Has anyone had a low credit score and been able to get help from USDA?

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I want to purchase a home and have a score of 530 but make a good income ($35,000) but haven’t had much success with banks. Who do I turn to and how do I make it work? Ontario County in NYS

3 comments to Has anyone had a low credit score and been able to get help from USDA?

  • llama  says:

    Isn’t the USDA, the department of agriculture?

  • Angry Bird  says:

    Yes. But.. you will have to clean up those negative items on your credit reports first. A bank will not lend to you if they know you have collectors that will sue you in the future.
    You can pay off the items, and then try to get your home loan.

    Please don’t think that collectors don’t sue.
    It is a myth that items simply drop off credit reports.
    They can garnish wages and go after your assets.
    Go get a book on credit repair from your bookstore for about $15.
    It will make you a pro at negotiating settlements.

    Anything online that promises you a home loan will be a scam.
    You MUST clean up your credit reports.

  • Bills.com  says:

    Speak to a loan officer with a lender that offers USDA loans. The credit requirements are less strict than on a conventional loan. The USDA Web site says that you must “show repayment ability, have a reasonable credit history for the loan requested, and must meet other program requirements.”

    The type of property that you want to buy also is a factor.

    You can read more at the USDA Income and Property Eligibility Site, http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

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