Kentucky FHA Loan Requirements for 2021 to include Credit Fico Scores, Down Payment, Income and Job history
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
- Minimum Credit Score is 500 with at least 10% down
- Minimum Credit Score is 580 if you put less than 10% down
- The maximum loan amount varies by Geographical Area, for 2021 it is as follows:
- The FHA Kentucky Maximum loan for 2021 is $356,362 is set at 65 percent of the national conforming loan limit. Federal Housing Administration (FHA) is increasing its 2021 loan limit in most of the U.S. to $356,362, an increase of nearly $25,000 over 2020’s loan limit of $331,760.
- • One-unit: $356,362
• Two-unit: $456,275
• Three-unit: $551,500
• Four-unit: $685,400