Home Buying in 08302>Question Details

J, Home Buyer in Bridgeton, NJ

I'm looking to buy a home in a USDA Rural Development area. My median FICO score is 610. Can I get a loan with this score?

Asked by J, Bridgeton, NJ Mon Apr 22, 2013

Help the community by answering this question:


Fico score would simply need to be a 640. Did you know that there are 5 main factors that affect your score;

-Balances divided by credit limit or Utilization rate. Want too be
0 votes Thank Flag Link Thu Jul 24, 2014
We work with mortgage rep. that can help you bring your score up while you shop for your new home. Please call 609-501-1865 so we can help you ASAP.
0 votes Thank Flag Link Thu Sep 19, 2013
Hello J,

USDA have recently changed their FICA criteria to a 680....However, there are many ways to increase your FICA quickly....Contact me for more details!

Thank you,

Patricia L. Coombs
Realtor Associate
Prudential Fox & Roach Realtors
1450 E. Chestnut Avenue, Suite 2B
Vineland, NJ. 08361
Cell: 856-297-3534
Office: 856-691-0091
0 votes Thank Flag Link Mon Apr 22, 2013
we can try to get your score imporved. That score is to low.
0 votes Thank Flag Link Mon Apr 22, 2013
Hello J,

We are a Guaranteed Lender out of CA but licensed in NJ. In order to go USDA without a 640 (the minimum required credit score in order to be approved in the GUS-Guaranteed Underwriting System) we can request a credit waiver through the USDA if you have compensating factor i.e. good rental history, no outstanding collections, good job stability etc. I have gotten USDA approval with credit scores down to 600, but the best advice I could offer you would be to so a credit analysis which will give you road map as to exactly what is needed to get your scores to 640 so you have the path of least resistance. Let me know if you any additional questions.

Best of Luck!

Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Mon Apr 22, 2013
Well, you are almost there but we have mortgage reps. that can help you bring your score up.
Call me so I can give you some info.

Thank you
Denise Lorenzo
Century 21
Hughes-Riggs Realty
0 votes Thank Flag Link Mon Apr 22, 2013
I understand that you need a median FICO of 640. However, it's a good idea to speak with your mortgage rep about your specifics...there may be things you can do to increase your credit score (i.e. paying off large debts, clearing up errors). The advice of a mortgage rep in this area is priceless!!
0 votes Thank Flag Link Mon Apr 22, 2013
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