Have you ever thought what kind of credit score it takes to buy a home in Kentucky in 2013. I have supplied some examples below for Kentucky First Time Home Buyers so they can arm themselves with some knowledge and feel comfortable and confident when they take that step to get pre-approved to buy a Home in Kentucky
Interested in understanding how far a credit score can drop with late payments, foreclosure, short sale activity or bankruptcy?
This should give you an idea:
30 days late: 40 â€“ 110 points
90 days late: 70 â€“ 135 points
Foreclosure, short sale or deed-in-lieu: 85 â€“ 160 points
Bankruptcy: 130 â€“ 240 points
To come to these figures, Fair Isaac created two hypothetical consumers, one who starts out with a fair-to-middling score of 680 and the other with a very good one of 780. (FICO scores range from 300 to 850.)
The hypothetical person with the 780 FICO has 10 credit accounts versus six for the 680, plus a longer credit history, lower utilization of total credit limit and no missed payments on any account. The other consumer has two slightly damaged accounts. Neither have any accounts in collection or adverse public records.
Borrower #1 Borrower#2
680 780 Initial Score
620-640 670-690 30 Day Delinquency
595-610 645-665 90 Day Delinquency
575-595 620-640 Foreclosure Short Sale
530-550 540-560 Bankruptcy
Source: Fair Isaac Corp.
640 is the bottom score (again with few exceptions) that Kentucky Mortgage lenders will permit. Below a 640, then youâ€™re in a world of hurt. Even at 640, 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 â€œas a lender we love youâ€ credit score. 740 is even better. Watch your credit!!!!! Check out my post:
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Kentucky Mortgage Loan Approval Credit Requirements for 2013... more
If you are interested in looking at a house or a demo model there, I would be happy to take you and help point out certain areas of interests. To be honest, there are not too many places building lots of new houses right now, but that area is a decent commute to Ft. Knox which is growing substantially.... more
No. I have never heard of a seller rescinding a sale once closing has taken place. Unless there has been some kind of fraud I can't imagine how that could be accomplished. You may want to discuss your situation with an attorney, however, just to be sure, but I really don't see how.... more
Hi Deniel, I can set up an automatic search for you that will highlight the areas you want. Are you working with an agent? If not, meet me at my office to customize your search. I can make your home buying process effective and fun!
Mary Beth VanMeter
Weichert Realtors- ABG Properties
That is a question best answered after a few other questions. What price would you like to be in? How far from work do you want to be? How far are you willing to drive to get to places you want to be? There are several great neighborhoods in Louisville, KY and surrounding areas so 1st we would need the answers to a few questions and then we can get you to where you will love to live. Contact me or visit my website. Noel (502) 338 -7145 or ( www.louisvillemlssearch.net )... more