Kentucky FHA Guidelines for Credit scores, First-Time Buyers, Co-signors, Collections, Mortgage Insurance Refinances, Bankruptcy and Foreclosure
Kentucky FHA Guidelines for Credit scores, First-Time Buyers, Refinances, Bankruptcy and Foreclosure 11 Questions and Answers below about the FHA loan program: 1. Q - Can only first-time home buyers use a Kentucky FHA loan program? A - No. You can use a Kentucky FHA loan as many times as you desire. The only guideline is that you cannot have more than one outstanding Kentucky FHA loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using Kentucky FHA financing. 2. Q - Does FHA use a FICO credit score for qualifying? A - Yes, FHA requires a credit score. Depending on investor and program, some FHA investors will go as low at 550 on a score, but most FHA lenders that I work with want a 620 score. You have three fico scores and they take the middle score. 3. Q - Can I streamline refinance my FHA loan at any time? A - Yes, you can streamline ass...