Bettina Shil…, Renter in San Marcos, CA

My credit is less than 600. I am interested in purchasing a home ( possibly manufactured ) with a USDA loan. Who would be an expert to contact ?

Asked by Bettina Shilling, San Marcos, CA Fri Dec 28, 2012

I have good monthly income but "bad" credit . Been working for the past 7 years at the same place and have rented from the same owner that long.

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4
Debra (Debbie) Rose’s answer
so, out of curiosity, if you have a "good monthly income"................why are your credit scores so low (not sure how you define "bad" credit)?

You really need to raise those scores to show a lender you are credit worthy.
0 votes Thank Flag Link Thu Jan 3, 2013
To further clarify my bad credit. I am divorced with 4 children that all work and go to school.I have chosen to help further their education by assisting them with whatever I can . MAy it be buying textbooks, paying tuition etc. I will always put them first if I am late on my payments or not. Hope this helps.
Flag Sat Jan 5, 2013
I suggest other alternatives to the USDA loan, if you have been in the armed forces you have a 0% down option. You are so close for 3.5% down as well. I do not do loans, but I can put you in touch with a lender who can help you.
0 votes Thank Flag Link Thu Jan 3, 2013
Unfortunately, you really need a minimum of 640, for pretty much any type of loan. I would definitely look into lenders who are able to help repair your credit. If you're interested in buying, you presumably have $$ for down payment and closing costs. Why not use some of that money to pay down, or pay off some bills? Good luck to you.
0 votes Thank Flag Link Fri Dec 28, 2012
I would go to the following webpage for answers on USDA loans: http://www.rurdev.usda.gov/Home.html
0 votes Thank Flag Link Fri Dec 28, 2012
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