Answers (5)
- Chris Lemmon, "cjl04141980"
- Contributions:32
The minimum score I can work with in 640. Its really tough below that to find a lender. A few lenders can work with a 620, but not many.
- Michael DeCicco, "Michael DeCicco"
- Contributions:14
Thank you for your inquiry,
At this time the minimum credit score on these submissions are 620. I would advise that you go to your local bank and get a secured loan and pay on it for 12 months without any delinquent payments. Obtain a credit report and examine it for accuracy. Oftentimes there may be errors in reporting. It will take some time, however your credit score will improve.
At this time the minimum credit score on these submissions are 620. I would advise that you go to your local bank and get a secured loan and pay on it for 12 months without any delinquent payments. Obtain a credit report and examine it for accuracy. Oftentimes there may be errors in reporting. It will take some time, however your credit score will improve.
- Rick Dowling, "Capital of Texas"
- Contributions:17
USDA has a minimum of 620. You can open a $1000 CD at your bank, then borrow $1000 against the CD. Set both up for 12 months. Have the "borrowed' funds put back into your checking acct and have the payments set up to auto draft the first of each month. This should increase your score about 30 points in about 90 days. Meanwhile, pay down CC balances to 30% or below. Over 30% drops your score. Do another CD in a few months, if necessary. Do not apply for credit or pull your report while you're doing this, as multiple credit inquiries will drop your score and defeat the purpose......
USDA has that requirement due to their offering 100% financing.
There are some lenders, myself included, who can do a 580 or 600 FHA manual underwrite, which requires 12 months of excellent rental or mortgage history, and no recent derog credit...
Good luck....
USDA has that requirement due to their offering 100% financing.
There are some lenders, myself included, who can do a 580 or 600 FHA manual underwrite, which requires 12 months of excellent rental or mortgage history, and no recent derog credit...
Good luck....
- Chris Duncan, "OKCLENDER"
- Contributions:88
Can be tough. I think most companies have moved to 660 for USDA. I know we require it to sell to other investors. Ask plenty of questions and watch fees! Good luck.
- Drew Brenner, "OK Mortgage Expert"
- Contributions:4
I would say it is very unlikely as most, if not all, lenders have a minimum credit score requirement of 620. I cannot remember off the top of my head if USDA has its own credit score minimum but I know the lenders well. Good luck, hope you find someone though.
What lender can i go throught getting a USDA loan with a credit score of 589 I live near Lawton ,Ok?
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