Home Buying in Riverdale>Question Details

Deionb, Home Buyer in Atlanta, GA

Looking to get qualified for USDA loan or FHA loan

Asked by Deionb, Atlanta, GA Tue Sep 6, 2011

I have a 600 credit score and a few collections? Anyone think i can ger pre approve for a 73,000 USDA home loan?

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3
Rodney Mason’s answer
With USDA, the normal minium creidt score is going to be 640+. A score of 620-639 might be possible, but probably not anything below that.

FHA loans will require a 580+ FICO.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Web Reference: http://www.rodneymason.com
2 votes Thank Flag Link Tue Sep 6, 2011
You need to get your credit in order to get a USDA mortgage. Go to your local non profit housing group. They should have a credit counselor that will advise you what you need to do to get your credit score higher beside paying off your collection accounts.
0 votes Thank Flag Link Wed Sep 7, 2011
You can find an approved lender by searching http://www.rurdev.usda.gov/Home.html . You will have to pay off your collections and the price you are approved for will be based off of your income and debts!
0 votes Thank Flag Link Wed Sep 7, 2011
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