As a rule of thumb, however, a credit score below 640 will make buying a home very difficult. A FICO score below 640 is considered sub-prime. In the past there were mortgage companies that specialized in sub-prime mortgages. Because of the challenges in the credit market over the last year or so, however, sub-prime loans have become difficult if not impossible to obtain.
A FICO score between 620 and 650 is considered fair to good credit. But keep in mind, this range of credit scores does not guarantee you will qualify for a mortgage, and if you do qualify, it won’t get you the lowest interest rate possible. Still, to buy a home aim for a score of at least 640, recognizing that other factors weigh in the decision and that some banks may require a higher score.
Senior Loan Officer
phone: (502) 905-3708
KHC Mortgage Interest Rates as of 06/20/2011, 9:00 a.m. ET
Rates subject to change without notice.
700+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates
640+ Credit Score Mortgage Revenue Bond (MRB) Interest Rates
* Government includes FHA, RHS, and VA.
660+ Credit Score Mortgage Revenue Bond (MRB) Conventional Interest Rates
**At the present time, KHC is not offering a conventional product at 81% or greater LTV.
- Interest Rates KHC Mortgage Interest Rates as of 06/06/2011, 11:00 a.m (kentuckyfirsttimehomebuyer.com)
- Kentucky Rural Housing USDA Guidelines 2011 (kentuckyusdaloan.wordpress.com)