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Valued Member
VikingsLoyalFan
Posts: 42
Registered: ‎01-08-2013
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Re: Is USDA Changing their minimum credit score requirement

I am kinda new here but will offer what I do know.. I got approved on a 640 (fico) for USDA loan a few days ago. He made no mention of this. He did however tell me with a 620(fico) and no collections they would approve you, or 640 and some collections will approve you. I am currently waiting till March to buy as I want to raise my credit some more, and also wait till my lease is up here. -Hope this helps. 

Regular Contributor
maluba
Posts: 142
Registered: ‎12-16-2012
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Re: Is USDA Changing their minimum credit score requirement

^^^^ Yep, that's what our local broker told me too. She also said she gets memos from the USDA every day and they haven't mentioned anything.




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Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: Is USDA Changing their minimum credit score requirement

It is not USDA making score changes (not as of yet anyway).

 

Any score changes your LO or Broker told you is Lender specific. Lenders have the right to overlay their requirements.

 

Seems the lender your Broker is using change their requirements or if you are dealing with a LO from a specific lender, that specific lender changed their minimum requirements.

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New Visitor
69MortgageGuy
Posts: 1
Registered: ‎01-15-2013
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Re: Is USDA Changing their minimum credit score requirement

I have an unofficial copy of the latest USDA announcement.  They are adjusting the minimum FICO score to 680.  However, if the borrower's have lower FICO scores and significant compensating factors, the lender can request an exception.

 

 

Established Member
custombusa
Posts: 36
Registered: ‎12-24-2012
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Re: Is USDA Changing their minimum credit score requirement

if this is true i would think this will affect alot of people who are dealing with usda. Im looking at purchasing in july and im sitting at 645 middle score right now.

Established Member
custombusa
Posts: 36
Registered: ‎12-24-2012
0

Re: Is USDA Changing their minimum credit score requirement

i hope someone else has some info on this to. Im getting kinda worried if ill be able to get to a 680 by july. I really hope its gonna stay at 640

Regular Contributor
K_J
Posts: 209
Registered: ‎01-31-2012
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Re: Is USDA Changing their minimum credit score requirement

[ Edited ]

JM,

I don't think its lender specific, I am in the Washington DC area and after doing some research the change to minimum fico score is true though its not official yet. 


Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Current Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
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Established Contributor
awdsmama
Posts: 756
Registered: ‎01-20-2012
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Re: Is USDA Changing their minimum credit score requirement

Wondering if anyone has heard an update on this at all?

 

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Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: Is USDA Changing their minimum credit score requirement

The key words is unofficial!

Until it becomes official for USDA min requirements no sense jumping the gun.

As of now nothing has changed. Lenders I presently use for USDA have not changed their overlay requirements.
Good Luck
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Established Contributor
awdsmama
Posts: 756
Registered: ‎01-20-2012
0

Re: Is USDA Changing their minimum credit score requirement


JM-AM wrote:
The key words is unofficial!


True.   I just know many of us have worked to get to 640, this will sting if now it wasn't quite good enough ;-)   But hey, nothing wrong with keeping on to hit 680!

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