Probably.
In addition to qualifying on income basis, the property itself has to be in an area that USDA will guarantee loans for. Almost all of Dallas County is ineligible. There are some eligible places near Wylie and Rowlett, most of Rockwall County, parts of Denton. So, you need to know the address where the property is in order to see if the property is eligible, not just your qualifying.

USDA claims not be credit-score driven, which means your 700+ is not relevant. The fact is, though, lenders who handle USDA-guaranteed loans want you to be 620+. Your debt-to-income is acceptable for almost all programs, including USDA, assuming you mean your ratio would be that after including your new USDA loan. I assume you have 2 years of earning history.

So, it seems likely you can qualify, but you need to check on the property.
If you need help determining if a particular address is eligible, contact me through my profile and I will show you how to do it yourself or can take the address and advise you.

Justnikole,

Talk to Katie Sparkman at CMC Mortgage at 817-807-5367 or ksparkman@houseloan.com. She is the bomb and CMC just won the FHA Home Lender of the Year award for 08. You first must find a home in an area, though, that qualifies for USDA. Your credit score is great and DTI is good.

Thanks,
Terri Hayley
The Hayley Group, Keller Williams
Top 5% of Realtors

JustNikole

It's so much MORE than that!

How long have you been employed? Same line of work? How much down? What are you trying to buy? Do you own other property?

I guess the best question is: Do you need a referral to an awesome lender?

:-)

R

From my understanding of the rules you will. There is also a requirement of being able to prove 12 months on time rental history. If you are not working with a loan officer I suggest you get one soon. I have one that is really efficient with these loans. If you are not working with a Realtor I would love to help you out. I have a great knowledge of the entire DFW area and as an added bonus I rebate you 20% of the commission I make off of the deal. My lack of a large name broker allows me to bring you these savings with the same great service as any other Full-Time Realtor

Thanks for your time
RJ Avery
214-682-0598