Asked by Mathew G, Effingham, IL • Thu Jan 10, 2013
Monday my fiancee and I put in an application for a usda loan for a 70k house. We met the eligibility guidelines for income. Everything seems good but I'm worried about my 600credit score, and my fiancee's 650. I make more than she does and have had my job for 2 years compared to her 10 months. The agent said we have a chance of it working out since I have paid off all debts except our 2 open accounts that have never had a late or missed payment and solid record with our current land lord of a year. Has anyone had experience with low score approval on a usda loan? He said that since our rent was 500, and the mortgage payment would only be 440, we were looking at a good affordable price range for us. Lastly how fast/slow is usda on saying yay or nay? We applied Monday Tuesday we had credit checks ran and Wednesday they were doing employment verifications. Is this good news it just ordinary? Thanks in advance. Mat
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