Rural Development Home Loans?

I was wondering how easy it is to qualify for a rural development home loan, also known as FMHA. I know that we meet the income guidelines but I was wondering how good your credit has to be and what is the maximum amount you can be approved for. I am in Arkansas if it matters. My credit isn't perfect but my score is a 634. I do have 3 collections on my credit report but they are a few years old and the total for them is less than $450 (doctor bills). I am working on getting them paid off and hopefully will have them paid in the next 2 months. I just wanted to know whatever you can tell me about them, if you think I have a good chance of approval, and any experiences you have had!

Update:

Oh, I also work 2 jobs that I have been at for almost 3 years, so I do have a good work history!

1 Answer

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  • 1 decade ago
    Best Answer

    http://www.rurdev.usda.gov/RHS/common/indiv_intro....

    The above website has a lot of the information on the program for USDA loans. To get he max loan amount for your area or get an idea on the credit requirements just clicks on the links. Hope it helps and good luck!

    Source(s): FHA DE Underwriter and credit analyst since 1979
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