Utah Mortgage Pro

USDA Rural Development Increases Income Limits for 2012

I found this City sign for Coquille Oregan on line today while I was searching for a picture that went along with rural development and USDA mortgages.  I do believe a town with a population of 4275 would fit the criteria as long as it is rural or not wedged in between two big cities.

USDA snuck up on us yesterday and released the new income limits for 2012.  Click on the income limits link here in my post to go to your state and see what the income limits to qualify for a USDA rural development mortgage are where  you live.

For those of us in Utah click on the Utah link.  It appears for Utah County with a family of 4 you can make up to $77,200 of household income and still qualify.  If your household is 5+ people you can earn up to $101,904 and still qualify for a rural development loan.

As always you can not currently own another home within 100 miles of where you are going to buy, your spouse and childrens income are counted as well for the "household income".

The USDA is going to continue to offer 100% financing to those that fit this criteria in a qualified rural area.  This means NO DOWN PAYMENT and with most of the sellers willing to pay closing costs these days this means you can get into a home with almost nothing out of pocket.  There is an upfront guarantee fee that goes to USDA to guarantee your loan to the investors.  The guarantee fee for purchases in 2012 is still at 2% and can be financed into the loan.

640 is the minimum fico score we require for USDA rural development loans.  

See if you qualify apply today at www.applywithstetson.com or call 801-318-4996

How To Obtain and Calculate Your Own Credit Scores

Where Can I Calculate & Obtain My Credit Score?

The best place to obtain your credit scores obviously is through the credit bureaus directly. When you obtain your free annual credit report, at annualcreditreport.com, you can also purchase your score from each individual creditor, for $6.95. There's other agencies out there, like myfico.com, and freecreditreport.com, that also sell you your FICO scores, for an individual price as well. In calculating your credit scores yourself, or trying to come up with a good way to calculate your credit scores, we've broken it down into percentages. And the largest percentage, thirty-five percent roughly, is based on your payment history. If you have a tendency to pay your payments late all the time, or stop paying payments all together, that's going to drag your FICO scores down immensely, and it's going to be really hard to dig out of that, and increase your FICO score. So, first thing first, about thirty-five percent is based on paying your payments on time. Start right there, and, and then we're going to talk more about the other factors that, that go into calculating your credit score, or how you will know how to increase your credit score. About ten percent of your credit score is factored on the type of credit you have. You want to have a good mix of revolving trade lines, installment accounts, such as mortgages and auto loans, and that factors in to be about ten percent. An additional ten percent of the factor of your credit score, is new, new trade lines. So, people who are always opening new trade lines, and closing trade lines are going to have a harder time building the FICO score. A good rule of thumb might be to open one new trade line a year, maybe two a year if possible. Don't exceed that. And that accounts for about ten percent of your overall credit score.

If you are local here in utah contact me to obtain a potentially FREE credit report with all three scores. 

You can email me at stetsonlowe@gmail.com or call 801-318-4996 and mention this post.

Increase Your Fico Score in 7 Easy Steps

Increase Your FICO Score in 7 Easy Steps