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Valued Member
Tracy5544
Posts: 43
Registered: ‎02-24-2009

APPROVED USDA MID SCORE 618?

I was approved and have the approval letter in my hand for a USDA loan.

 

My mid score with TU is 618. (EQ 616 EX 630 LO pull)

 

I understand you can get a USDA approval under 620 if you have rental history but I don't so still don't know how I could be approved.

 

However they are offering me 5.25%. Is this a good rate?

 

I've never bought a home before so any help is appreciated.

Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,365
Registered: ‎07-29-2008

Re: APPROVED USDA MID SCORE 618?

Is this a direct or a guaranteed loan?

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
Valued Member
Tracy5544
Posts: 43
Registered: ‎02-24-2009

Re: APPROVED USDA MID SCORE 618?

It's the guaranteed loan

Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,365
Registered: ‎07-29-2008

Re: APPROVED USDA MID SCORE 618?

That is not great but it isnt horrible either

Because of the lower score you are probably being hit with some added adjustments making for a slightly higher rate

If you can get it done with those scores the rate is what it is

 

Good Luck

Brian

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
Valued Member
Tracy5544
Posts: 43
Registered: ‎02-24-2009

Re: APPROVED USDA MID SCORE 618?

Hi Brian

Actually another lender gave me 4.75% today.

 

On other question please. The builder said they would give me $3500.00 in buy down money to buy the rate down. He said it would be bought down from 5% to 4.75%. My lender told me I really didn't need the buy down because her rate is 4.75 % as it is. Shouldn't I still let the buyer give me that buy down money to lower from 4.75%?

 

I've never purchased a home before so I really need all the advice I can get.

 

Thank you.

Super Contributor
ShanetheMortgageMan
Posts: 7,377
Registered: ‎09-28-2007

Re: APPROVED USDA MID SCORE 618?

Yes in theory you should be able to buy it down further than the 4.75%, however some lenders have a minimum interest rate that is offered, this lenders may be 4.75%.  I am looking at a couple rate sheets now and one doesn't get any lower than 4.5% for USDA, another one goes down to 4.25%.

Valued Member
rwallace
Posts: 31
Registered: ‎04-13-2010

Re: APPROVED USDA MID SCORE 618?

Who were you approved by, because I have a midscore of 617 and I want to get a USDA mortgage.  Thanks


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