What are the Kentucky FHA Credit Score Requirements for 2020 Mortgage Loan Approvals?


via What are the Kentucky FHA Credit Score Requirements for 2020 Mortgage Loan Approvals?

If you are looking to refinance your mortgage loan, you’ll want to be prepared to meet your lender’s criteria and educate yourself about your FICO® Scores as they are the credit scores most commonly used in the mortgage refinancing process.

As there are different versions of the FICO Score, it’s important that you focus on the FICO Score versions used in mortgage lending. It’s highly likely that the following FICO Score versions will be pulled on all mortgage loan applicants and from all three credit bureaus:

FICO Score 5 based on Equifax data
FICO Score 2 based on Experian data
FICO Score 4 based on TransUnion data
You can access the scores along with the top reasons why the scores are not higher at myFICO. Focusing your credit actions on these top reasons could help you to understand your scores and gain access to more attractive rates.

You can now focus on those mortgage-related versions in your FICO Score explanation report with confidence knowing they are the same versions your mortgage lender will likely access in the refinance loan review process.

1. Based on $300,000 mortgage loan with fixed interest rate of 4.5% and 30-yr term

 

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Kentucky VA loans skyrocket in popularity for first-time home buyers


Kentucky VA Mortgage Lendersvia Kentucky VA loans skyrocket in popularity for first-time home buyers