WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FHA MORTGAGE HOME LOAN APPROVAL?

Kentucky FHA Mortgage Credit Score Requirements

FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers in Kentucky. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following credit requirements will apply for FHA borrowers, effective October 4, 2010.

To be eligible for maximum financing, borrowers will need a minimum credit score of 500 or higher.

Kentucky FHA Borrowers with a credit score between 500 and 579 will be limited to a loan to value of 90%. A sub 580 FICO credit score borrower will henceforth need to make a 10% minimum down payment on a purchase transaction.


All Kentucky FHA borrowers with a credit score below 500 will not be eligible for FHA-insured mortgage financing in Kentucky.


The new credit requirements are not expected to dramatically change the number of Kentucky FHA mortgage approvals.


Get used to the term credit overlays. You may call several FHA lenders and a lot of them will tell you that even though FHA will insure lower credit scores, most lenders had already imposed a minimum credit score requirement of 580 to 620 or higher for Kentucky FHA borrowers.


In limited cases, borrowers with scores between 580 and 639 could still obtain mortgage approval with compensating factors such as large down payment (more than 3.5% minimum), low debt to income ratios, and substantial reserves in the bank with a verifiable pay history of no late payments in the last 12 months of rent and on credit report. A late is considered 30 days late in the credit rating world.

Ultimately, there is no singular credit score that can guarantee you a mortgage approval. Each lender is free to set their own credit score requirements.

But many loan types are insured by government organizations. And lenders cannot accept borrowers with credit scores below the minimum these organizations set. The four most popular home loan types are:


Conventional: Not backed by any government agency, but must meet the Fannie Mae and Freddie Mac underwriting guidelines

FHA: Loans backed by the Federal Housing Administration


VA: Loans backed by the US Department of Veterans Affairs (for military members)USDA: Loans backed by the US Department of Agriculture (for low- to moderate-income families who buy homes in rural areas)

The minimum credit score requirements for each of these loan types:

Conventional:

620 SCORE NEEDED. BUT TO GET APPROVED FOR A FANNIE MAE LOAN MOSTLY LIKE YOU WILL NEED A 720 SCORE OR HIGHER IF YOU HAVE LESS THAN 20% EQUITY POSITION OR LESS THAN 20% DOWN PAYMENT DUE TO PRIVATE MORTGAGE INSURANCE

FHA:

580 for a 3.5% down payment
500 for down payments of at least 10%
**MOST FHA LENDERS WILL WANT A 580 to 620 CREDIT SCORE NOWADAYS

VA:

No minimum BUT MOST VA LENDERS WILL WANT A 580 to 620 CREDIT SCORE

USDA:

No minimum, but with a credit score of at least 620 to 640 you could qualify for streamlined credit analysis and chances of approval goes way down if score is below 640...

Which credit score is used to qualify for a Mortgage loan in Kentucky?

For example if you have a 598, 625, 604 on each of the main three reporting agencies, then your qualifying fico score would be 604. 

If you’re planning to apply for a mortgage, be aware that the credit score you see on your application might differ slightly from the one you’re used to. 

It might even be different than what comes up when you monitor your credit, or even when you apply for a car loan.

Banks use a slightly different credit score model when evaluating mortgage applicants. Below, we go over what you need to know about credit scores you’re looking to buy a home.

The scoring model used in mortgage applications

While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage:

FICO® Score 2 (Experian)
FICO® Score 5 (Equifax)
FICO® Score 4 (TransUnion)

As you can see, each of the three main credit bureaus (Equifax, Experian and TransUnion) use a slightly different version of the industry-specific FICO Score. That’s because FICO tweaks and tailors its scoring model to best predict the creditworthiness for different industries and bureaus. You’re still evaluated on the same core factors (payment history, credit use, credit mix and age of your accounts), but the categories are weighed a little bit differently.


The FICO 8 model is known for being more critical of high balances on revolving credit lines. Since revolving credit is less of a factor when it comes to mortgages, the FICO 2, 4 and 5 models, which put less emphasis on credit utilization, have proven to be reliable when evaluating good candidates for a mortgage.

Mortgage lenders pull all three reports,from all three bureaus, but they only use one when making their final decision.

“A bank will use all three bureaus,”--- “It’s called a tri-merge.”

If all three of your scores are the same, then their choice is simple. But what if your scores are different?


If two of the three scores are the same, lenders use that one, regardless of whether it’s higher or lower than the other one.

And if you are applying for a mortgage with another person, such as your spouse or partner, each applicant’s FICO 2, 4 and 5 scores are pulled. The bank identifies the median score for both parties, then uses the lowest of the final two.

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/

 

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FH...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FH...: Kentucky FHA Mortgage Credit Score Requirements FHA is introducing new guidelines on loan to value ratios and the minimum credit score requ...

WHAT IS THE MINIMUM CREDIT SCORE FOR A KENTUCKY FHA MORTGAGE HOME LOAN APPROVAL?

Kentucky FHA Mortgage Credit Score Requirements

FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers in Kentucky. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following credit requirements will apply for FHA borrowers, effective October 4, 2010.

To be eligible for maximum financing, borrowers will need a minimum credit score of 500 or higher.

Kentucky FHA Borrowers with a credit score between 500 and 579 will be limited to a loan to value of 90%. A sub 580 FICO credit score borrower will henceforth need to make a 10% minimum down payment on a purchase transaction.


All Kentucky FHA borrowers with a credit score below 500 will not be eligible for FHA-insured mortgage financing in Kentucky.


The new credit requirements are not expected to dramatically change the number of Kentucky FHA mortgage approvals.


Get used to the term credit overlays. You may call several FHA lenders and a lot of them will tell you that even though FHA will insure lower credit scores, most lenders had already imposed a minimum credit score requirement of 580 to 620 or higher for Kentucky FHA borrowers.


In limited cases, borrowers with scores between 580 and 639 could still obtain mortgage approval with compensating factors such as large down payment (more than 3.5% minimum), low debt to income ratios, and substantial reserves in the bank with a verifiable pay history of no late payments in the last 12 months of rent and on credit report. A late is considered 30 days late in the credit rating world.

Ultimately, there is no singular credit score that can guarantee you a mortgage approval. Each lender is free to set their own credit score requirements.

But many loan types are insured by government organizations. And lenders cannot accept borrowers with credit scores below the minimum these organizations set. The four most popular home loan types are:


Conventional: Not backed by any government agency, but must meet the Fannie Mae and Freddie Mac underwriting guidelines

FHA: Loans backed by the Federal Housing Administration


VA: Loans backed by the US Department of Veterans Affairs (for military members)USDA: Loans backed by the US Department of Agriculture (for low- to moderate-income families who buy homes in rural areas)

HUD Approved Housing Counseling Agencies for Kentucky Home Buyers

HUD Approved Housing Counseling Agencies for Kentucky Home buyers

Agencies located in KENTUCKY

Agency Name Phone, Toll-Free,
Fax Number,
Email, Website Address Counseling Services Languages Parent Organization
KENTUCKY COMMUNITIES ECONOMIC OPPORTUNITY COUNCIL, INC. (KCEOC) Phone: 606-546-3152
Fax: 606-546-5057
E-mail: dcornelius@kceoc.com 5448 N. U.S. 25E, Ste.A
PO Box 490
Barbourville, Kentucky 40906 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
BOWLING GREEN HUMAN RIGHTS COMMISSION Phone: 270-782-7900
Fax: 270-782-6997
E-mail: bghrc1@aol.com
Website:www.bgky.org/humanrights.htm 491 Double Springs Road
BOWLING GREEN, Kentucky 42101-5185 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Predatory Lending Education Workshops
- Services for Homeless Counseling - English
- Spanish
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 1725 Ashley Circle, Ste 107
BOWLING GREEN, Kentucky 42104-5811 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
HOUSING ASSISTANCE AND DEVELOPMENT SERVICES, INC. Phone: 270-796-4176
Fax: 270-796-8203
E-mail: hands@handsinc.net
Website: www.handsinc.net 1133 Adams Street
BOWLING GREEN, Kentucky 42101-2603 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
KENTUCKY LEGAL AID Phone: 270-782-1924
E-mail: N/A
Website: www.klaid.org 1700 Destiny Ln
BOWLING GREEN, Kentucky 42104-1063 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
LIVE THE DREAM DEVELOPMENT, INC Phone: 270-843-6071-7124
Fax: 270-781-7091
E-mail: eholley@habg.org 247 Double Springs Road
BOWLING GREEN, Kentucky 42101-5160 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops - English
CAMPBELLSVILLE HOUSING AND REDEVELOPMENT AUTHORITY Phone: 270-465-3576-236
Fax: 270-465-2444
E-mail: jhall@campbellsvillehousing.com
Website: www.cvillehousingonline.com 400 Ingram Ave
PO Box 597
CAMPBELLSVILLE, Kentucky 42718-1627 - Financial Management/Budget Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling - English
CATHOLIC CHARITIES, DIOCESE OF COVINGTON Phone: 859-581-8974
Fax: 859-581-9595
E-mail: info@covingtoncharities.org
Website: www.covingtoncharities.org 3629 Church St
COVINGTON, Kentucky 41015-1430 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish CATHOLIC CHARITIES USA
LEGAL AID OF THE BLUEGRASS Phone: 859-957-0189
Toll-free: 800-274-5863
Fax: 606-783-1342
E-mail: bcombs@lablaw.org
Website: www.lablaw.org 104 East 7th Street
COVINGTON, Kentucky 41011-2502 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com/home.asp 950 North Mulberry
Suite 220F
ELIZABETHTOWN, Kentucky 42701-3612 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com/home.asp 11 Shelby Street
FLORENCE, Kentucky 41042-1612 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 649 Charity Court
#15
FRANKFORT, Kentucky 40601-4223 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
KENTUCKY DOMESTIC VIOLENCE ASSOCIATION Phone: 502-209-5382-502
Toll-free: 502-209-5382
Fax: 502-226-5382
E-mail: modoherty@kdva.org
Website: kdva.org 111 Darby Shire Circle
FRANKFORT, Kentucky 40601-2741 - Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
KENTUCKY HOUSING CORPORATION Phone: 502-564-7630-775
Toll-free: 800-633-8896
Fax: 502-564-5657
E-mail: shillard@kyhousing.org
Website: www.kyhousing.org 1231 Louisville Rd.
FRANKFORT, Kentucky 40601-6156 - Fair Housing Pre-Purchase Education Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops - English
- Spanish
KCEOC COMMUNITY ACTION PARTNERSHIP, INC. Phone: 606-546-3152-300
Fax: 606-546-5057
E-mail: jsmith@kceoc.com
Website: www.povertyisreal.com 5448 N US 25 E, Suite A
GRAY, Kentucky 40734-6582 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Financial, Budgeting and Credit Repair Workshops
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Rental Housing Workshops
- Resolving/Preventing Mortgage Delinquency Workshops
- Services for Homeless Counseling - English
LESLIE, KNOTT, LETCHER, PERRY COMMUNITY ACTION CENTER Phone: 606-436-3161-180
Toll-free: 800-401-4287
Fax: 606-439-1157
E-mail: a.thompson@lklp.net
Website: www.lklp.org 98 Roy Campbell
HAZARD, Kentucky 41701-9444 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
BARRET CENTER, INC Phone: 270-827-1486-114
Fax: 270-826-8673
E-mail: susangay@hahenderson.net 111 S Adams Street
HENDERSON, Kentucky 42420-3611 - Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 866-452-9243
Fax: 270-782-5740
E-mail: scrocker@klaid.org
Website: www.klaid.org 1411 South Main Street
HOPKINSVILLE, Kentucky 42240-2017 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English KENTUCKY LEGAL AID
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com/home.asp 2265 Harrodsburg Road
Stuite. 303
LEXINGTON, Kentucky 40504-3500 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
COMMUNITY VENTURES CORPORATION Phone: 859-231-0054
E-mail: dmajor@cvcky.org
Website: www.asite.com 1450 N Broadway
Lexington, Kentucky 40505-3162 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling - Arabic
- Cambodian
- English NEIGHBORHOOD REINVESTMENT CORPORATION
REACH, INC. Phone: 859-455-8057
Fax: 859-455-7436
E-mail: kjones@reachky.com
Website: www.reachky.com 733 Red Mile Rd
Lexington, Kentucky 40504+1153 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English
- Spanish
ROAD TO HOMEOWNERSHIP, INC. Phone: 502-647-3027
Fax: 502-647-3099
E-mail:ybradford@theroadleadinghome.org 121 Prosterous Place Ste A
LEXINGTON, Kentucky 40509-1800 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 2100 Gardiner Lane Ste 103A
LOUISVILLE, Kentucky 40205-2900 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@apprisen.com
Website: www.apprisen.com 11492 Bluegrass Parkway
Suite 110
LOUISVILLE, Kentucky 40299-2334 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
HOUSING FOUNDATION Phone: 270-965-2233
Toll-free: 866-965-2239
Fax: 775-213-7867
E-mail: myhomeky@bellsouth.net
Website: www.myhomeky.org 330 North Hubbards Lane Office #4
LOUISVILLE, Kentucky 40207-2396 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
LEGAL AID SOCIETY, INC. Phone: 502-584-1254
Fax: 502-584-8014
E-mail: spope@laslou.org 416 West Muhammad Ali Blvd., Suite 300
LOUISVILLE, Kentucky 40202-3376 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- French
- Hindi
- Other
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
LOUISVILLE CENTRAL COMMUNITY CENTER Phone: 502-583-8821
Fax: 502-583-8824
E-mail: rclay@lcccnews.org 1300 W. Muhammad Ali Blvd
LOUISVILLE, Kentucky 40203-1744 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
LOUISVILLE URBAN LEAGUE Phone: 502-566-3362
Fax: 502-568-4663
E-mail: cmccravy@lul.org
Website: www.lul.org 1535 West Broadway
LOUISVILLE, Kentucky 40203-3515 - Fair Housing Pre-Purchase Education Workshops
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English NATIONAL URBAN LEAGUE
NID-HCA SICKLES Phone: 502-810-9200
Fax: 502-966-6040
E-mail: nidhca.sickles@gmail.com
Website: www.nidonline.org & www.makingyourhomeaffordable.org 3215 Fern Valley Road, Suite #106
LOUISVILLE, Kentucky 40213-3563 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish NATIONAL ASSOCIATION OF REAL ESTATE BROKERS-INVESTMENT DIVISION, INC
THE HOUSING PARTNERSHIP, INC Phone: 502-585-5451
E-mail: lwood@wearehpi.org
Website: www.asite.com 321 Guthrie Grn
LOUISVILLE, Kentucky 40202-1813 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling - English
- Spanish HOUSING PARTNERSHIP NETWORK
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 800-782-1924
Fax: 270-825-0689
E-mail: scrocker@klaid.org
Website: www.klaid.org 100 South Railroad Street, # 120
MADISONVILLE, Kentucky 42431-2467 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English KENTUCKY LEGAL AID
DANIEL BOONE DEVELOPMENT COUNCIL Phone: 606-598-5127
Fax: 606-599-9712
E-mail:marthanna.dobson@danielboonecaa.org
Website: none 1535 Shamrock Road
MANCHESTER, Kentucky 40962-9201 - Pre-purchase Counseling - English KENTUCKY HOUSING CORPORATION
PURCHASE AREA HOUSING CORPORATION Phone: 270-247-7171
Fax: 270-251-6110
E-mail:David.Hargrove@purchaseadd.org
Website: www.purchaseadd.org 1002 Medical Dr
MAYFIELD, Kentucky 42066-1184 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
BRIGHTON CENTER, INCORPORATED Phone: 859-491-8303
E-mail: brighton@brightoncenter.com
Website: brightoncenter.com 799 Ann ST
NEWPORT, Kentucky 41071-1218 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling - English
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 866-452-9243
Fax: 270-683-3513
E-mail: jmorre@klaid.org
Website: www.klaid.org 117 West 2nd Street
OWENSBORO, Kentucky 42303-4112 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English
- Spanish KENTUCKY LEGAL AID
CLEARPOINT FINANCIAL SOLUTIONS, INC. Phone: 877-877-1995
Toll-free: 877-877-1995
E-mail:customer.service@clearpointccs.org
Website: www.clearpointccs.org 118 Bleich Rd
C-Plant Credit Union Building
-
-
PADUCAH, Kentucky 42003-8703 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling - ASL
- English
- Spanish CLEARPOINT FINANCIAL SOLUTIONS, INC.
KENTUCKY LEGAL AID, INCORPORATED Phone: 270-782-5740
Toll-free: 866-452-9243
Fax: 270-782-5740
E-mail: jmorre@klaid.org
Website: www.klaid.org 1122 Jefferson Street
PADUCAH, Kentucky 42001-1836 - Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Rental Housing Counseling - English KENTUCKY LEGAL AID
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@cccservices.com
Website:www.cccservices.com/home.asp 317 Main Street
PIKEVILLE, Kentucky 41501-1135 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
BELL-WHITLEY COMMUNITY ACTION AGENCY, INC. Phone: 606-337-3044
Fax: 606-337-1439
E-mail: normancornelius@bell-whitley.org
Website: bell-whitley.org 129 Pine St.
PO Box 159
PINEVILLE, Kentucky 40977-1625 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
APPALACHIAN RESEARCH AND DEFENSE FUND OF KENTUCKY Phone: 606-886-3876
Toll-free: 800-556-3876
Fax: 606-886-3704
E-mail: dianef@setel.com
Website: www.ardfky.org 120 North Front Avenue
PRESTONSBURG, Kentucky 41653-7832 - Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish WEST TENNESSEE LEGAL SERVICES, INCORPORATED
CCCS OF THE MIDWEST Phone: 800-355-2227
Toll-free: 800-355-2227
Fax: 614-552-4800
E-mail: info@cccservices.com
Website: www.cccservices.com 200 E Main St 2nd Floor
RICHMOND, Kentucky 40475-1628 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops - English CCCS OF THE MIDWEST/APPRISEN
HAZEL JOYCE WILEY CAREER AND FINANCIAL LITERACY INSTITUTE, INC Phone: 502-647-3072
Fax: 502-647-3099
E-mail: hjwfinancial@bellsouth.net
Website: www.hjwfinancial.org 330 Main Street
SHELBYVILLE, Kentucky 40065-1026 - Fair Housing Pre-Purchase Education Workshops
- Financial Management/Budget Counseling
- Home Improvement and Rehabilitation Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Non-Delinquency Post Purchase Workshops
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Predatory Lending Education Workshops
- Rental Housing Counseling
- Services for Homeless Counseling - English
- Spanish
POTENTIALS INC Phone: 606-416-5711
E-mail:potentials.scarlette@newwavecomm.net 105 Burdine Street
SOMERSET, Kentucky 42501-2311 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops
- Rental Housing Counseling - English KENTUCKY HOUSING CORPORATION
PEOPLE'S SELF-HELP HOUSING, INC. Phone: 606-796-6333
Fax: 606-796-2606
E-mail: brendapshh@alltel.net 307 KY 59
VANCEBURG, Kentucky 41179-7648 - Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORATION
GATEWAY COMMUNITY SERVICE ORGANIZATION, INC Phone: 606-743-3133
Fax: 606-743-1130
E-mail: debbie.vannorman@gcscap.org 124 College Street
PO Box 367
WEST LIBERTY, Kentucky 41472-1115 - Financial Management/Budget Counseling
- Mortgage Delinquency and Default Resolution Counseling
- Pre-purchase Counseling
- Pre-purchase Homebuyer Education Workshops - English KENTUCKY HOUSING CORPORA


Fill out my form!

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: HUD Approved Housing Counseling Agencies for Kentu...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: HUD Approved Housing Counseling Agencies for Kentu...: HUD Approved Housing Counseling Agencies for Kentucky Home buyers Agencies located in KENTUCKY Agency Name Phone, Toll-Free, Fax Nu...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: KENTUCKY VA MORTGAGE LOAN INFORMATION

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: KENTUCKY VA MORTGAGE LOAN INFORMATION:   COMMON KENTUCKY VA LOAN MYTHS FOR KENTUCKY VETERANS VA loans are difficult to qualify for. All VA loans require a down payment. VA loans r...

Kentucky VA Guidelines for Credit Score, Purchase and Refinances

 

Purchase Kentucky VA Home Loans

• FICO credit scores as low as 550 may be accepted
• 1–4-unit properties are eligible
• Manufactured homes are eligible
• Offers 15-, 25-, and 30-year terms
• Up to 100% LTV depending on credit 

Cash-Out Refinance Kentucky VA Loans

For leveraging home equity.

• FICO credit scores as low as 550 may be accepted
• 1–4-unit properties are eligible
• Manufactured homes are eligible
• Offers 15-, 25-, and 30-year terms
• Up to 90% LTV for a true cash-out
• 100% LTV for a rate/term refi

Streamline (IRRRL) VA Streamline Refinance for Kentucky VA loans

For less paperwork and lower interest rates.

• FICO credit scores as low as 550 may be accepted
• 1–4-unit properties are eligible
• Manufactured homes are eligible (primary residences only)
• Offers up to 30-year terms
• Up to 105% LTV 

 

Sincerely,

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364



Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

Kentucky Mortgage Guidelines for Gift Funds for Fannie Mae, Conventional, FHA, VA Home Loans

Kentucky Mortgage Guidelines for Gift Funds for Fannie Mae, Freddie Mac, Conventional, FHA, and VA Mortgage Loans

 

Kentucky Fannie Mae Gift Funds Guidelines

 

Kentucky Freddie Mac for Gift Guidelines

 

Kentucky FHA Mortgage Loans Gift Funds

 

Kentucky VA Mortgage Loans and Gift Funds 

 

 

Kentucky Home Inspection Vs. Kentucky Appraisal: What’s The Difference?

Plain and simple, a home appraisal determines the value of the home while a home inspection determines the condition. And since each serves a different purpose, there are a few other differences when it comes to an appraisal vs. inspection:

Home appraisals are required by a lender. Home inspections aren’t.

You must set up an inspection yourself while the lender will order an appraisal for you.

An appraisal may impact your ability to get the loan amount you need. An inspection won’t.

Appraisers typically only spot things visible to the naked eye, whereas inspectors use special devices and training to spot deeper issues.

Home buyers are allowed and encouraged to walk through the home with the inspector during the inspection.

 Typically, an appraiser will go through the appraisal process alone.

An inspector will explain and educate during the interactive process. An appraiser won’t tell you their findings until they complete their report.
A home inspection only examines the condition of the home when making the assessment. A home appraisal considers the condition of the home, comparable home prices, lot size, home features, area crime rates and school zones.

The inspector and appraiser have a different set of skills, are trained and certified in different processes and have different areas of expertise.

What Do Home Appraisals And Home Inspections Have In Common?

While they have different processes and serve a different purpose, appraisals and inspections do have a few things in common.

They both benefit the homeowner and the lender because they ensure the home is worth what you’re paying for it and that it’s safe to live in.
Both will uncover any issues that may affect the sale as well as help you feel secure in your decision to either purchase the home or walk away from the deal.
Both services are completed by a third-party professional who has nothing to gain or lose from the results so you can feel confident in their findings.

Usually, the homeowner is the one who pays for both the appraisal and the inspection.

While it may be more expensive, it’s recommended that you get both an appraisal and an inspection.

Why Should You Get An Appraisal And An Inspection?

The home assessment that happens during the appraisal should never be used in place of a home inspection. An appraiser seeks to find the value of the home, so their inspection will be different from that of an inspector who seeks to find issues with the home. They’ll be looking for different things as they walk through the home.

The inspection that happens during the appraisal process will not be as in-depth as a separate home inspection. As the potential homeowner, it’s in your best interest to get an inspection along with your appraisal.

Wondering whether you should get an appraisal or inspection first? Usually, it’s best to put the inspection first. If expensive repairs or deal-breakers come up during the inspection, the appraisal is a moot point. This means planning the appraisal after inspection may wind up saving you time and money. 

--

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

click here for directions to our office

Text/call:      502-905-3708

fax:            502-327-9119
email:          kentuckyloan@gmail.com

https://www.mylouisvillekentuckymortgage.com/