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Accepted my offer USDA

Regular Contributor

Accepted my offer USDA

Hey guys,
I had an accepted offer today on our dream home!
Now the nerves set in....
We are going USDA guaranteed I have been talking to my broker I am working with and I think I may know more about USDA than him.
He is skeptical the loan will close. He keeps saying that his underwriter will approve te file no problem. He is concerned about USDA. I thought USDA was pretty straight forward. Our scores are all over 640 our DTI after the loan will be 41.65%. He is worried about rental verification I have moved twice in a year... Also I was employed with the same company in retail sales managent for 5 years. I got a better job opportunity back in August working in sales for a bank. He again thinks this is going to hold me back. My wife does have three small unpaid collections that are over two years old. He again is worried about this. He gave me a 25% chance for USDA approval. He thinks that when it gets to USDA they may deny the loan. Any advice here?? I really really do not want to go fha. In fact I won't go fha. Any ideas here I really need some advice if I should talk to another lender???
Chase Freedom-(1000) BOA 123-(2000) Home Depot-(4000)
Discover IT-(1000) Lowes GE-(1500) Orchard Bank-(300)
Regions Student Visa-(500) Best Buy Reward Zone-(500)
In the garden till 4/01/2015
Message 1 of 4
3 REPLIES
Regular Contributor

Re: Accepted my offer USDA

Any advice guys I have a meeting tomorrow. Anybody else do USDA and can give a guy some info
Chase Freedom-(1000) BOA 123-(2000) Home Depot-(4000)
Discover IT-(1000) Lowes GE-(1500) Orchard Bank-(300)
Regions Student Visa-(500) Best Buy Reward Zone-(500)
In the garden till 4/01/2015
Message 2 of 4
Valued Member

Re: Accepted my offer USDA

I have been doing a lot of research on USDA Guaranteed Loans and think this PDF from USDA has great info. http://www.rurdev.usda.gov/SupportDocuments/CA-SFH-GRHUnderwritingGuide.pdf I think your scores would allow for Streamlined Underwriting Criteria, which is less strick...but still has requirments slightly higher then FHA from what I have read. Let me know how it goes because my wife and I will be trying soon.

Message 3 of 4
Regular Contributor

Re: Accepted my offer USDA

Talked to a new broker today. He told me loan should close without problem. Got a decent rate I believe 3.5%. Two questions is this a fair rate. And two, what can I expect as far as conditions needed from underwriting?
Chase Freedom-(1000) BOA 123-(2000) Home Depot-(4000)
Discover IT-(1000) Lowes GE-(1500) Orchard Bank-(300)
Regions Student Visa-(500) Best Buy Reward Zone-(500)
In the garden till 4/01/2015
Message 4 of 4