(800) 806-9836 Ext. 280
SeanS@MPLX.org
Metroplex Mortgage Services, Inc.
FL, AL, TN NMLS# 185264
TX Branch NMLS# 356690
There is no minimum credit score requirement set for a USDA loan. However, many lenders may require a score of at least 640 or even higher. If you are concerned about your credit score, please call us for a more in depth review so we can help explain the credit qualifying requirements of USDA.
Additionally, if you are unable to qualify for automated accepted through the Guaranteed Underwriting System (GUS), which is USDA’s automated underwriting system, that automates the process of credit risk evaluation, it is possible to qualify through the process of manual underwriting which is a more intensive review of the loan file.
Additionally, even people without a credit score reporting may be able to qualify, through documenting alternate trade lines also known as non-traditional credit such as verified rent, electricity, water, etc. Remember that manual underwriting requirements can vary from lender to lender.
Per the administrative office of the U.S. Courts, there were 659,881 non-business bankruptcies filed for the 12 month period ending June 2020. With that... Read More
A waiting period determines how quickly you can qualify for a mortgage after foreclosure. However, that period depends on the mortgage type you are applying... Read More
With the many short sales that were finalized in recent years, prospective buyers are now looking to re-qualify to purchase a home. Updated guidelines... Read More
Do USDA loans require verification of rent? Do you have to prove previous rental history in order to be USDA eligible? Today’s topic is important because... Read More
USDA credit score guidelines formerly listed specific minimum credit score requirements, and a credit score cutoff for loans that should not be approved…... Read More
It is possible to qualify for a USDA loan with little or no credit history? When a homebuyer does not have an established credit history, USDA qualifications... Read More
After filing for Chapter 13 bankruptcy, many feel homeownership is a dream that is out of their reach. However, in today’s video, I’ll explain... Read More
BBB Rating: A+
BBB Online Reviews
