Kentucky VA High Balance FICO Requirements
Minimum credit scores for Kentucky VA loans greater than $417,000 have been lowered to the following
Purchase/Rate-Term/IRRRL – Loan amount ≤ $1,000,000 : 640
Loan amount > $1,000,000 : 700
Cash Out – Loan amount ≤ $700,000 : 640
Loan amount $700,001 – $1,000,000 : 660
Loan amount > $1,000,000 : 700
Conforming loans, both Standard and High Balance. for these products as long as they meet our minimum credit scores as follows
Loan amount > $417,000 : 660
Loan amount ≤ $417,000 with MI : 660
Loan amount ≤ $417,000 w/o MI : 620
This only applies to regular Conforming loans and is not applicable to Homepath, DU Refi Plus, or any other Conforming program. All other requirements, including Maximum LTV, for these products will remain the same. Non-LTV based credit requirements still apply.
Kentucky FHA condo project approval is not required under the following circumstances
- FHA/HUD Real Estate Owned (REO) loan transactions that will be FHA insured
- FHA Streamlines without Appraisal where condo project approval has expired or been withdrawn
Condo projects which are not approved must still carry and provide a copy of all required forms of insurance. FHA Case numbers ordered for these types of loans should still include the FHA condo project assigned ID number, if applicable.
Borrowers which have undergone a previous Short Sale are eligible for a new loan with no Derogatory Credit waiting period if they meet the following requirements
- Prior mortgage must have been current at the time of Short Sale with no mortgage lates for the 12 months preceding the sale
- No lates on installment debt payments for the 12 months preceding the Short Sale
The 3 year waiting period still applies for all previous Short Sales not meeting these requirements.
Previously Modified Loans
Refinance of any loan which has been previously modified is subject to the terms of that modification. Any requirements in the modification, including inability to refinance or length of time before eligibility to refinance, must be followed in addition to the below product specific rules.
For an FHA Rate-Term on a previously modified loan, the following requirements must be met:
- If the loan modification was made through the Home Affordable Modification Program (HAMP), the refinance may close as soon as 1 month passes from the date the modification was made permanent.
- If the modification was not done through HAMP, the borrower must have made 3 timely consecutive monthly payments since the modification was finalized and the modified mortgage must be current.
- FHA must approve the modification refinance through TOTAL Scorecard.
For a Conforming Rate-Term on a previously modified loan, the following requirements must be met:
- The borrower must have made 24 timely consecutive monthly payments on the restructured loan before closing on the new refinance.
- The borrower must be current on their modified mortgage
For a Conforming DU Refi Plus on a previously modified loan, the following requirements must be met:
- The borrower benefit provision for DU Refi Plus must be met using the current modified terms of the current mortgage, not the original terms.
- The borrower must meet standard mortgage delinquency requirements.
- The property and mortgage must qualify for the DU Refi Plus program as per DU.
- Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Self-Employed Income for a Kentucky Mortgage Loan … (louisvillekentuckyvamortgage.blogspot.com)
- Kentucky VA Loan Overview for 2013 (kentuckyvaloan.com)
- Kentucky Housing first mortgage loans guidelines for 2013 (kentuckyfirsttimehomebuyer.com)
- Homebuyers clueless about mortgages (money.cnn.com)
- Kentucky USDA credit score and mortgage requirements for 2013 Credit Scores and the Kentucky USDA Rural Development Loan Progra (trulia.com)
- Best VA Home Loan Rates (valoanspecialist.wordpress.com)
- Mortgage Loans in financing your acquisition (deangraziosiblog.wordpress.com)
- Home Mortgage Refinance Loan: Fixed Interest Rate or Adjustable Rate Mortgage (mcbridemercedes26.wordpress.com)
- A 10-Point Plan for Loans (Without Being Overwhelmed) (zohrbak.com)
- Louisville Kentucky First Time Homebuyer Video (louisvillekymortgage.net)