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You need a 700 Credit score and low income but almost no one can get a USDA loan as low income people do not usually have good credit as they cannot get loans due to income requirements for loans
You need a 700 Credit score and low income but almost no one can get a USDA loan as low income people do not usually have good credit as they cannot get loans due to income requirements for loans
Yet, routinely the funds are utilized and buyers have to wait for new funding from USDA sources.
You only need a 640 I believe. Probably depends on the lender. And the income requirements aren’t all that low.
Quote:
For the direct loan program, in many counties 1-4 person households can have incomes of $50,100 and for 4-8 person household incomes of $66,150. The income limit for some counties may be as high as $62,800 for 1-4 persons and $82,900 for 5-8 person households for the direct program
$0 down does not mean the same as no money required at closing. You will still have closing costs and prorated taxes and title insurance.
There is a very generous definition of what qualifies as "rural" for the loans, but it isn't really an easy loan to get. You need to sit down with a broker or bank who offers the loans and have them explain the details to you.
USA has a very extensive website about rural loans if you would like to Google.
You need a 700 Credit score and low income but almost no one can get a USDA loan as low income people do not usually have good credit as they cannot get loans due to income requirements for loans
Probably.... but call a well-recommended local lender. Ask some friends - Or ask in local real estate forums or groups... - not whether you qualify, but who they recommend to work with. Get in touch with a good mortgage broker who can tell you. Not only can they tell you if you qualify for any loans, but they can help you work through past issues and improve that score. Sometimes it takes some work.
Ask some friends - Or ask in local real estate forums or groups... - not whether you qualify, but who they recommend to work with. Get in touch with a good mortgage broker who can tell you. Not only can they tell you if you qualify for any loans, but they can help you work through past issues and improve that score. Sometimes it takes some work.
I've done all of that...the last lender I spoke with said I'd have to get my score up to 640 and go from there. Doesn't sound like to many steps,it's just getting the score up against all the strikes I have.
AND someone with a foreclosure????
Don't buy a house.
Someone told me that might be easier than trying to rent around here...
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