Re: Can I get a USDA Loan with a 638?
02-06-2013 12:56 PM
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 Score (Mortgage Lender Pulls as of 1-5-13): EX 684/EQ 674/TU 656
Goal Score: 720
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