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do any of these lenders do section 502 loans?

Profile picture for drbarrydc
I will have difficulty qualifying for a conventional loan with my credit score, even though it is slowly improving.  My balloon note is due Nov. 09 and I must move my mortgage from a contract for deed to a conventional loan of any kind. Do any of these lenders offer a section 502 type of loan with improvements for my 110k note.  I am not upside down on my mortgage or behind, just need to manage this balloon note. 
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May 03 2009 - US
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Answers (2)

Profile picture for ohiosmitty
You will typically need a 620 or higher middle credit score to qualify for a USDA loan (section 502)

I'm seeing some lenders going down to a 600-619 credit score, as long as there are no credit blemishes.

Note: Although USDA doesn't have a minimum credit score, lenders (who you are actually getting the loan from) have imposed these minimum credit scores.

Hope this helps some
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May 05 2009
Profile picture for Georgia Loans
Post a quote request and in the notes to lender, say you want a USDA loan. 
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May 04 2009
 

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