CREDIT REQUIREMENTS FOR KENTUCKY FHA FINANCING
Kentucky FHA Loans
The FHA is actually not the lender. They insure the loans that are issued by FHA-approved lenders. These loans don’t require the typical 20 percent down payment. Many borrowers will only need a 3.5 percent down payment. There are actually cases in which buyers may be able, through working with both FHA and other assistance sources for homebuyers, to get their home with no down payment whatsoever.
The other big plus is that FHA loans carry lower annual percentage rates than mortgage loans that would be offered to subprime borrowers by traditional lenders.
These loans are for financing your primary residence. They are not available for financing second or vacation homes.
Qualifying for a FHA Loan Mortgage In Kentucky
Credit Scores and Down Payment Percentages – Each year, the rules for qualifying for these loans changes. For 2020, applicants need a minimum credit score of 580 in…
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