Credit scores required for A Kentucky Mortgage Loan Approval for FHA, VA, USDA and Conventional Fannie Mae

What credit score is needed to buy a house in Kentucky?

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)

And here are 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…

Joel Lobb
Senior  Loan Officer

(NMLS#57916)

phone: (502) 905-3708

 Fax:     (502) 327-9119

kentuckyloan@gmail.com

 

 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com/

22 New Fannie Mae Homes in Kentucky

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$25,000Just Listed 3801 Herd Elias Rd Tyner, KY 40486 3 Beds |2 Baths | 1634 sq. ft. View Property

 

$79,900Back on Market 36 Sweetbriar Ave Florence, KY 41042 3 Beds |1 Baths | 1288 sq. ft. View Property

 

$40,000Back on Market 2204 Parkwood Rd Louisville, KY 40214 2 Beds |1 Baths | 624 sq. ft. View Property

 

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$79,000Price Reduced 2116 Quillman Rd Louisville, KY 40214 4 Beds |1 Baths | 1440 sq. ft. View Property

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