Minimum Score Requirement FHA/USDA

[cd2004]

Question:

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?

[Anonymous]

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@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". 

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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.    Our LO required a 640 mid score.