain credit score whereas other mortgage lenders may not?
One Word Mortgage Overlays. Some lenders will institute a higher credit score than the minimum below to lessen their risk of having to buy the loan back from the government agencies if they get too many mortgage defaults. In order to protect their lending portfolio and hedging their risk, they will require say a 640 credit score or higher for a FHA loan, whereas the guidelines clearly state you can do a FHA loan with a minimum credit score of 580 To understand mortgage overlays, it helps to have a foundation of how the mortgage approval process works. Mortgage lenders always have underwriting guidelines—standards to determine the amount and terms you qualify for.
Credit Score Minimum guidelines are typically set based on the mortgage program, e.g., FHA, VA, or USDA. FHA, --
What score does the Mortgage Lender Use? Why may it be different than the one you are seeing?
The reason mortgage lenders use older FICO Scores is because they don’t have a choice. They are essentially forced to use them.
For a bank to sell a mortgage to Fannie Mae or Freddie Mac, FHA VA, USDA, Etc, the loan has to meet certain guidelines. Some of these guidelines require borrowers to have a minimum credit score under specific FICO Score generations.
If you’re planning to apply for a mortgage, be aware that the credit score you see on your application might differ slightly from the one you’re used to.
It might even be different than what comes up when you monitor your credit, or even when you apply for a car loan.
Banks use a slightly different credit score model when evaluating mortgage applicants. Below, we go over what you need to know about credit scores you’re looking to buy a home.
The scoring model used in mortgage applications
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage:
As you can see, each of the three main credit bureaus (Equifax, Experian and TransUnion) use a slightly different version of the industry-specific FICO Score. That’s because FICO tweaks and tailors its scoring model to best predict the creditworthiness for different industries and bureaus. You’re still evaluated on the same core factors (payment history, credit use, credit mix and age of your accounts), but the categories are weighed a little bit differently.
The FICO 8 model is known for being more critical of high balances on revolving credit lines. Since revolving credit is less of a factor when it comes to mortgages, the FICO 2, 4 and 5 models, which put less emphasis on credit utilization, have proven to be reliable when evaluating good candidates for a mortgage.
Mortgage lenders pull all three reports, from all three bureaus, but they only use one when making their final decision.
“A bank will use all three bureaus,”--- “It’s called a tri-merge.”
If all three of your scores are the same, then their choice is simple. But what if your scores are different?
And if you are applying for a mortgage with another person, such as your spouse or partner, each applicant’s FICO 2, 4 and 5 scores are pulled. The bank identifies the median score for both parties, then uses the lowest of the final two.
Contact Joel Lobb for Expert Mortgage Advice
Joel Lobb is an experienced Mortgage Loan Officer , Inc. specializing in helping Kentucky homebuyers navigate credit and mortgage processes.
Disclaimer: The information provided is for educational purposes and does not guarantee approval or represent underwriting guidelines. Always consult with your lender for personalized advice.
If you'd like any adjustments or additional details, let me know!
NMLS 57916 |
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org).
6 Tips to Boost Your Credit Score for Kentucky Mortgage Loans (FHA, VA, USDA, KHC)
If you’re looking to buy a home in Kentucky, having a solid credit score is essential for qualifying for popular mortgage programs like FHA, VA, USDA, or KHC loans. Here are six actionable tips to improve your credit score and increase your chances of getting approved for your dream home loan.
1. Pay Your Monthly Bills on Time
Here are six tips for improving your credit score for a fresh financial start
1. Pay Your Monthly Bills on Time Paying monthly bills is a necessary chore that has a definite effect on your credit score. According to the FICO scoring model, your payments account for as much as 35 percent of your total score. Create reminders for due dates or establish a calendar for yourself to ensure you get everything paid on time.
2. Reduce Your Debts Got credit card debt? Start paying it off now. Part of your credit score is based on the amount of available credit you have, known as your credit utilization ratio. So if you're carrying high balances, you'll want to lower them as soon as possible. Create a personal budget with a goal of reducing your spending so that it's lower than your income. Then, use any monthly surplus for your credit card debts until they're gone for good.
3. Limit Credit Inquiries
Looking for a new apartment? What about a mortgage? In either situation, try and group your applications together as much as possible. Applications for new lines of credit will generate a "hard pull" on your credit, and having too many of them in a short period of time can lower your score. However, credit reporting agencies usually consider a group of applications within a short period of time as one pull, as long as they're in the same category.
Similarly, limit yourself to opening up no more than one or two credit cards per year, which also generate hard pulls. Even if you get a ton of offers in the mail for stellar sign-up bonuses, they're likely to be offset by the damage to your credit. FICO reports that new credit and credit inquiries account for 10 percent of your total score.
4. Don't Cancel Old Cards
Have a card you don't use anymore? Don't close it. This can negatively affect your score as it lowers your amount of available credit. Instead, use it about once per month and don't forget to pay the bills in full, and on time.
5. Request Credit Limit Increase
If you only have one card and you're constantly approaching your spending limit, call the bank and ask for an increase in your credit line. This will raise the amount of available credit, which will eventually improve your score.
6. Take Care of Late Payments Before They Hit Your Score
If you do happen to miss a payment, contact the card issuer immediately. If you have good history built up, the company may agree to not report your late payment. Even if you can't avoid a late-payment fee, be sure to get your account up to date as soon as possible so you can limit the damage.
Your credit score is yours to own. It reflects your financial history and helps lenders predict how you will manage your finances in the future. Due to the lingering effects of credit, you don't want to waste any time to improve your credit.
Evo Mortgage Company NMLS# 1738461 Personal NMLS# 57916
For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
There are several mortgage loans programs for Kentucky Homebuyers that may have had experienced bad credit in the past.
Below is a summary of programs that borrowers can use to get approved for a mortgage loan with bad credit..
FHA loans in Kentucky, FHA will go down to a 500 minimum credit score with at least 10% down payment or 10% equity on a refinance.
If your scores is over 580, then you could use a FHA loan in Kentucky to with just 3.5% down payment or refinance with that much equity.
If it turns out that you have a 620 credit score or higher, you can look at doing an Conventional loan with just 3 to 5% down payment. Typically on conventional loans if your score is below 660, you would need 5% down payment.
If you happen to be a Veteran and qualify for a Kentucky VA loan, you could possibly get approved for a VA loan with no minimum credit score.
In reality, it is very difficult to get for a VA loan with a score below 560 to 580 range, with most VA lenders requiring a 620 credit score.
If you are looking to purchase a home in a rural area, you can look at doing a Kentucky USDA loan because they have no minimum credit score but most lenders will want a 620 to 640 credit score.
Kentucky FHA Loan are your best bet you have a lower fico score or credit score.
FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score. You can go down to a 500 credit score potentially with a 10% down payment.
On September 19, 2024, a Proposed Rule was published in the Federal Register to amend the Single-Family Housing Guaranteed Loan Program (SFHGLP) regulation to implement changes related to the consideration of a previous USDA loss as significant derogatory credit and the seasoning and payment history requirements for refinance transactions. Specifically, this rule proposes to:
Establish a timeframe of seven-years following a previous Agency loan that resulted in a loss to the government for the loss to be considered significant derogatory credit.
Eliminate the seasoning requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined and non-streamlined refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application (or since origination, if the account has not been open 180 days).
Establish a six-month seasoning period requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined-assist refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application.
Rural Development invites the public to submit comments on all aspects on the proposed rule. Comments to the proposed rule may be submitted via the Federal e Rulemaking Portal located at www.regulations.gov. While the public comment period is open for 60 days, Rural Development encourages all interested parties to submit comments as soon as feasible. Comments must be submitted on or before November 18, 2024.
FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers in Kentucky. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following credit requirements will apply for FHA borrowers, effective October 4, 2010.
Kentucky FHA Borrowers with a credit score between 500 and 579 will be limited to a loan to value of 90%. A sub 580 FICO credit score borrower will henceforth need to make a 10% minimum down payment on a purchase transaction.
The new credit requirements are not expected to dramatically change the number of Kentucky FHA mortgage approvals.
Get used to the term credit overlays. You may call several FHA lenders and a lot of them will tell you that even though FHA will insure lower credit scores, most lenders had already imposed a minimum credit score requirement of 580 to 620 or higher for Kentucky FHA borrowers.
In limited cases, borrowers with scores between 580 and 639 could still obtain mortgage approval with compensating factors such as large down payment (more than 3.5% minimum), low debt to income ratios, and substantial reserves in the bank with a verifiable pay history of no late payments in the last 12 months of rent and on credit report. A late is considered 30 days late in the credit rating world.
Ultimately, there is no singular credit score that can guarantee you a mortgage approval. Each lender is free to set their own credit score requirements.
But many loan types are insured by government organizations. And lenders cannot accept borrowers with credit scores below the minimum these organizations set. The four most popular home loan types are:
Conventional: Not backed by any government agency, but must meet the Fannie Mae and Freddie Mac underwriting guidelines
FHA: Loans backed by the Federal Housing Administration
VA: Loans backed by the US Department of Veterans Affairs (for military members)USDA: Loans backed by the US Department of Agriculture (for low- to moderate-income families who buy homes in rural areas)
The minimum credit score requirements for each of these loan types:
Conventional:
620 SCORE NEEDED. BUT TO GET APPROVED FOR A FANNIE MAE LOAN MOSTLY LIKE YOU WILL NEED A 720 SCORE OR HIGHER IF YOU HAVE LESS THAN 20% EQUITY POSITION OR LESS THAN 20% DOWN PAYMENT DUE TO PRIVATE MORTGAGE INSURANCE
FHA:
580 for a 3.5% down payment 500 for down payments of at least 10% **MOST FHA LENDERS WILL WANT A 580 to 620 CREDIT SCORE NOWADAYS
VA:
No minimum BUT MOST VA LENDERS WILL WANT A 580 to 620 CREDIT SCORE
USDA:
No minimum, but with a credit score of at least 620 to 640 you could qualify for streamlined credit analysis and chances of approval goes way down if score is below 640...
Which credit score is used to qualify for a Mortgage loan in Kentucky?
For example if you have a 598, 625, 604 on each of the main three reporting agencies, then your qualifying fico score would be 604.
If you’re planning to apply for a mortgage, be aware that the credit score you see on your application might differ slightly from the one you’re used to.
It might even be different than what comes up when you monitor your credit, or even when you apply for a car loan.
Banks use a slightly different credit score model when evaluating mortgage applicants. Below, we go over what you need to know about credit scores you’re looking to buy a home.
The scoring model used in mortgage applications
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage:
As you can see, each of the three main credit bureaus (Equifax, Experian and TransUnion) use a slightly different version of the industry-specific FICO Score. That’s because FICO tweaks and tailors its scoring model to best predict the creditworthiness for different industries and bureaus. You’re still evaluated on the same core factors (payment history, credit use, credit mix and age of your accounts), but the categories are weighed a little bit differently.
The FICO 8 model is known for being more critical of high balances on revolving credit lines. Since revolving credit is less of a factor when it comes to mortgages, the FICO 2, 4 and 5 models, which put less emphasis on credit utilization, have proven to be reliable when evaluating good candidates for a mortgage.
Mortgage lenders pull all three reports,from all three bureaus, but they only use one when making their final decision.
“A bank will use all three bureaus,”--- “It’s called a tri-merge.”
If all three of your scores are the same, then their choice is simple. But what if your scores are different?
If two of the three scores are the same, lenders use that one, regardless of whether it’s higher or lower than the other one.
And if you are applying for a mortgage with another person, such as your spouse or partner, each applicant’s FICO 2, 4 and 5 scores are pulled. The bank identifies the median score for both parties, then uses the lowest of the final two.
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org).
.png "Minimum Credit Score Requirements for Kentucky Mortgage Loans")
Email -
Call/Text - 
Website: 
Address: 911 Barret Ave., Louisville, KY 40204
First-Time Home Buyers Welcome
Email -
Call/Text - 
Website: 
Address: 911 Barret Ave., Louisville, KY 40204.png "Kentucky FHA Loan are your best bet you have a lower fico score or credit score. FHA loans are good for home buyers with lower credit scores and no much down, or with down payment assistance grants. FHA will allow for grants, gifts, for their 3.5% minimum investment and will go down to a 580 credit score. You can go down to a 500 credit score potentially with a 10% down payment.")
.jpg)
