• United States Department of Agriculture (USDA)
  • USDA Loans

    USDA loans have 100% financing. No down payment required. Household income guidelines are required along with the home to be purchased must be located in an eligible rural area as defined by USDA.

    • GUS (Guaranteed Underwriting System) is used for purchase transactions to get eligibility recommendations.
    • Credit score down to 550.
  • Credit History

    • Credit score down to 550, but generally not approved unless above 580 without strong documentation supporting extenuating circumstances of adverse credit on credit report.
    • Bankruptcy needs to be 3 years out from discharge date.
    • Foreclosure needs to be 3 years out from foreclosure date.
    • Short sale needs to be 3 years out from short sale date.
    • Currently in Chapter 13 bankruptcy requires 12 month satisfactory pay history and court permission. Without extenuating circumstances, the Chapter 13 bankruptcy must be discharged 12 months minimum.
  • Eligible properties:

    •  1 Unit, Warrantable Condo/PUD/Townhouse (agency approved) and primary residence only.
    • Newly constructed manufactured home permanently affixed to the foundation are eligible; manufactured homes recently completed within the previous 12 months are considered new.