Hi Y'all,
I have a chapter 7 BK discharged in August 2013 (20 months ago) and looking to buy a brand new home in Round Rock, TX. Went to look at homes yesterday and new sales agent stated that the area is approved for USDA loans. I was going to wait until this August for FHA loan application but agent also indicated that he's had a few clients/customers approved for USDA loans since they were approved for a waiver due to 640+ FICO score.
Is this true? I thought USDA was strict on the 3-year/36 month BK rule for chapter 7.
I currently have a 688 FICO mid-score and my DTI stands at 25%. We're looking to buy a home in the $290,000 - $310,000 range. My income is at $78,000 but currently interviewing for two positions that pay in the mid to high $80,000 range.
Thanks!
