USDA Rural Home Loans – Credit Score Requirements
There is no written minimum credit score requirement to qualify for a USDA Rural Home Loan. However, many investors who fund the USDA Rural Home Loans have a minimum requirement of 620 middle credit score. This simply means that the USDA Rural Home Loan allows for a little variance in the credit score to qualify.
The USDA Rural Home Loan will require that any borrower with less than a 620 middle credit score undergo a stringent credit screening. USDA Rural Home Loans will look at the most recent 12 months of rental history and with a lower credit score the USDA Rural Home Loan will definitely require you to write some detail credit letters of explanation.
The good news is that a credit score of 620 or higher may allow you to get away with some pretty significant credit dings.
Apply for a USDA Rural Home Loan in Arizona.
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November 21st, 2008 at 3:24 pm
This is great information! We just helped someone who had been out of a Chapter 13 for 12 months purchase using this program!