USDA RURAL DEVELOPMENT

[Anonymous]

I found this on the same link: http://www.rurdev.usda.gov/CA/pdf%20files%20and%20documents/GRH%20UNDERWRITING%20GUIDEL.pdf

Very helpful.

[ShanetheMortgageMan]

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workmywayup wrote:

USDA have updated their income eligibility this month.  Check your specific state for details.  Has someone got approved with a score below 620 for this type of loan? 

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I remember reading about a week ago someone here got approved with a 619 mid score.

[phumanr]

It appears in my situation, with a BK of 4 years and a foreclosure at 2.5 years, USDA can do a streamline approval process above 620....my middle score is 703. The link was very helpful. Does anyone interpret anything differently?

Phumanr

[ShanetheMortgageMan]

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phumanr wrote:

It appears in my situation, with a BK of 4 years and a foreclosure at 2.5 years, USDA can do a streamline approval process above 620....my middle score is 703. The link was very helpful. Does anyone interpret anything differently?

Phumanr

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You should have a good shot due to the high credit scores.  Congrats getting that good of a score with a foreclosure so recent.   Put in your application, should only take a week or thereabouts to hear back on the approval.

[phumanr]

All,

One other quick one -- on eligibility requirements for income..for 1 person it listed about $35K...is this a minimum requirement or maximum requirement for this loan?

Thanks,

Phumanr

[ShanetheMortgageMan]

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phumanr wrote:

All,

One other quick one -- on eligibility requirements for income..for 1 person it listed about $35K...is this a minimum requirement or maximum requirement for this loan?

Thanks,

Phumanr

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Yes there is a maximum threshold that you must be under, and it increases for every family member you have living in the home.  You can find location requirements & income requirements at http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do by clicking on the links along the left side of the webpage.

[Anonymous]

is a dti ratio of 37-38% high for a rural development direct loan? i have a credit score of 653... help please!!!

[Anonymous]

Is that what it is with, or without the mortgage? Your credit is good so they will stretch some on the backend ratio if needed. Talk to a lender.

[Anonymous]

its without the mortgage.

[WannaHouse]

I think that may be a tad high. Mine is 34% and it was a bit high. Nothing was said because we are both over 660 now.