Credit Scores required for A Kentucky First Time Home Buyer in 2013

Have you ever thought what kind of credit score it takes to buy a home in Kentucky in 2013. I have supplied some examples below for Kentucky First Time Home Buyers so they can arm themselves with some knowledge and feel comfortable and confident when they take that step to get pre-approved to buy a Home in Kentucky


Interested in understanding how far a credit score can drop with late payments, foreclosure, short sale activity or bankruptcy?


This should give you an idea:


30 days late: 40 – 110 points

90 days late: 70 – 135 points

Foreclosure, short sale or deed-in-lieu: 85 – 160 points

Bankruptcy: 130 – 240 points


To come to these figures, Fair Isaac created two hypothetical consumers, one who starts out with a fair-to-middling score of 680 and the other with a very good one of 780. (FICO scores range from 300 to 850.)


The hypothetical person with the 780 FICO has 10 credit accounts versus six for the 680, plus a longer credit history, lower utilization of total credit limit and no missed payments on any account. The other consumer has two slightly damaged accounts. Neither have any accounts in collection or adverse public records.


Borrower #1  Borrower#2

680                         780                    Initial Score

620-640                670-690                30 Day Delinquency

595-610                645-665                90 Day Delinquency

575-595                620-640                Foreclosure Short  Sale

530-550                540-560                Bankruptcy

Source: Fair Isaac Corp. 




Kentucky Mortgage Loan Approval Credit Requirements for 2013


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