USDA mortgage help

JustAnotherDayInParadise

I'm new to the forum and have a few questions about a USDA loan. The home we are interested in offers 100% USDA financing. The asking price is $149,000 and we are able to put $30,000 down. According to various calculators our monthly payment should be less than what we are currently paying to rent. The situation is I have great credit 710-750 depending on who its pulled from and no monthly debt besides a credit card I pay in full every month. I just went back to work full time and have a job offer. I also have 2 part-time jobs I will possibly keep just to save up more money. My husband has bad credit - around 600 credit score and a previous bankruptcy- but he has had his job for 6+ months (we just moved to this state) but has been in the same type of work for a while. 

OK - maybe that was more info that necessary but how do USDA loans work if you have just recently started working or haven't been at your current job for a long period but have a down payment and good/bad credit with two borrowers? We are waiting on a call back from a mortgage broker who we will discuss this with but wondering if anyone has been in a similar situation or any advice

Thanks in advance

Sisugal

he asking price is $149,000 and we are able to put $30,000 down.
According to various calculators our monthly payment should be less than
what we are currently paying to rent. 

Make sure that also includes PMI, taxes, insurance, HOA (if applicable) AND utilities.
ALSO - make sure you have at least 6 month's expenses in an emergency fund.

I recommend reading these 2 books before buying a house.
Home Buying for Dummies
Mortgages for Dummies.

short+sassy

I don't have a lot of help for you...other than that I am super jealous.  Those USDA loans are spectacular products.  But I live right in the middle of a city, so my house was not eligible.

My coworker, however, lives in a nearby suburbs...though it is unincorporated land...and he has a USDA loan.  He loves it.  I remember him telling me something about he was going to put a down payment, but there was something weird about doing that with these types of loans, and his banker instructed him to NOT do a down payment.  Instead, to wait about six months or so...and then use that money to pay down the principle. 

But he has excellent credit and was in his job for a year or two when he bought his house, so that part doesn't really apply to you all.

Xstatic3333

Is there any chance you could qualify using your income only? I think your short job history will be easier to overcome than a previous bankruptcy.

feedthefelines

My boyfriend and I purchased our home with a USDA loan last year. I don't have any advice about the jobs because we'd been in ours at that point for over 1 year, but his credit score was much lower than mine and we had a very hard time getting his score high enough (I believe there is no minimum requirement for the actual loan, but many places will not finance below a certain number).

 We also had money saved for a down payment but elected to save it for repairs after we moved in instead- we originally were not planning on living in an area that is USDA eligible and our payments ended up being the same as if we would have put money down elsewhere.