USDA Loan

[samantha1178]

I would like some opinions on my situation. My husband and I found a house that we like. The realtor put us in contact with a mortgage company who denied our loan (USDA). However, he gave us a preapproval and sent it to the realtor. He told the realtor that he is 97% sure we will be financed. My husband needs 19 points on Experian--the condition. He typed some letters to mail to the credit bureaus disputing everything negative. It is mostly things that are 7 years old, which should come off soon . Now he is 97% sure he will get the points. Anyway, we are supposed to close Dec. 15 as long as he gets the points. I have good credit, but I did not fix mine this way. I worked directly with the CA'S or creditors. And no I can’t be on the loan, as I am still in school. They have took down the for sale sign, we paid the earnest money, and all is going well. But, I am still concerned about the 19pts…What do you all think?

[samantha1178]

Update:

He got the points and we are waiting on the usda underwriting after sending in all the docs. I am just hoping that last credit pull will still look the same! The mortgage guy is being positive, but he is telling us not to celebrate until 5 minutes after closing. Boy, this is stressful.

[Lynn37]

Update:

He got the points and we are waiting on the usda underwriting after sending in all the docs. I am just hoping that last credit pull will still look the same! The mortgage guy is being positive, but he is telling us not to celebrate until 5 minutes after closing. Boy, this is stressful.

 

Congrats! But why are they pulling your reports again?

[Cuz]

Are there any CU's that do USDA loans? Or do you have to go through their list?

[clambert1273]

Update:

He got the points and we are waiting on the usda underwriting after sending in all the docs. I am just hoping that last credit pull will still look the same! The mortgage guy is being positive, but he is telling us not to celebrate until 5 minutes after closing. Boy, this is stressful.

 

Congrats! But why are they pulling your reports again?

 

 

Haha - Lynn I had mine pull 3 times before we got set in everything.. but of course you saw my scores so I had to make sure they were getting to where they needed them and I surpassed them immensely in less than 30 days... Chances are they pulled twice - once was the no go on the scores and then again after the scores came up (presumably after the results of the disputes).

 

Now to the OP, if you want to gain some more points before closing, pay down any credit cards to a 0 balance or barely showing any. That is what gave me the biggest boost in score

[Lynn37]

Update:

He got the points and we are waiting on the usda underwriting after sending in all the docs. I am just hoping that last credit pull will still look the same! The mortgage guy is being positive, but he is telling us not to celebrate until 5 minutes after closing. Boy, this is stressful.

 

Congrats! But why are they pulling your reports again?

 

 

Haha - Lynn I had mine pull 3 times before we got set in everything.. but of course you saw my scores so I had to make sure they were getting to where they needed them and I surpassed them immensely in less than 30 days... Chances are they pulled twice - once was the no go on the scores and then again after the scores came up (presumably after the results of the disputes).

 

Now to the OP, if you want to gain some more points before closing, pay down any credit cards to a 0 balance or barely showing any. That is what gave me the biggest boost in score

 

Well that make since, Lender pulled me 3 times also, The last time was a rapid score. But if your scores are right is there any reason to pull again? I knew the last time was a charm, I really do not want them pull anymore, I plan to go on a app a ramma do not want the INQ's

[triggerpuller702]

maybe i'm reading this wrong, but it looks like you said you were turned down by usda and then pre approved?

 

any how, i thought usda loans were pretty much guaranteed? what's the basic process and what scores do they require?

[samantha1178]

Yeah, you read correctly. He denied the loan, but at the same he sent a preapproval to the realtor. If I understand right, it was under the condition that my husband got a 620. All this is with the mortgage guy, now we are waiting for the USDA approval. He didn't send the package to USDA until his scores were up. Now, I wonder how long that will take.

[Lynn37]

Yeah, you read correctly. He denied the loan, but at the same he sent a preapproval to the realtor. If I understand right, it was under the condition that my husband got a 620. All this is with the mortgage guy, now we are waiting for the USDA approval. He didn't send the package to USDA until his scores were up. Now, I wonder how long that will take.

 

 

Here is something I found this weekend

 

USDA Process

 

My lender is using this process, it is automatic,

[triggerpuller702]

your link's not working, lynn. i think this is what you meant?

 

http://www.rurdev.usda.gov/wi/programs/rhs...-Processing.pdf

 

 

samantha - did they give you a preapproval amount? for example i know someone who went and got pre approved before they really looked for a house.

Edited November 25, 2009 by triggerpuller702

[Lynn37]

your link's not working, lynn. i think this is what you meant?

 

http://www.rurdev.usda.gov/wi/programs/rhs...-Processing.pdf

 

 

samantha - did they give you a preapproval amount? for example i know someone who went and got pre approved before they really looked for a house.

 

 

Yes thanks