USDA garunteed

[Anonymous]

My local usda office told me they do not offer the single family grunted loan and they have to go by credit score. My credit has some marks and is under 500 but through no fault of my own. Tried to fix the issues but was met with nothing but issues. I have never had a car payment, have never missed rent in 13 years. Haven't missed an insurance payment in the last 15 years. What are my options. I'm tI red of renting with shady landlords.

[CaliforniaLoaner]

I think this is going to be a credit repair issue more than anything else. I'm not an expert on how to get those off, but I would definitely look in that section.

Regarding mortgages, it will need to get above at least a 580 before even FHA will entertain.

[kc0039]

Yes they will go by credit score. Pay for a credit cleaner. SInce you stated, it's not your fault, you can get your credit repaired easily.

[Anonymous]

What is a credit cleaner?

[Anonymous]

Usda guaranteed loans are underwritten by lending partners and are only finalized and insured by the USDA local offices. You will want to talk to a approved lender when the time is right.

Yes you will need a good credit score. Not great but two biggies with USDA are ability and WILLINGNESS to repay the loan which in part are proven by your credit history.

Rd.usda.gov- personal loans- single family guaranteed has the lender handbooks that identify exactly what criteria a applicant needs to meet. 620- 660 is the goal.

USDA direct is for low income and low low income and has different criteria and is done directly through the local USDA office.

[Anonymous]

Update: Found out that to get the Guaranteed Rural USDA loan I have to go through a local Bank here. We have started that process. My husbands score is 552 with only one collections on it which we are in the process of fixing with payments. What are our chances at getting approved for a property that is listed as REO forclosed and what type of loan will I need?

[kc0039]

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@Anonymous wrote:

Update: Found out that to get the Guaranteed Rural USDA loan I have to go through a local Bank here. We have started that process. My husbands score is 552 with only one collections on it which we are in the process of fixing with payments. What are our chances at getting approved for a property that is listed as REO forclosed and what type of loan will I need?

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Depends on the appraisal. Conventional most likely

[Anonymous]

What does that mean? Conventional?

[Anonymous]

USDA requires a 580 I believe with much stricter requirements for under 620 or 640 (something like that) underwriting requirements. Rd.usda.gov > personal loans > single family guaranteed. Your looking for the lender handbook.

You can also check both your family eligibility and your properties eligibility.