USDA Rural Development Loans Section#502?
Have had major credit issues in past, long since divorced. I have found a very sweet country home that I have fallen in love with! Can anyone tell me if these rural development loans are "easy" to get or are they pretty difficult? Also, are there special grants that might also help me with my purchase?
- Ed AtunLv 71 decade agoBest Answer
There are no grants. THose disappeared years ago ; even tho scammers are still trying to sell them on late-night tv.
USDA loans are the most forgiving on bad credit. Loaning to people with bad credit is what got them into the last mess. But they have not yet tightened up their policies. So, yes, you can get a loan with bad credit. You have to have a job; probably 2 years minimum.... and a little money saved up in the bank.
- Anonymous1 decade ago
USDA loans require a 620 mid score for the most part. Is your score close?Source(s): I'm a mortgage banker/broker