can i get a usda home loan

[tnph04]

would like to appy this month for a usda.  I have charge off on my account that is almost a year old (april).  Do you think we could qualify for a usda home loan.  Jobs my husband and I 13 years, income $62k, only debt, 2 cc's never been late and a student loan current.  Our credit score is around 650 me 670 my husband.  Should we wait to apply for the loan when the charge off  is over year.  (This has been paid in full almost a year.) or do you think we have a chance now?

[ShanetheMortgageMan]

Was it charged off in April of 2013, or is that just when you paid the charge-off?  It just matters when the charge-off occurred.  If it's been over 12 months then you should be fine.  If it was the only delinquent mark on your credit and it was within 12 months then you should also have a pretty good shot.  However if there was a pattern of delinquencies and the charge-off occurred within 12 months then your chances wouldn't be too great so you should go into the application hoping you'd get approved but also being prepared for the underwriter to tell you to wait until April.

[tnph04]

It became a charge off in Aug, 2012, and I paid it in full in the beg of April 2013

[ShanetheMortgageMan]

You should be good.

[tnph04]

Have not had any late payments or charge off's beside this one in 12 months.(charge off Aug 2012 paid april 2013)

[tnph04]

thanks we'll give it a try!