Kentucky Rural Development Guidelines for Pools, credit scores, debt ratios.
Kentucky Rural Development Guidelines for Pools, credit scores, debt ratios. 1. Is the property in an eligible area? Check address at: http://eligibility.sc.egov.usda.gov Click on ‘single family’ under the link “Property eligibility”. Type in address or go to map. 2. Is their household income within the Agency limits? See the chart. Use the fast easy calculator at http://eligibility.sc.egov.usda.gov Click on ‘single family’ under ‘Income Eligibility’ 3. Do they have reasonable credit? Your lender’s underwriter makes the credit decision. Our streamlined processing does not require credit explanations if the FICO is 640 or higher (EXCEPT with recent Bankruptcy in last 3 years or a foreclosure in the last 3 years). Alternate credit is acceptable. 580 and below would be rare. A 670+ score is a stand-alone compensating factor. The lender’s underwriter makes the final decision on creditworthiness. Do they have reasonable repayment ability? Ratios ...