Helping Military and Civilian families realize the dream of homeownership since 1990
USDA loans have similar credit history requirements as FHA and VA*
Credit Score Requirements
A Minimum credit score of 640 is required.
It is also possible to qualify for loan if you do not have a credit score due to lack of credit history. Loans without credit scores require that alternative credit be presented i.e. utility payments, phone, rent, etc.
Bankruptcy Guidelines
Chapter 7 Bankruptcy
Generally the requirement is 3 years from discharge date.
It is possible to qualify for a mortgage in less than 2 years if the bankruptcy was filed due to extenuating circumstances (those outside of your control such as unemployment or medical bills not covered by insurance) AND you have rebuilt your credit. Divorce is NOT considered to be an extenuating circumstance
Chapter 13 Bankruptcy
If the bankruptcy has been completed and discharged, there is no waiting period.
If the bankruptcy has NOT been discharged, you must show that you have made at least 12 consecutive on time payments. You will also need to obtain the approval from the court to enter into new debt.
Short Sale Guidelines
The standard waiting period is 3 years from the date that ownership is transfered.
*This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.
Experience Integrity Results
Laura Borja | Senior Mortgage Consultant | NMLS#199107
Cell: (619) 992-4061
laura@lauraborja.com
27271 Las Ramblas ste 350 Mission Viejo CA 920691
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This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. Intended for California Consumers Only.
Ocean Lending Home Loans Inc. NMLS ID #1626788 (www.nmlsconsumeraccess.org). 27271 Las Ramblas ste 350 Mission Viejo CA 92691 (888) 508-5030. All rights reserved. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Ocean Lending is not affiliated with any government agency. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act License# 41DBO76602 and Finance Lender Law License #60DBO71981.