USDA

[Anonymous]

Hi all, I'm almost ready for a house thinking usda, what are the requirements for a usda loan for 2016? I'm in sc if that makes a difference, I'm working with someone to help improve my credit. I have a naca appointment later this month to see where I stand and what exactly I need to do, do I waste that inquiry for them or get them to pull it and see where u stand and also get someone that works with usda loans pull it to within this time frame so know exactly what I need to do to get mortgage ready. I applied for a mortgage back in December 2015 but the lady said my score was a 496, yet she wouldn't offer me any help as to what I needed to do to get mortgage ready!!! PLEASE HELP ANYONE THANKS ALL

[Anonymous]

So we have been working on this process as well.  Do you have any collections?  I would NOT have them pull your credit till you are actually ready to buy a house.  I listened to a mortgage guy and took a hard inquiry which brought my score down a few points and they will have to pull it again before we buy.  Big mistake for us!  Get your free credit report and work on it from there. 

[Anonymous]

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@Anonymous wrote:
Hi all, I'm almost ready for a house thinking usda, what are the requirements for a usda loan for 2016? I'm in sc if that makes a difference, I'm working with someone to help improve my credit. I have a naca appointment later this month to see where I stand and what exactly I need to do, do I waste that inquiry for them or get them to pull it and see where u stand and also get someone that works with usda loans pull it to within this time frame so know exactly what I need to do to get mortgage ready. I applied for a mortgage back in December 2015 but the lady said my score was a 496, yet she wouldn't offer me any help as to what I needed to do to get mortgage ready!!! PLEASE HELP ANYONE THANKS ALL

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You can go to USDA.gov that will give you info regarding their requirements for your state. Each state could be different. If you just pulled your score in Dec with your score only being 496, it won't qualify you for USDA.  Im in Va and the minimum score is 640. This is what my LO told me. I would not waste an inquiry that will further damage your score with NACA. You can pull your mortgage scores here by purchasing the 3B Ultimate. I pay the $30 monthly subscription to monitor my credit And every 3 months they will reveal your mortgage scores. Mortgage lenders use mortgage scores from all three bureaus, not Fico8. They will pull the three scores, arrange them from highest to lowest and use the middle score of the three... Essentially the second highest. Start there to see where you really stand. Then pull your reports thru annualcreditreport.com to see where you need to clean up to better your scores. You can also post this in the mortgage forum and they can tell you what you can do as well. 

[Anonymous]

So, paying the $59.95 for the 3b scores will give me the scores for a mortgage ? How accurate are they?

[Anonymous]

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@Anonymous wrote:
So, paying the $59.95 for the 3b scores will give me the scores for a mortgage ? How accurate are they?

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If you sign up for the monthly subscription you would only pay $29.99; you will get all score versions (Fico8, mortgage, auto and credit card lending). The scores are spot on. When I applied for a mortgage in Jan, they were exact match to what they show here.