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| Name | Part 1 - USDA Loan Credit Score Requirements: Is there a USDA loan minimum credit score? |
| Video Uploader | Video From Metroplex Mortgage Services |
| Upload Date | This Video Uploaded At 06-08-2022 00:02:40 |
| Video Discription | https://www.usdaloanpro.com/part-1-usda-loan-credit-score-requirements-is-there-a-usda-loan-minimum-credit-score/ Part 1 - USDA Loan Credit Score Requirements: Is there a USDA loan minimum credit score in Florida, Texas, Tennessee, or Alabama? When qualifying for a mortgage, everybody knows that your credit scores are critical, but depending on the loan program or lender, minimum credit score requirements can vary. Unfortunately there are many lenders which continue to provide misinformation and tell homebuyers and Realtors that USDA Loans have a minimum credit score of 640. Thankfully, this is yet another myth and in today's short video, I will explain the details that will help keep your all important financing on track! If you have recently been denied for a USDA loan because of your credit score, please take advantage of our free Second Opinion Services ("SOS") which can provide assistance for both new pre-qualifications or those loans currently in progress. This is a great way to receive an expert second opinion, double-check where you stand, and make sure that all important financing stays on track! USDA Loan Credit Score Requirements: Is there a USDA loan minimum credit score? As a starting point, USDA defines a credit score as follows: “A credit score is a statistical number that evaluates an applicant’s creditworthiness based on their credit history. The credit score considers payment history, amounts owed, percentage of credit used, length of credit history, types of credit, and newly acquired credit.” With that being said, USDA does not have a minimum credit score requirement! However, the USDA Guaranteed Underwriting System (“GUS”) will determine the acceptable credit score to be used which depends on whether it is an Accept, Refer, or Refer with Caution underwriting recommendation. As a USDA approved lender, we will utilize the GUS underwriting system to assist in determining USDA eligibility. For example, an Accept recommendation provides for streamlined processing and simply means that GUS has accepted the credit as is with no further credit score validation required. However, if GUS provides a response of Refer, Refer with Caution, or for those Manually Underwritten loans, it will require a more stringent review of the loan file along with a minimum credit score validation as follows: “One applicant whose income and/or assets is used to originate the loan must have a validated credit score. This applicant must have two tradelines on the credit report that have been/were/are open for 12 months based on the date the account was opened as stated on the credit report. A validated score does not indicate the applicant has an acceptable credit history. A validated score confirms that one applicant has an eligible minimum credit history.” Additionally, USDA guidelines state that the following tradelines are eligible to validate the credit score and may be open, closed, and/or paid in full: • loans (secured/unsecured); • revolving accounts; • installment loans; • credit cards; • collections; • charged-off accounts; and • authorized user accounts where additional qualifying criteria has been met In summary, in order to obtain USDA loan approval, minimum credit conditions will be required which includes having an acceptable credit reputation. Additionally, although USDA guidelines do not have a defined minimum credit score, lenders may establish minimum credit score requirements that must be met, so always check with your lender to determine what their USDA minimum credit score requirements are. It is also important to remember that a certain credit score does not guarantee approval, but achieving a minimum score does open up the range of potential eligible loan programs with higher scores and stronger credit profiles contributing towards loan approval. As a USDA Approved Lender, we will walk you through the USDA loan qualifying process step-by-step. Just call or email to discuss your scenario and let us show you the “Metroplex” difference! http://www.USDALoanPro.com Download our FREE USDA Blueprint for Success! http://www.usdaloanpro.com/blue-print-for-success/ GET MORE INSIGHTS More ProTips from USDA Loan Pro: Subscribe on YouTube: http://www.youtube.com/subscription_center?add_user=MetroplexMortgage Website: http://www.usdaloanpro.com Facebook: https://www.facebook.com/MetroplexMortgage Twitter: https://twitter.com/USDALoanPro |
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