FHA loans are a popular option for Kentucky home buyers' with bad credit

FHA loans remain a top choice for Kentucky homebuyers with less-than-perfect credit 


Kentucky FHA Loan Requirements for to include Credit Fico Scores, Down Payment, Income and Job history


Credit score:


* The minimum credit score for an FHA loan in Kentucky is 500 to 580 depending on your credit score and down    payment. However, some lenders may accept scores as low as 500 with a larger down payment (10% instead of 3.5%).

Debt-to-income ratio:


* Your debt-to-income ratio (DTI) is your monthly debt payments divided by your gross monthly income. Most lenders prefer a DTI below 50%, but some may allow up to 56.9%.

Down payment:


Employment and income:


* You'll need to have steady employment for at least two years and sufficient income to cover your monthly mortgage payment.


* You'll also need to meet other requirements, such as having a valid Social Security number and homeowner's insurance.

If you have bad credit and are considering an FHA loan in Kentucky, it's important to shop around and compare rates from different lenders. You may also want to consider talking to a credit counselor to help improve your credit score before you apply.



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