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
via What are the Kentucky FHA Credit Score Requirements for 2019 Mortgage Loan Approvals?
what does your credit need to be to buy a house in ky?
The lenders I currently deal with have the following fico cutoffs for credit scores:
As you can see, different government-backed loan programs have different minimum score requirements with most lenders for a FHA, VA, or Fannie Mae loan, and 620 is required for the no down payment programs offered by USDA and KHC in Kentucky for First Time Home Buyers wanting to go no money down.
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