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J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Buying a home in the country just got easier! USDA relaxes credit requirements


February 12, 2016

Credit Validation Requirement – Important Update

Effective immediately, an applicant’s credit score may be validated with at least two eligible trade lines instead of three trade lines as previously required.  Such trade lines consist of credit accounts (revolving, installment, etc.) with at least twelve months of repayment history reported on the credit report.  Corresponding revisions to the 3555 Handbook will be posted on the USDA Rural Development’s Regulation and Guidance website on March 9, 2016.


At least one applicant whose income or assets are used for qualification must have a valid credit report score or have at least two historical trade line references that have existed for at least 12 months to establish a credit reputation.


For applicants without an established credit history and unable to establish the required number of eligible trade lines to validate the credit score, alternative methods may be used to evidence an applicant’s willingness to pay, such as a non-traditional mortgage credit report or multiple independent verifications of trade references per 7 CFR 3555, Section 3555.151 (i)(6).

Buying a home is now easier than it has been in years.

USDA provides 100% financing for homes outside the major cities.

Click Here to start your quick loan app Now!

We close loans every day that Banks would not, or could not approve.

Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

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Category: Mortgage News