Home Buying in 02122>Question Details

Alexis Ann J…, Home Buyer in Boston, MA

is there a credit score requirement for Rural Development loan? if so what is it?

Asked by Alexis Ann Jewell-Seymour, Boston, MA Thu Sep 27, 2012

I am trying to buy a home but my credit score is only a 598, i have been trying to build it for a year and get nowhere. The only things on my credit report are child support and my truck note. Child support has been reporting for 3 years never late, I have had the truck loan for a year, also never late. The total of these bills are 350.00 a month and I make about 2000.00 monthly, I have had my job for 5 years. There is nothing else, no late payments, charged off accounts, or collections. Why is my score SO low, why can I not get approved for a credit line?

Help the community by answering this question:


Hi Pushedto,

It sounds like you're looking at the USDA Direct loan based on your income so you should start there.

The USDA website has been down all morning so you'll probably need to try it later.


When you get on the site, go down the left hand side and click the contact link for the Direct program and find the office that serves your area.

As far as your credit goes, the # 1 reason your scores are not going up is because you don't have enough open/active trade lines in good standing. Anytime child support shows up on credit, it's a derogatory account so that's hurting your scores as well.
1 vote Thank Flag Link Thu Sep 27, 2012
I need a personal loan for tires and to catch up some personal bills with at $5,000.00 with a low interest rate. Please reply, thank you very much.
0 votes Thank Flag Link Sat Jul 4, 2015
Have you asked the credit reporting company in writing for an explaination?
There may be things that are there that you don't understand.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Fri Sep 28, 2012
The USDA minimum credit score is 640. Lenders go by the middle of 3 scores, Trans Union, Equifax and Experian. So when you say your score is 598, I am assuming that is your middle score. If you only pulled your credit from one agency, then that might not be your effective score for a mortgage application.

Our FHA loan will allow a middle score of 600 and higher. Scores between 600-639 require additional underwriting requirements .

May I suggest applying for a secured line of credit from Capital One or HSBC, If you belong to a credit union that report to the credit agencies, than take out a small personal loan.

Good luck.
0 votes Thank Flag Link Thu Sep 27, 2012
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