My median score is 646 and my husband's median score is 614. Will we be able to qualify for a USDA backed loan with income over $88,000 annually?

Asked by Looking2buy, Clinton, MD Wed Apr 10, 2013

Our home is being built in a qualifying rural area but now I am concerned if we will be able to qualify with no money down with the current scores. They were a lot lower but we have worked diligently over the past year to get them where they are now. We are enrolled in our builder's credit program and are waiting to hear back regarding financing. Our 2 young sons are so excited and love the home already. But I'm so nervous now and would appreciate any reassurance or advice. Thank you.

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Lynn Windle, , McKinney, TX
Wed Apr 10, 2013
The minimum credit score for USDA is 640, but some people can buy down to 620. Talk to your credit professional, there may be somethings you can do to help you bump up the scores.
0 votes
Okay thank you. Do you know how if works if one score is below the requirement for the couple?
Flag Wed Apr 10, 2013
stephen webb…, Agent, Kirkland, WA
Wed Apr 10, 2013
Hi Carmesha
Sounds like your doing everything right. It is important that the lender you have chosen has experience with USDA. Its the best loan going. Be sure you register for the MCC tax credit for first time home buyers and dont let anyone talk yu away from the MCC. It is the best tax credit ever and some lenders will apply what you save to your income and ratios so a larger loan. Many people are emailing me explaining they are have a tough time finding a lender to file for them. MCC must be filed before you close your loan. Read artilce #9 at You will also find the article, Consultation Interviewing Loan Officers and you will find a link to your state's agency offering assistance and grants for first time home buyers.
Cassnadras answer is a very good answer. You will find Trulia is a very good source of information. Best of Luck, Stephen
0 votes
Thank you so much. I had not heard of MCC until now but I will look into that. I do a lot of research to make sure I'm as informed as possible. DHI works very closely with USDA all the time the even use that as a selling point. I was worried that we would be over the income limit. But my father in law bought a home through USDA and his income is about the same as my husband and I combined and his household size is 1. So I put that worry out of my head. Now I'm just concerned about my husband's credit score. Thank you for your advice on the tax credit and we are definitely first time home buyers.
Flag Wed Apr 10, 2013
Cassandra M.…, Agent, Canton, GA
Wed Apr 10, 2013
It depends on what the lender's requirements are and the whole picture. I haven't done a USDA loan in months, but if I remember correctly (In GA) it was a minimum of 660 or 680. USually your no/low down payment require a higher score due to the higher risk.

But it also depends on job history, income, debts and over all credit (As well as the house).

See out a professional lender in the area and get some advice. You can usually find an ethical one that will give you some examples with out pulling credit. Just keep in mind at the end of the day, they can't guarantee anything with out ALL the documentation. 4

Congrats and good luck!
0 votes
Here in Texas the score requirement for USDA is 620. But you can get a waiver if the score is lower but I'm not sure exactly how that part works. This 6 point difference can really throw the plan off track. We have the income and job security we have both worked in the same field of work for over 8 years now. Our DTI is 11% right now so I'm really praying these other things will work in our favor to negate the severity of the low score.
Flag Wed Apr 10, 2013
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