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I got pre approved for a USDA loan found an agent looked at houses found one i loved made an offer the offer was exepted had a home inspection signed purchase and sales agreement and sent it to my loan officer who submitted it for underwriting only to find out that mortgage co denied my loan because my credit score is too low at 620 now Iam heart broken if the USDA excepts a 620 fico score why wont they?
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Good for you to get back on track. Was the hardship a medical issue or job loss? Do you have any maxed out credit cards now? When is the closing date?
Lenders have their own overlays added to the agencies guidelines. For example VA has no hard fast bankruptcy rule, but most lenders say 2 years. FHA will take credit scores down to 580 for maximum financing, but most lenders require a 620, 640. Here is what USDA says –"Credit scores of 679 to 581: The documented credit waiver and supportingdocumentation must be submitted to RD and retained in the lender's permanent case file"
I wonder if there are other layers of risk on your credit profile or loan application like payment shock. What is the reason your credit is at a 620?
thanks for your reply i was thinking of looking for another lender but i dont know if it will hurt me when they pull my credit and see the other enquiries made by the previous mortgage company I,am also wondering if i should just wait till my credit score rises above the 640 range a little confused as to what my next approach should be ?
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