My husband and I met with a lender who is licensed to work with USDA (also known as Rural Development) loans. The property has to be in a Rural Development area and you have to make less than the median income of that area. Additionally, lenders will require that you have a minimum credit score of 620 to qualify. USDA does not have a minimum guideline, but lenders do. The house will also have to meet certain criteria.
None of this is as complicated as it might sound! Believe me! We were nervous before we began the process, but our lender has been an incredible guide through the whole thing.
(It's the underwriting process that goes on forever! LOL)
My best advice would be to got to the USDA/Rural Development website and look up lenders in your area, and then set up an appointment to meet with one. They can help you and answer all of your questions!
My husband and I are thrilled we went with a USDA/Rural Development loan because we didn't have to put any money down and now we're moving into a gorgeous home within a month!
You can do it too!!!
Don't let the minimum credit score of 620 intimidate you! There might be ways around that particular problem!
If you don't try, you'll never know. It's at least worth a shot! The worst thing that can happen is the lender will say no. You can always try another lender. And even if everyone says no, you're no worse off than when you started! Go for it!!!