Who is eligible for USDA loans?
Like most loans, your income must be sufficient to pay the mortgage, interest, property taxes and insurance. Generally, mortgage companies expect payments to be less than 29% of the gross monthly income. Credit score is also considered. In most cases, a FICO credit score of 620 is needed to qualify for a USDA loan. The other factor involves your debt ratio. 41% debt is generally accepted as acceptable. The 41% includes all current debts plus the estimated amount to pay the housing costs. Resource Box Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas.
