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Minimum Score Requirement FHA/USDA

Regular Contributor

Re: Minimum Score Requirement FHA/USDA


I am thinking about about applying for USDA guaranteed loan once I get my utli on my cards lower and see how my score increase. My two problema are I have a judgement from 2009 that I pay $75.00 a month on and I dont have funds to PIF with trying to save for closing costs and clean up my credit. Also I have been taking care of my disable mother for the past 2yrs so I moved in her house and help her with the mortgage but i dont write checks or anything. I give her some money every 2wks when I get paid. I am reading post that say relatives would not count anyway, is it best just to move in my own apartment so I can have rental history first before applying for a home?

Current 3B scores Dec 2016: EQ: 794 TU: 785 EX: 755
Mortgage scores Dec 2016: EQ: 744 TU: 748 EX: 743
2017 Goal: reduce debt and purchase first home
Total credit lines: 112K
Message 31 of 32
Regular Contributor

Re: Minimum Score Requirement FHA/USDA

@xazilizax wrote:

That's awesome.  Good for you.  I know I have excellent rental history.  What is an LOE?



****People, in my last posting of the USDA credit requirements, please don't think I came up with anything on my own.  It's what I got from the USDA site, so don't jump down my throat saying I'm wrong about anything.  None of it is "what I think".  Smiley Very Happy

LOE = Letter of explanation (collections, judgements, late payments, etc.)


I wanted to add that I was not worried when the loan went to USDA because I figured with my score I was ok with them.  USDA is the easy part, it's getting past the bank requirements that can be tricky.  Smiley Happy  Our LO required a 640 mid score.

Starting Score: EQ: 540 TU: 606 EX: 605 (all from lender on 7/26/11)
Current Score: EQ: 601 TU: 648 EX: 642 (from lender on 8/4/11)
Closed on our home on 8/31/11!!!!
Goal Score: 620-650 to start

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Message 32 of 32
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