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how high do your credit score have to be to get a home threw usda

By maryabrown1968503 from GA Jul 29th 2015

The short answer is that there is no minimum.. USDA does not define a minimum fico, however USDA does not lend money.. they insure loans against default.. so those lenders who actually lend the $$ will oftentimes have their own credit score requirements.. it's these overlays that vary from lender to lender.. but in general, most lenders will want to see 660 or above, with a select few going down to 620. I'm not aware of any lender willing to go lower than 620. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 30th 2015

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