Kentucky FHA Credit Score Requirements for 2017 Mortgage Loan Approvals
Getting a FHA loan in Kentucky in 2017 you will be confronted with minimum credit score requirements set forth by FHA and the lender. Even though FHA will insure the mortgage loan at a certain credit score, you will see that lenders will create “credit-overlays” to protect their risk and ask for a higher credit score.
So keep in mind when you are getting a FHA loan in 2017, some lenders will have hihger credit score minimums in addition to the FHA Mortgage Insurance program.
For a Kentucky Home buyer wanting to purchase a home or refinance their existing FHA loan, FHA requires a 3.5% down payment and the borrower must have a 580 FICO Credit Score. If the score is below 580, then you would need 10% down and still qualify on a manual underwrite.
Based on my experience with lenders that I deal with in Kentucky on FHA…
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