Archive for the ‘Cashland Loans’ Category

Key Differences When Considering USDA and Traditional Home Mortgages

Tuesday, May 19th, 2020

Key Differences When Considering USDA and Traditional Home Mortgages

1. Reasonably Loose Credit Demands

USDA loans have actually looser underwriting demands than traditional mortgages. While borrowers with exemplary credit (FICO scores north of approximately 720) unquestionably have the best prices and terms on these loans, candidates with FICO ratings as little as 580 stand a good possibility of approval. And spotty credit isn’t an automatic disqualifier, as applicants can change to non-credit verification methods like rent and energy re payment records. That kind of recourse typically is not open to main-stream loan candidates.

2. Just Obtainable In Rural and Semi-rural Areas

USDA loans are designed for residents of rural and semi-rural areas, not even close to major town centers. (more…)