USDA RD Loan

[Anonymous]

Hi, I've been lurking around on this sight for two months. Got a quick question. My FICO scores are EQ 613, TU 633, EX 663. My mortgage broker just submitted my application. With a mid score of 633, will I need any compensating factors for a payment shock of about $600.00? MThanky income is 60k. My monthly debts equal $398.00.

Thanks 

[Anonymous]

As far as from the perspective of the USDA, they'll issue the guarantee (as I understand it) with a payment shock of less than 100%.  In otherwords, as long as your new payment won't be double or more what you currently pay.  The individual LO could have more strict requirements however... that's up to them.

[Anonymous]

Thanks. I kinda figured that.