It can be done!

[mrsolson]

I filled out a loan inquiry sheet for a USDA rural developement loan. I just got off the phone with the loan officer and she said that if we pay off my husbands truck loan, which is only $1950, we will qualify for a $160,000 loan! That would more than cover the cost of the house we really want to buy.... Something that I thought would take years for us to achieve is coming true!

[DallasLoanGuy]

Congrats

[Anonymous]

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@mrsolson wrote:
I filled out a loan inquiry sheet for a USDA rural developement loan. I just got off the phone with the loan officer and she said that if we pay off my husbands truck loan, which is only $1950, we will qualify for a $160,000 loan! That would more than cover the cost of the house we really want to buy.... Something that I thought would take years for us to achieve is coming true!

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If you dont mind me asking, was this using yours and your husbands scores?  What is the minimum score required to qualify?

[mrsolson]

This was actually just using my husbands score since I have some lates that won't fall off til September. I have heard that they would like to see a 580, but I know my husbands score isn't that high and look at what we found out.

P.S. Thanks Dallas! I'm still not giving up on cleaning up our credit reports!

[Anonymous]

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@mrsolson wrote:

This was actually just using my husbands score since I have some lates that won't fall off til September. I have heard that they would like to see a 580, but I know my husbands score isn't that high and look at what we found out.

P.S. Thanks Dallas! I'm still not giving up on cleaning up our credit reports!

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Congrats!  And this was preapproval or prequalification?

[nevernv01]

I never paid attention to USDA loans unti I I went out looking this weekend and the builder mention it to me. She did mention that they require a score of 620 or higher.  It sounds like a great progam, however the community has an income restriction rule.