What Are The Credit Score & Income Requirements To Purchase A Home in Kentucky?
Here are action steps you can take right now to buy a home in Kentucky 1. Focus on your credit score FICO credit scores are among the most frequently used credit scores, and range from 350-800 (the higher, the better). A consumer with a credit score of 750 or higher is considered to have excellent credit, while a consumer with a credit score below 620 is considered to have poor credit. To qualify for a mortgage and get a low mortgage rate, your credit score matters. Each credit bureau collects information on your credit history and develops a credit score that lenders use to assess your riskiness as a borrower. If you find an error, you should report it to the credit bureau immediately so that it can be corrected. 2. Manage your debt-to-income ratio Many lenders evaluate your debt-to-income ratio when making credit decisions, which could impact the interest rate you receive. A debt-to-income ratio is...
