USDA Loan Credit Scores

Credit Scores and USDA Loans

The USDA provides USDA lenders certain guidelines to use when evaluating a home loan request. One of these guidelines relates to credit. While the USDA doesn’t set forth a specific credit score requirement, they do ask that lenders validate a responsible credit history. USDA lenders do however establish a minimum credit score and when they do the most common score […] Read more »

How To Repair Your USDA loan Credit Rating Score

USDA Loans and Credit Repair

USDA loans are a bit more forgiving as it relates to credit compared to some other mortgage programs in the market. While the USDA itself does not establish a proper credit score, most USDA lenders do and the minimum score typically ranges from 620 to 640. Remember, the USDA loan requires no down payment as well. But even though credit […] Read more »

USDA Loans Credit and Income Requirements

Credit and Income Requirements for USDA Loans

For those wanting to buy a home with as little down as possible and still get competitive interest rates, the USDA home loan program should be explored. The USDA loan is the only non-VA mortgage that requires no down payment whatsoever. Zero. Other low down payment loans such as conventional mortgages increase the interest rate to the point where many […] Read more »

How Your Household Income is Calculated for a USDA Loan

USDA Loans and Part Time, Overtime, and Bonus Income

For all those living in the property over the age of 18 their income is counted when determining effective income meets the 115% median income limit for a USDA mortgage. Once the USDA lender determines the income qualifies for a USDA mortgage, the borrowers then document their income and provide that documentation to their loan officer. USDA loans ask there […] Read more »