Regular Contributor
playboy
Posts: 208
Registered: ‎04-15-2009
Re: Can I get a USDA Loan with a 638?

Kelbym232 wrote:

Hello everyone,

 

Can I get a USDA loan for at most, $150k?  My current middle score is 638.  My wife and I have baby #2 coming 6/28 and we would love to be moved into a 3 BR place by then.

 

My credit cards were all maxxed out December 15th, 2012 with a credit score of 620.  I paid 3 of them down to below 40%.  The 4th one I was an authorized user on and had my name removed the last week of January.  I had my score pulled by Guaranteed Home Mortgage (GHMC) on Feb 4th and was told my credit score is a 638.  The LO said I need a 640 to get the loan.

 

Currently I have three credit cards.  A capital one with a limit of $2000 that I just had to put $1600 on 1/27 and is now at $1972.  I am paying that down to $0 by 2/15.  The second one is an orchard bank card with a limit of $300 that has $100 on it.  The last one is a Target card with a limit of $200 with $24 on it.  I am an authorized user on a Zales credit card that has a limit of $4000 and is at $687.  I make $40000 a year.  I am also currently paying $750 in rent.

 

Please help me!  You guys are great.


Even though USDA underwriting guidelines provides for scores lower than a 640, most banks are requiring the 640 or better be it for a USDA, VA or FHA loan.  So get your mid-score up to 640 and go see the people about a loan.


Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


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