Posts: 89
Registered: ‎07-28-2012
USDA loan and if I would qualify
I am trying to qualify for a USDA loan. Back in August I went to a broker and he advised me that he can get me a USDA loan with no down payment... Could that be true?

Also, At the time I did not qualify because of my credit EQ was 600 and TU 601. He was worried that I had too many derogatories and only my car loan as a the only acct in good standing, no lates. Since then I have paid some accounts and deleted others. This is what is currently showing on my credit report
Car loan opened in 2011 - no lates
Cc with capital one (250) opened in July of this year - no lates
Two Sallie mae paid loans- currently reporting 4 120 lates from 2006!
Two closed cc in good standing (walmart, 1st premier)
One charge off from Target from 2009
One settled account with Capital one in 2010
One paid utility collection from 2010
AU on my moms walmart CC opened in 2009 no lates but utl is 30%

My current scores are EQ 620 and TU 617, would I qualify? Also I have a credit advisor that told me to open a secured credit line at my bank, is this necessary? I appreciate your opinion.