What are the eligibility requirements for a mortgage?

In order to be eligible for a mortgage in Kentucky, borrowers must meet certain requirements. These requirements include having a steady income or employment history that can be verified, a good credit score, and equity or a down payment. Income and employment history must be able to be verified. Lenders will require two years’ worth of tax returns and pay stubs to verify that you are able to make loan payments. Additionally, lenders may require proof of any other sources of income, such as a statement from Social Security or other government benefits. A good credit score is also a must for a mortgage in Kentucky. Generally, a credit score of 620 or higher is required, although scores higher than 700 are preferred by lenders. This score shows lenders that borrowers have a good history of paying back their debts. Finally, borrowers must have equity or a down payment in order to be eligible for a mortgage. An equity loan is a home loan that uses the equity in the home as collateral to secure the loan. The down payment is the amount that is paid upfront and is typically at least 3.5% of the home’s purchase price. Overall, borrowers must have a steady income, a good credit score, and equity or a down payment in order to be eligible for a mortgage in Kentucky. Adhering to these requirements will ensure that borrowers have a better chance of being approved for a loan.

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What are the eligibility requirements for a mortgage?

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