Profile picture for rct316

I did not get any quotes on my loan request (ZR-JTFHZFD). Can someone help me figure out why?

  • January 21 2010 - Montgomery
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Answers (4)

Boonies... that's funny. I haven't heard that term for a while. While correct that you may qualify for a USDA loan, it will depend on the annual income limits in your area, as well as USDA Guaranteed Rural Housing approved property areas. Believe it or not, they aren't all in the corn fields... we closed one recently in an area called Bonney Lake that was actually in a sub division. Right on the border of the rural zone, but really not considered rural in most people's eyes these days as more and more people push the suburbs further out.

The Income Limits can be looked up for your particular state: Click Here 
(Note, there has been some increases in the max income allowed. You can contact me for more details if you like.)

Eligibility for properties can be looked up here: Click Here

Happy hunting! If you need an LO that's familiar with these programs in your area, let me know.
  • January 23 2010
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With the 600 score you could probably get an RD (rural developement) loan but that means you have to buy in a designated rural area. AKA the boonies.
  • January 23 2010
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Your primary reason is the down payment. It needs to be a minimum of 3.5%. I guarantee that you'll get tons of quotes even with a 600 fico. Although, it would be best to hit 620+ for most investors, 640+ will be much better pricing. The down payment can be 100% Gift Funds. (Most commonly from a family member).
  • January 21 2010
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Credit score is too low and you need a little more down payment.
  • January 21 2010
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