USDA 102% Rural Housing Loan

Posted on January 6, 2009
Filed Under Home Loans, Homebuyers | 13 Comments

102% USDA Home Loan Program

(*Rural Development Loan, Rural Home Loan, USDA Loan, Rural Development Guaranteed Rural Housing, Rural Housing Loan)


Debt to Income Ratio


Credit Score – No minimum credit scores

Late payments – 1 x 30 permitted in last 12 months with explanations – Exceptions may be granted with 620 or greater middle credit scores

Bankruptcy / Foreclosure – Chapter 7 and 13 must be discharged for 3 years – Foreclosures must be completed 3 years ago – exceptions may be granted with 620 or greater middle credit scores.

Collections – Accounts cannot have been placed in collection status within the last 12 months – Exceptions may be granted with 620 or greater middle fico scores.

Judgements – Must be paid off for at least 12 months – Exceptions may be granted with  620 or greater middle fico scores.

Verification of Rent – If middle credit score is lower than 620 a VOR is required for the most recent 12 months.

Previous Housing Payment – not required

Non-traditional credit – Acceptable if no credit is available

Credit report – RMCR or Tri-Bureau merged

Homebuyer education – Case by case or when required by RD

*various terms are used in reference to the 102% USDA Home Loan, however, the loan referenced in this post is the 102% usda loan by the USDA – Rural Development Guaranteed Rural Housing Home Loan Program.


13 Responses to “USDA 102% Rural Housing Loan”

  1. HC on January 26th, 2009 7:54 am

    Looking to purchase home for the first time, would like more info on 102%loan.

  2. PM on February 7th, 2009 5:46 am

    Looking to purchase home for the first time, would like more info on 102%loan.

  3. jt on February 8th, 2009 4:57 pm

    Could USDA and columbia non Profit loans be used together? I could possibly buy sooner if I could get a personal loan for $15000 for 15 years. Have any ideas? I could buy sooner then.

  4. cf on February 10th, 2009 4:47 pm

    I am a first time home buyer and would appreciate more information.

  5. CC on February 12th, 2009 9:14 pm

    How do I apply for the 102%loan?

  6. Jakob Kessi on July 2nd, 2009 3:47 am

    I am a first time home buyer and want more info on how to apply and if homes in Vancouver Washington apply or which ones. Please provide more information on 102%loan.

  7. Rodrick Agcaoili on July 11th, 2009 8:56 am

    Does the USDA Home Loan allow a co borrower

  8. david bruk on February 18th, 2010 6:02 pm

    Ok question I live on ft Wayne Indiana and want a usda loan does the 620 with a judgement count on ft Wayne also? Cause I. Was told a minimum of 640

  9. RollinsSIMONE19 on June 11th, 2010 6:44 am

    I took 1 st loans when I was not very old and this aided me very much. But, I require the small business loan once again.

  10. Tracie DeMars on January 11th, 2011 10:49 pm

    Information on the USDA Rural Program, and all the other state programs that is available to first time home buyers, including downpayment assistance programs and loans are completely covered at the Washington State Housing Finance Commission (WSHFC) classes.
    These classes are free and non-promotional. The goal of the class is NOT to ‘sell’ you our services, but to go over the program information and availability, and to go over and cover the ENTIRE Home Buying Process, including making an offer, earnest money, inspections, appraisals, short sales, and bank owned foreclosures.
    For more information, and upcoming classes, go to http://www.traciedemars.

  11. ReidAlthea on December 6th, 2011 10:45 pm

    Specialists claim that credit loans help people to live their own way, because they are able to feel free to buy necessary stuff. Furthermore, some banks offer collateral loan for different persons.

  12. Thomas Camarata on January 25th, 2012 2:24 pm

    I am interested in buying a home and would like more info on USDA 102%loan

  13. Liz HomeLoans on March 9th, 2012 7:42 am

    I’m that curious if I can still avail for a USDA loan program even if I have a low credit score, does that affect my approval rate if ever I apply for it? Don’t know much about housing loans so I basically need more advice.

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