I am kinda new here but will offer what I do know.. I got approved on a 640 (fico) for USDA loan a few days ago. He made no mention of this. He did however tell me with a 620(fico) and no collections they would approve you, or 640 and some collections will approve you. I am currently waiting till March to buy as I want to raise my credit some more, and also wait till my lease is up here. -Hope this helps.
^^^^ Yep, that's what our local broker told me too. She also said she gets memos from the USDA every day and they haven't mentioned anything.
It is not USDA making score changes (not as of yet anyway).
Any score changes your LO or Broker told you is Lender specific. Lenders have the right to overlay their requirements.
Seems the lender your Broker is using change their requirements or if you are dealing with a LO from a specific lender, that specific lender changed their minimum requirements.
I have an unofficial copy of the latest USDA announcement. They are adjusting the minimum FICO score to 680. However, if the borrower's have lower FICO scores and significant compensating factors, the lender can request an exception.
if this is true i would think this will affect alot of people who are dealing with usda. Im looking at purchasing in july and im sitting at 645 middle score right now.
i hope someone else has some info on this to. Im getting kinda worried if ill be able to get to a 680 by july. I really hope its gonna stay at 640
I don't think its lender specific, I am in the Washington DC area and after doing some research the change to minimum fico score is true though its not official yet.
Wondering if anyone has heard an update on this at all?
The key words is unofficial!
True. I just know many of us have worked to get to 640, this will sting if now it wasn't quite good enough ;-) But hey, nothing wrong with keeping on to hit 680!