I am wanting a USDA or MHDC loan and have been working hard to get my scores up and in position. But I have many questions and a few marks against me on my credit but have not gotten any help from local brokers. No one can give me a straight answer, my lease is now up and I really want to move my family into a new home.
The most I have learned is I need a mid score of 620 for MHDC and 640 for USDA. As far as the other things no one seems to know for sure until underwriting. It kind of baffles me how no one has any real idea, and I don't want to hit my scores just to get turned down.
Looking over the MHDC guidelines it states to qualify you need 1. A score of 620 OR 2. intensive credit review. Inside that review it has several strict requirements. Does anyone know as long as you are above the 620 that they don't hold your history to such a strict standard?
I have a few marks against me, 2 30day CC lates last fall, and one small paid collection. Thats why I was hoping to avoid the intensive review.
Sorry for typing a wall of text, I really need some help and direction. Does anyone know if I should even waste my time trying, has anyone gotten approved for either with a few lates?
Thank you very much!
