USDA loans are great because the monthly mortgage insurance is much cheaper than FHA loans, and you do not need any money for a down payment!
Keep working to get that credit score up, my best advice is to make sure you have three lines of credits that you are using, even it's just three credit cards that you buy something small with each month!
I'm very familiar with the Pennsburg area, feel free to shoot me an email or call me if you are interested in being sent listings in the area while you work on your credit!
Coldwell Banker Realty Corp
Office: 215-8555-5600 ext. 138
You're doing good and on the right track. However, you still have a little way to go. USDA is going to require a 640+ FICO score. FHA will consider a 606 but it will cost you a higher interest rate. 640+ should be your goal.
Go to: http://www.myfico.com/#pennsylvania ....for great info on credit scoring.
Rick Shelps, Realtor ABR
Prudential Patt, White Real Estate
is a Prudential Fox & Roach Partner
Direct: 215-538-0832 RE Lic # 141895
Office/VM: 610-282-4444 ext.113
The USDA program is far better than FHA. It will cost less money to buy as well as less money each month as the mortgage insurance is drastically lower than FHA (.3% vs 1.5%). I would recommend that you keep working on that credit score, if needed, in order to qualify for USDA. Waiting a few more months for a substantial upfront and monthly savings is definitely worth it. Look at the attached link to make sure you qualify for the program & the benefits of it! Feel free to contact me with any questions as well.
I have helped lots of people in your situation with guidance on fixing their credit. I aslo have FHA loans with credit scores down to 560 and USDA loans down to 620.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
You are doing a good job rebuilding your credit. You will need a credit score of 640 to purchase a home with FHA or USDA rural housing. The Upper Perk area qualifies for USDA 100% financing.
I have lived in the Pennsburg area my entire life and would be happy to assist you. I have helped many homebuyers with both FHA and USDA loans. Please feel free to call or email me at your convenience. We can discuss you needs at that time.
Century 21 Longacre Realty
610-845-6000 x 208 office