topic Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620? in Mortgage Loans

Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620?

Familywantsahouse — Thu, 19 Apr 2012 11:31:39 GMT

I'd prefer to get a name "from the horse's mouth" than take the word of some of the brokers with websites online. The USDA themselves told me they know lenders out there do write to a 620.

It's completely possible this will be a non issue. We won't be applying til mid May and I'm hopeful to get over a 640 anyways...

Re: Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620?

Anonymous — Fri, 20 Apr 2012 02:38:02 GMT

I'd like to know as well. I am considering using USDA and I also have a VA Loan. I am wondering which would be better, easier, quals, etc

Re: Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620?

Anonymous — Fri, 20 Apr 2012 02:48:40 GMT

When we sent mine off it only had to be 620. My LO is handeling it.

Re: Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620?

thankfulheart — Fri, 20 Apr 2012 08:09:27 GMT

So far, I haven't found any that go less than 620. 640 is "required", 660 is "preferred". Also, at 640, they are looking at a lot more nitty-gritty on the CRAs and financing where they have to do less of that at 660, from what I understand.

Re: Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620?

Familywantsahouse — Fri, 20 Apr 2012 10:15:02 GMT

The USDA told me they have seen it done down to a 620. Now, I think we'll get to 640 anyways and it looks like if we relocate we won't be going down until early July to house hunt, so I've got some time to get there anyways

I've seen a couple lenders online who claim to do down to a 620 too.

Re: Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620?

Anonymous — Fri, 20 Apr 2012 12:58:36 GMT

We are going thru Wells Fargo and they said they will do a VA Loan on 600

Re: Anyone know of, or used a USDA guaranteed lender in FL who writes down to a 620?

Anonymous — Fri, 20 Apr 2012 18:20:53 GMT

Yes! Yes! Yes! I live in Florida and I am currently approved with condtions for my USDA Rural Guaranteed loan with a mid score right exactly on the dot of 620!!

When my score dropped after I made a correction to my credit bureau we did have to switch to another lender but my mortgage broker knows of several that will do a USDA loan with a 620 mid score. The difference that comes with using that low of a score is that we now are required to pay off our unpaid CO accts. We were planing on doing that anyways so it works out for us. We just were waiting for conditional approval so that we could pay without the worry of our score dropping. DO NOT PAY ANYTHING until after in underwriting. They will not be pulling our scores again so it works out great. If we had a 640 mid score or higher my broker had banks that would have financed us without us requiring to pay off the charge offs.

I hope this gives you some hope because I know I was excited finding this out after reading everywhere and being told that you have to have a 640 for the USDA loan. We are using American Financial Resources Inc. for our financing but I know there are others. If you have any questions let me know.

http://www.afrmortgage.com/