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Beginning to prepare for USDA loan application... in one year.

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Beginning to prepare for USDA loan application... in one year.

I had a bankruptcy Ch 7 discharged May 2011. Foreclosure of home was included in the bankruptcy.

 

My income is $50k, my debt will be $3-4k (auto loan) at time of application. I am currently at a credit score of around 600-610 depending on which report I pull. One 30 day past due blip since the bankruptcy, the blip is a year old. All credit cards paid in full. I will have about $6k saved up for closing costs.

 

I am looking at USDA mortgage GUARANTEE (not direct) home loan program but my credit score doesn't seem high enough. What does my credit score need to be?

 

Should I be looking at the direct loan instead?

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