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Wow - I'm so irritated right now I'm having a hard time typing this. I submitted all of my info for a USDA Guaranteed PreApproval w/ a local bank (One of a select few that offers these loans). First off, last week the loan manager who I'm dealing with emailed me about a collection from 2005 for $145. He told recommended that I pay it off before he met w/ the committee this week. My mid score is 666 at this time (No lates/collections for 4 years). I kindly replied that if I paid the collection it would lower my scores do to reaging of the debt - he replied that I was incorrect and that my credit score would improve if it was paid - I told him that FICO doesn't differentiate between paid/unpaid collections. FYI - I didn't pay it off. So, he met with the loan committee this week. Mind you - My W-2 income is 4000 per month and at my current debt I could afford a house around 160k and still be within the 29/41 dti limit. However, I'm looking at houses for 60k-90k so I would be way under that anyway. He emails me that he and the committee recommended I pay that collection and that I start saving for 20% down payment!
I almost lost it right there - I asked him if he understood that this was in complete contradiction with the whole purpose of the USDA Guaranteed program - No response.
If I am out of line here or incorrect about anything please correct me but this seems to be TOTAL B.S.! I think that I unluckily picked a bank w/ an idiot for a loan manager.
Loan committee?
Bank?
Try a broker or a banker.
you obviously had an idiot for a loan officer
@kcoett wrote:Wow - I'm so irritated right now I'm having a hard time typing this. I submitted all of my info for a USDA Guaranteed PreApproval w/ a local bank (One of a select few that offers these loans). First off, last week the loan manager who I'm dealing with emailed me about a collection from 2005 for $145. He told recommended that I pay it off before he met w/ the committee this week. My mid score is 666 at this time (No lates/collections for 4 years). I kindly replied that if I paid the collection it would lower my scores do to reaging of the debt - he replied that I was incorrect and that my credit score would improve if it was paid - I told him that FICO doesn't differentiate between paid/unpaid collections. FYI - I didn't pay it off. So, he met with the loan committee this week. Mind you - My W-2 income is 4000 per month and at my current debt I could afford a house around 160k and still be within the 29/41 dti limit. However, I'm looking at houses for 60k-90k so I would be way under that anyway. He emails me that he and the committee recommended I pay that collection and that I start saving for 20% down payment!
I almost lost it right there - I asked him if he understood that this was in complete contradiction with the whole purpose of the USDA Guaranteed program - No response.
If I am out of line here or incorrect about anything please correct me but this seems to be TOTAL B.S.! I think that I unluckily picked a bank w/ an idiot for a loan manager.
I almost lost it right there - I asked him if he understood that this was in complete contradiction with the whole purpose of the USDA Guaranteed program - No response.
He's a friggin MORON! He obviously has never done a USDA guaranteed loan. You need to find someone who has. Make sure they know you are looking for the USDA loan.
With your scores in the 660 range..you do NOT have to pay off old collections at all. I just went through the exact same loan. Also, saving 20% for a down payment is wrong as well. By reading this, it seems like he was talking about a conventional loan and not USDA.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
He's a friggin MORON! He obviously has never done a USDA guaranteed loan. You need to find someone who has. Make sure they know you are looking for the USDA loan.
With your scores in the 660 range..you do NOT have to pay off old collections at all. I just went through the exact same loan. Also, saving 20% for a down payment is wrong as well. By reading this, it seems like he was talking about a conventional loan and not USDA.
Exactly what I first thought too. But, he knows **bleep** good and well the type of loan I wanted as we reviewed it many times. I just think the guy is a major dumb***. And to top it off he is the manager of the bank!