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What is the minimum credit score for usda home loan in massachusetts?

by giselle.kemp735 from Worcester, Massachusetts. Sep 24th 2014 Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 433 contributions

USDA has a min score of 620. Your local lender may establish a higher one though if they follow USDA guidelines it should be the 620.Hope this helps.

Sep 24th 2014
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 89 contributions

Hi Giselle, There is no established minimum credit score for eligibility from USDA.But the Banks and Lenders do implement one and in the state of Mass 640 is min. I am in Mass and I do a lot of USDA and FHA and VA loans. So for more info call me or email me Robert Oliveira Province Mortgage 508 802 0935 or robertoliveira51@gmail.com

Sep 24th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

USDA requires 620 or above.. however USDA does not lend money, they only insure loans against default. Each lender offering financing can add their own set of rules above the conforming guidelines for USDA.. it's these overlays that could require a higher credit score. Also understand that it takes more than a credit score to obtain mortgage financing.. so you would need to meet all other qualifying criteria to get approved. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 24th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

As you are seeing from others, as low as 620 is possible, but it is much easier and you will get a better rate if the score is 640 or better (over 720 puts you in the best range)

Sep 25th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Technically, there is no score required from USDA, but the rules get tougher under 620. With that said, lenders who provide USDA loans DO have minimum credit score requirements, which is usually 620 or 640. If your scores are below 620, you should work on improving credit before applying with anyone. www.MortgagesUnlimited.biz/usda

Sep 25th 2014
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John Burke (jburke)
#30 ranked lender in Texas - 187 contributions

Hi Giselle, USDA does, in fact have a minimum credit score requirement of 580 or better. Here is the exact guideline:https://usdalinc.sc.egov.usda.gov/docs/rd/sfh/3555/ByIndividualChapter/Chapter10_Credit_Analysis_DRAFT.pdf on page 10 it says: Loans with credit scores of 580 or below should not be approved. With that said most lenders will want between a 620 and 640 score or better to approve a USDA loan. | Please feel free to contact me for more information or help. John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.usdamortgageonline.com | (877)228-9069 | Lending in ALL 50 states |

Sep 25th 2014
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Jamie Lynne (nationwidelenderforyou)
#142 ranked lender in Texas - 575 contributions

We go down to a 580 nationwide on USDA loans; however, I am not going to kid you, there are a lot of hoops to jump through. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been lending nationwide since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803

Sep 26th 2014
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