Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Disputes on Credit Report and Kentucky Mortgage Lo...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Disputes on Credit Report and Kentucky Mortgage Lo...: 

Applying for a Kentucky Mortgage Soon? Don't Dispute that Account       Sounds counterintuitive, I'm sure ...       But until you...

 Got Dispute Comments on Your Credit Report? 

If you've disputed any accounts in the past, chances are your credit report still has dispute comments listed. That might seem harmless—but if you're applying for a mortgage, those comments could delay or even block your loan approval.

 Here’s what you can do:

1. Call each credit bureau (numbers on the graphic).

2. Ask to remove any dispute comments.

3. Verify they’re gone by pulling a fresh consumer credit report.

4. Follow up within 72 hours to confirm it’s been done.

Pro Tip: Do this before your lender pulls your credit. It could save time, stress, and keep your home loan on track.

If you’re not sure where to start, drop a comment or shoot me a message. I’m here to help walk you through the process!

#CreditTips #MortgageReady #HomeLoanHelp #KentuckyMortgage #JoelLobb #CreditRepair #HomebuyerTips #FHA #VA #USDA #KHC #CreditScoreMatters #NMLS57916 #EqualHousingLender

Mortgage Options in Kentucky for Buyers with 580 Credit Scores

Can You Buy a Home with a Credit Score of 580?

Buying a home with a credit score of 580 can feel daunting, but FHA loans and state-specific programs in Kentucky offer viable pathways to homeownership. This note covers eligibility criteria, credit improvement strategies, income and debt-to-income (DTI) ratios, down payment requirements, and available assistance, with a focus on practical steps and resources.

FHA Loan Eligibility and Credit Score Requirements

FHA loans, backed by the Federal Housing Administration, are designed to assist buyers with lower credit scores, making them a popular choice for first-time homebuyers or those with financial challenges. According to recent guidelines, the minimum credit score for FHA loans is 500, but the terms vary based on the score:

• Credit Score 500-579: Buyers can qualify with a 10% down payment. This higher down payment reflects the increased risk for lenders, but it remains accessible for those with limited credit history or past financial difficulties.
• Credit Score 580 and Above: Buyers can qualify with a down payment as low as 3.5%, significantly reducing the upfront cost and making homeownership more achievable.

FHA Loan Credit Score Requirements

• 500–579 Credit Score: Requires a 10% down payment
  (Example: $20,000 down on a $200,000 home)
• 580+ Credit Score: Eligible for just a 3.5% down payment
  (Only $7,000 down on the same $200,000 home)

Note: Lenders may impose stricter "overlays"—so shop around for FHA-approved lenders willing to go below 580.

 

Need Help Getting Approved for an FHA Loan in Kentucky?

As an experienced mortgage loan officer specializing in FHA loans for Kentucky first-time homebuyers, I’m here to guide you every step of the way.

Contact Me Today:

• 📧 Email: kentuckyloan@gmail.com
• 📞 Call/Text: 502-905-3708
• 🌐 Website: www.mylouisvillekentuckymortgage.com

Joel Lobb
Mortgage Loan Officer – Expert on Kentucky Mortgage Loans

Website: www.mylouisvillekentuckymortgage.com
Address: 911 Barret Ave., Louisville, KY 40204

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Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

Equal Housing Lender

www.nmlsconsumeraccess.org

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.