Showing posts with label 600 va credit score.. Show all posts
Showing posts with label 600 va credit score.. Show all posts

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky VA Mortgage Qualifying Guidelines

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgages: Kentucky VA Mortgage Qualifying Guidelines:   NMLS ID. 57916, NMLS ID. 1364 EQUAL HOUSING LENDER CALL/TEXT 502-905-3708 www.nmlsconsumeraccess.org subject to credit and income qualifyi...


  • Min 580 FICO (Refer /Eligible thru DU or LP)- Refer Eligible
  • 580 + Cash Out Refi's up to 100% (approved eligible)
  • No DTI cap - follow AUS findings
  • VA- REFER/ELIGIBLE - 50% max ratio
  • No VOR unless required by DU findings (unless VA Refer)
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Kentucky VA Home Loans Credit Scores Requirements




  • No down payment required for Kentucky VA Loans
  • There are closing costs on all home purchases and refinances, however, on purchases, VA allows the home seller to give the home buyer up to a 4.0% sellers concession towards the home buyer’s closing costs. If the home buyer is short on closing costs or if the home seller is not willing to give a sellers concession, the Veteran can get a lender’s credit to cover part or all of the closing costs
  • There is no monthly  mortgage insurance premium on Kentucky VA Loans
  • Here are VA Credit Requirements:
    • VA does not have a mandatory minimum credit score requirement
    • VA lets the lender to set the minimum credit score requirement. Most lenders will want a 620 credit score nowadays. 
    • VA does not have a maximum debt to income ratio requirement. If you loan pre-approval shows a refer eligible, the max debt to income ratios are usually limited to 41% for the new house payment and your current bills on the credit report of your gross income. For example, lets say you make $3000 a month, and you have $400 in monthly bills on the credit report. Then your max house payment would be $830.00
    • 2 year waiting period to qualify for a VA mortgage loan after a Chapter 7 Bankruptcy, short sale, and recorded dates of foreclosure and/or deed in lieu of foreclosure
    • If you have deferred student loans that are deferred for at least 12 or more months, it will be exempt from from debt to income ratio calculations

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