Here’s a summary of what you need to know to get approved for a USDA loan in Kentucky:
* Credit score: While the USDA doesn’t have a minimum credit score requirement, most lenders in Kentucky will prefer a score of at least 640.
* Work history: You’ll typically need to show two years of stable employment and income.
* Income: Your income must fall within the USDA’s income limits for Kentucky, which vary depending on your family size.
* Bankruptcy/foreclosure: There are usually waiting periods after a bankruptcy or foreclosure before you can qualify for a USDA loan.
* Property requirements: The property must be located in a USDA-designated rural area.
* Time to close: Closing times for USDA loans can vary depending on the lender, but generally take 30-45 days.
For more details, you can consult a USDA-approved lender in Kentucky.