10-24-2012 10:21 AM - edited 10-24-2012 11:53 AM
I just called my bank (small local bank) with questions regarding getting a guaranteed USDA mortgage. She said I have to have 3% down and 6 months in reserves. I have gone on the assumption, from this (and the USDA) website that this is NOT the case. This bank does not even do FHA loans, so I doubt she is mixing the two up.
She also said I have to have 3 years of tradelines and a 680 score.
I read on here about people getting great mortgages every day, with lower scores than me and foreclosures and bankruptcies, etc. and every time I call anyplace nothing I am told matches up with what I read here.
I don't want to assume this loan officer doesn't know what she is talking about, but from everything I read everywhere, it sure seems that way.
Any suggestions of somebody in mid-Michigan that I can go to?
10-24-2012 11:38 AM
Without going into full detail I can say that they are misinformed. I didnt have any thing that you mention they say is required and I got approved. Could be different per state so I can only speak for certain in Ohio
10-24-2012 06:29 PM
I would definitely try looking elsewhere. These do not sound like the general rules for the USDA Guaranteed Loan. I had looked into trying to get this loan a few months ago and none of the information that you are describing sounds familiar.
10-25-2012 04:21 PM
Thing to remember is just like FHA only requires a 580 score many lenders will put there own requirements on these too. So if the lender says the need a 680 than that lender needs a 680 you can and should shop around. Just be weary not to jump into something if your not ready.
10-26-2012 06:10 AM
I agree with the growing consensus...you need to find a different lender. Most who work USDA guaranteed loans only require a 620-640 median FICO score. 680, to me, seems excessive given the fact that a USDA guaranteed loan is virtually risk-free for the lender.
These responses are not provided or commissioned by FICO. Responses have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.