100% Financing Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers

 FHA Credit Requirements  620 is the bottom score (again with few exceptions) that lenders will permit. Below a 620, then you have to look at doing a FHA loan or VA loan if you are a veteran. Even at 620, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 720 is when you really start to get in the “as a lender we love you” credit score. 740 is even better. Watch your credit scores carefully.  You have three credit scores and the lender will take your middle score. For example lets say you have a 590 on Transunion, 679 on Experian, and a 618 on Equifax. Then your middle qualifying credit score will be 618 credits score. If you absolutely cannot get your credit scores up to 620, then FHA will be a good option for you. FHA states that if your fico credit score is 580 or above they will allow for a 3.5% down payment, and if below 580, you will need 10% down payment. There are a lot of mortgage len...

Fannie Mae Guidelines after a short-sale, foreclosure, bankruptcy Short Sale Deed-In-Lieu of Foreclosure 4 years from completion date If extenuating circumstances exist: • DU: 2 years from completion date • LP: 2 years from completion date on owner occupied purchase or non-cash out refi nance only, max 90% LTV or max LTV per program Bankruptcy:  Chapter 7 or 11 4 years from discharge or dismissal date. If extenuating circumstances exist – 2 years from discharge or dismissal date. Bankruptcy: Chapter 13 4 years from dismissal date (borrower did not complete the Chapter 13 plan) or 2 years from discharge date. If extenuating circumstances exist – 2 years from discharge or dismissal date. Multiple Bankruptcy Filings within the last 7 years 5 years from the most recent discharge date or dismissal date. If extenuating circumstances exist – 3 years from discharge or dismissal date. Foreclosure 7 years from completion date of foreclosure action as rep...