Posted by
greenwell springs
Member since Feb 2010
2081 posts

re: FHA loan and Rural Development

min credit score for for VA is 580 but you cant find a bank or lender to touch under 640..

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Member since Oct 2008
3089 posts

re: FHA loan and Rural Development
How long are you planning on staying in this house?

I just bought a house in BR so I couldn't qualify for RD. I had to choose between FHA and Conventional. I figured I was going to live in this house for 5 years and ran the numbers. FHA would have been a 6500 down payment with a 1225 monthly note. Conventional is a 9400 down payment with a 1050 monthly note. After running the numbers I decided to go ahead and put down more so I can save in the long run and have a lower monthly note.

TLDR: Estimate the time you will be living in the new house and run the numbers from there comparing down payments and monthly notes

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