USDA....640 OR 660? MODULAR HOME?

[Anonymous]

I live in PA. I was under the impression a USDA score needed to be 640+. My bank told me 660. When I went for pre approval my mid score was 648. A few points away from the 660. Can anyone tell me if it needs to be 640 or 660?

Also I am looking at new modular homes. Can I use a USDA to purchase land, foundation, and the home?

[Lemmus]

...there are NO minimum credit scores for USDA loans ...though the practical minimum for guaranteed loans is 640 ...if your lender insists on 660, its his overlay ...tell him to take a hike and find one that will work with you

http://www.rd.usda.gov/files/CA-SFHUnderwritingGuide.pdf

...yes, you can do NEW modular home loans with USDA ...from land contract through site construction and inspection ...but finding a lender who will work with you can be a problem since they have to essentially manage the whole process and most don't want anything to do with it ...any good rural realtor will know a lender that will do it but the fees will be higher than a normal loan ...and modular home sellers will themselves usually have such a program or references to someone ...but watch out for sweetheart deals because they are not bound by state ethics laws in most states like realtors are ...hth

[Anonymous]

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@Lemmus wrote:

...there are NO minimum credit scores for USDA loans ...though the practical minimum for guaranteed loans is 640 ...if your lender insists on 660, its his overlay ...tell him to take a hike and find one that will work with you

http://www.rd.usda.gov/files/CA-SFHUnderwritingGuide.pdf

...yes, you can do NEW modular home loans with USDA ...from land contract through site construction and inspection ...but finding a lender who will work with you can be a problem since they have to essentially manage the whole process and most don't want anything to do with it ...any good rural realtor will know a lender that will do it but the fees will be higher than a normal loan ...and modular home sellers will themselves usually have such a program or references to someone ...but watch out for sweetheart deals because they are not bound by state ethics laws in most states like realtors are ...hth

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That was some GREAT info. Thanks. Now I need to find someone to help me out.....Anyone have any suggestions?