Bad credit home loans in Kentucky

Loan type Credit score minimum
Conventional loan 620 or 660 depending on program
FHA loan 580 (or 500 with a minimum 10 percent down payment)
VA loan No official requirement, but typically 620
USDA loan No official requirement, but typically 640

Conventional loans

Fannie Mae and Freddie Mac each back conventional loans with a lower minimum credit score: 620 and 660, respectively. Both of these loans require just 3 percent down.

FHA loans

The Federal Housing Administration (FHA) insures FHA loans, which allows mortgage lenders to accept a credit score as low as 580 with a 3.5 percent down payment, or 500 with a 10 percent down payment.

VA loans

If you’re a military member, a veteran or married to someone who has served in the armed forces, you could benefit from a VA loan backed by the U.S. Department of Veterans Affairs. You don’t have to meet a specific credit score minimum to qualify, although many lenders do require at least 620.

USDA loans

If you have a lower income and want to buy a home in a particular rural area, look into a USDA loan. While not a hard-and-fast rule, most USDA-approved lenders require a minimum credit score of just 640.

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