What Will My Lender Use?

FICO is used by 90% of lenders, according to myFICO, and has been around

since 1989. (VantageScore only hit the scene in 2006.)

If you’re not sure which scoring model a lender will use, just ask!

FICO Scores used for mortgages

USDA loan:

Most lenders prefer at least a 620
The U.S. Department of Agriculture insures for low- to moderate-income homebuyers. The USDA does not set a minimum credit score requirement and does not require a down payment.

Conventional loan:

620 is the minimum but in reality most will need a 720 or higher for a pre-approval if you are putting down less than 20%

Conventional loans aren’t insured by a government agency either, but they are covered by mortgage loan companies Fannie Mae and Freddie Mac. The down payment amount varies.

VA loan:

Most lenders prefer at least a 580
A Veterans Affairs loan is backed by the U.S. Department of Veterans Affairs and meant for military members and their spouses. These loans don’t require a minimum score or money down.

FHA loan:

500 (with 10% down payment) or 580 (with 3.5% down payment)
FHA loans, those guaranteed by the Federal Housing Administration, are for higher-risk borrowers who have poor credit and little money saved for a down payment. The credit requirements can fluctuate based on how much of a down payment you can afford.Most lenders have overlays now wanting a minimum 620 credit score even for FHA loans.


Are you interested in seeing how your current credit score might affect a new mortgage?

Let’s take a look together.

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

email: kentuckyloan@gmail.com
https://kentuckyloan.blogspot.com/

Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans's avatar

What Will My Lender Use? FICO is used by 90% of lenders, according to myFICO, and has been around since 1989. (VantageScore only hit the scene in 2006.) If you’re not sure which scoring model a lender will use, just ask! USDA loan: Most lenders prefer at least a 620 The U.S. Department of Agriculture … Continue reading Credit Score Information For Kentucky Home buyers

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Published by Kentucky Mortgage Broker Offering FHA, VA, USDA, Conventional, and KHC Down Payment Assistance Home Loans

Thank you for visiting. I hope you find this website both informative and empowering as you explore your mortgage options. My goal is to help you feel confident in selecting the right home loan for your unique situation. I proudly serve all 120 counties in Kentucky, offering a full range of mortgage loan programs, including: FHA Loans VA Loans USDA Rural Housing Loans Fannie Mae Conventional Loans KHC Down Payment Assistance Programs With over 20 years of lending experience, I’ve had the privilege of helping more than 1,300 Kentucky families achieve their homeownership goals. Whether you're a first-time homebuyer or seeking a second opinion, I’m here to offer honest, no-pressure advice—always free of charge. I am dedicated to: Attending as many closings as possible Providing responsive, personalized service Ensuring quick, efficient, and accurate loan processing Making myself accessible every step of the way I've been consistently recognized as a top mortgage loan officer in Kentucky for VA, FHA, USDA, and KHC programs. I take pride in being thorough, transparent, and attentive with each and every client. Please take a moment to read my reviews below. If you have questions or need guidance, feel free to call or text me directly. Call/text at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer/p> call/text phone: (502) 905-3708 kentuckyloan@gmail.com Company ID #1738461 EQUAL HOUSING LENDER http://www.mylouisvillekentuckymortgage.com/

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