Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Child Support & Mortgage Approval Complete Guide f...

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Child Support & Mortgage Approval Complete Guide f...: Child Support & Mortgage Approval: Your Kentucky Guide Child Support Obligations and ...

Government Shutdown Impact on Kentucky Mortgages What Kentucky Homebuyer...

 Government Shutdown Impact on Kentucky Mortgages | USDA, FHA, VA,

Conventional Loan Updates (2025)

If you’re buying a home in Kentucky, here’s how a government shutdown could affect your USDA, FHA, VA, or Conventional loan. In this video, Joel Lobb, Kentucky Mortgage Loan Officer (NMLS #57916), explains what homebuyers should know about loan delays, approval freezes, and how to prepare for closing during a federal shutdown. What’s affected:

• USDA Rural Housing Loans (stopped until reopening) • FHA & VA Loans (slower processing) • IRS & SSA Verifications (delayed for all loans) • Conventional Loans (minor impact) Best Practice: Start your mortgage early and stay in touch with your lender. Helpful Kentucky Mortgage Links:

• Kentucky USDA Loan Eligibility Map • Kentucky FHA Loan Limits • Kentucky VA Loan Info Equal Housing Lender www.nmlsconsumeraccess.org Joel Lobb Email - kentuckyloan@gmail.com 📞 Call/Text - 502-905-3708 www.mylouisvillekentuckymortgage.com 911 Barret Ave., Louisville, KY 40204 Evo Mortgage Company NMLS# 1738461 Personal NMLS# 57916 #KentuckyMortgage #GovernmentShutdown #USDAloans #FHAloan #VAloan #ConventionalLoan #KentuckyHomebuyers #MortgageTips #MortgageAdvisor #JoelLobb #KYCHomeLoans #KentuckyRealtors #KentuckyHousing #KHC #USDAhousing #MortgageUpdates

Kentucky Mortgage Credit Scores & Approval Guide

Complete guide to credit requirements for FHA, VA, USDA, Conventional & KHC programs in Kentucky

Joel Lobb — Senior Loan Officer

NMLS #57916 | 20+ Years Experience

📞 Call/Text (502) 905-3708

Understanding Mortgage Credit Scores in Kentucky

Important: Mortgage lenders use FICO mortgage score models (FICO 2, 4, 5), not the VantageScore results you see on Credit Karma or free credit monitoring apps. This can mean a difference of 20-50+ points.

🧮 Quick Credit Score Assessment

Enter your credit score

Credit Score Requirements by Program

• 🏠 Conventional Loans (Fannie Mae/Freddie Mac)
  Minimum: 620 for automated approval
  Best rates: 740+ credit score
  Down payment: 3% minimum for first-time buyers
• 🏛️ FHA Loans
  500-579: 10% down payment required
  580+: 3.5% down payment
  Note: Individual lender overlays may apply
• 🇺🇸 VA Loans (Veterans)
  Official minimum: None
  Typical lender requirement: 580-620
  Benefit: 0% down payment, no PMI
• 🌾 USDA Rural Housing
  Automated approval: 640+ typical
  Manual underwriting: Lower scores considered
  Benefit: 0% down in eligible rural areas
• 🏡 KHC Down Payment Assistance
  Requirements: Follows underlying loan program
  Assistance: Up to $10,000 down payment help
  Eligibility: First-time buyers, income limits apply

Credit Score Impact Breakdown

Payment History 35%

Credit Utilization 30%

Length of Credit History 15%

Fast-Track Credit Improvement Strategies

1. Pay all bills on time — Set up autopay for minimum payments
2. Lower credit utilization — Keep balances below 30% of credit limits (10% is ideal)
3. Don't close old accounts — Keep them open to maintain credit history length
4. Dispute errors immediately — Pull free reports from annualcreditreport.com
5. Avoid new credit applications — Stop applying 6 months before mortgage shopping
6. Pay down collections — Recent collections hurt more than old ones

Timeline for Credit Issues

• Late payments: 7 years
• Collections: 7 years from original delinquency
• Foreclosure: 7 years
• Chapter 7 Bankruptcy: 10 years
• Chapter 13 Bankruptcy: 7 years

💡 Pro Tip

You don't need perfect credit to get approved. Many of my clients get approved with scores in the 580-620 range using the right loan program and strategic planning.

Get Pre-Approved Today

Ready to check your options? Get a personalized pre-approval based on your actual credit profile.

Joel Lobb

Senior Mortgage Loan Officer

NMLS #57916

📞 (502) 905-3708

✉️ kentuckyloan@gmail.com

Quick Links

• FHA Loan Details
• VA Loan Benefits
• USDA Rural Housing
• KHC Down Payment Help
• First-Time Buyer Programs

Helpful Resources

• Free Credit Reports
• HUD/FHA Guidelines
• VA Loan Information
• USDA Rural Housing

🎯 Success Rate

Over 1,300 Kentucky families helped achieve homeownership in 20+ years

Frequently Asked Questions

What credit score do mortgage lenders in Kentucky actually use? +

Lenders use FICO mortgage scores (FICO 2, 4, 5), not the VantageScore results from Credit Karma or other free monitoring services. These mortgage scores can be 20-50 points different from what you see online.

Can I get approved with a 580 credit score? +

Yes! FHA loans allow 580+ with 3.5% down. VA loans often approve 580+ scores. and USDA 580 + score with manual underwriting and compensating factors such as low debt ratio, a lot of reserves, i.e. a lot of money saved in bank or 401k accounts, house payment lower than current rent or housing payment. No payment shock

Will shopping for rates hurt my credit score? +

No. Mortgage rate shopping within a 45 day window counts as a single inquiry. Pre-qualification soft pulls don't affect your score at all.

How long does it take to improve my credit score? +

Small improvements can show in 30-60 days (paying down balances, disputing errors). Significant improvements typically take 3-6 months of consistent good habits.

Do collections automatically disqualify me? +

Do Collections Stop You From Getting a Mortgage? Not necessarily. Many loan programs allow collections to remain on your credit report, especially if they are medical collections, in dispute, or if you’ve set up payment arrangements. Most of the time, collections don’t have to be paid off to get approved. However, if your total collections are over a certain amount, lenders may have to factor in 5% of the outstanding balance into your debt-to-income ratio (DTI). Example: If you have a $7,000 collection, $350 would be added to your monthly liabilities for qualifying purposes. This doesn’t mean you have to pay it off — just that it’s counted in your DTI. Liens that affect the title are a different story — those may need to be paid off or subordinated with a payment plan before closing. Critical tip: Never dispute an account while applying for a mortgage. If a tradeline is in dispute, it will need to be resolved and your credit report re-pulled before underwriting can proceed. ✅ Bottom line: Collections usually aren’t deal-breakers. With the right loan program and strategy, you can still move forward toward approval.Not necessarily. Many programs allow collections if they're medical, disputed, or you have payment arrangements. We can often work around collections with the right loan program. Most of the time collections do not have to be paid but if over a certain amount we may have to include 5% of the outstanding collections balance in the debt to income ratio. For example if you have a $7k collection. then we would need to put $350 into your liaibiltes but does not need to be paid-Liens affecting title could have to be paid or subordinated with a payment plan.

Joel Lobb — Senior Mortgage Loan Officer
NMLS #57916 | Company NMLS #1738461
Serving Kentucky Homebuyers for 20+ Years

This content is for informational purposes only and is not a guarantee of loan approval. Loan terms, guidelines, and program availability subject to change. All loans subject to credit and property approval.
NMLS Consumer Access | Equal Housing Lender

No Money Down Homes in Kentucky | FHA, VA, USDA Loan Programs

Kentucky Bankruptcy Mortgage Loan | FHA, VA, USDA & Conventional Guideli...

Kentucky First-Time Home Buyer Mortgage Approval Requirements

Kentucky First-Time Home Buyer Approval Requirements for a Mortgage Loan (2025 Guide)

Buying your first home in Kentucky can feel overwhelming, but knowing the requirements upfront makes the process smoother. Lenders look closely at your credit score, down payment, and debt-to-income (DTI) ratio before issuing a pre-approval. Here’s what you need to know in 2025.

Core Approval Requirements

Credit Score

• Conventional loans: Minimum 620 (better rates at 700+)
• FHA loans: 580 with 3.5% down; 500 with 10% down
• VA loans: No set minimum, but most lenders prefer 620+
• USDA loans: Typically 640, though some approvals possible with 580–639 via manual underwriting

Down Payment

• Conventional: 3%–20% (20% avoids PMI)
• FHA: 3.5% minimum, or 10% if under 580 credit
• VA & USDA: Zero down payment required
• KHC DAP: Up to $12,500 (through Nov. 30, 2025) for down payment and closing costs

Debt-to-Income (DTI) Ratios

• Front-end ratio: Housing costs only — aim for under 31%–36%
• Back-end ratio: Housing + debts — typically capped at 41%–50% depending on program

Kentucky First-Time Homebuyer Loan Options

• Conventional Loan: Best for strong credit; competitive rates and terms
• FHA Loan: Great for lower scores or limited savings; includes mortgage insurance
• USDA Rural Housing Loan: Zero down for rural areas; income/location limits apply
• VA Loan: Zero down, no MI, and favorable terms for veterans/service members
• Kentucky Housing Corporation (KHC) Programs: Down payment and closing cost assistance, including MRB and DAP

Key Takeaways

• Aim for 580+ credit for FHA or 620+ for Conventional/USDA/VA
• Budget realistically for a down payment, but explore KHC assistance
• Keep debts under control to meet DTI limits
• Choose the right program based on credit, income, and location

Next Steps

The fastest way to know what you qualify for is to get pre-approved. A pre-approval gives you a budget and strengthens your offer when shopping for a home in Kentucky.

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Contact Joel Lobb – EVO Mortgage

Senior Loan Officer | NMLS #57916
EVO Mortgage | Company NMLS #1738461
Louisville, KY – Serving all of Kentucky
📱 Call/Text: (502) 905-3708
✉️ Email: kentuckyloan@gmail.com
🌐 Website: www.mylouisvillekentuckymortgage.com

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Equal Housing Lender | Not a commitment to lend | Programs subject to change | Not affiliated with HUD, VA, USDA, or KHC.
For licensing information, visit www.nmlsconsumeraccess.org.

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