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Established Member
wakefield622
Posts: 24
Registered: ‎03-01-2011
0

Another...USDA Guaranteed Loan Question

[ Edited ]

Hi!

 

Thank you so much for answering my questions. My realtor just gave me the number for a LO. I will be calling tomorrow. 

 

I am looking online and seeing a lot about CS's needing to be 640. Is this true? My husband is 632 and the loan will be under his name. He has ONE 30 day late on a car loan from 3/2010. And A paid off collection from 7/2007. So, nothing recent at all. Anyone? 

Frequent Contributor
germaine47
Posts: 305
Registered: ‎07-05-2011
0

Re: Another...USDA Guaranteed Loan Question

Your Middle Score depends on requirement from the Lender.  Some will go lower you may have to call and find one that may go lower.  Is your score a true Fico it may be higher than what you think.  I would try to get a good will for the Collection and ask them to remove it from the CRA.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Established Member
wakefield622
Posts: 24
Registered: ‎03-01-2011
0

Re: Another...USDA Guaranteed Loan Question

Even if the collection is 5 yrs old? I read that for USDA you just couldn't have one in the past 12 months

 

Yes, I got my score from MyFico. 

Regular Contributor
Tpelc23
Posts: 236
Registered: ‎08-16-2010
0

Re: Another...USDA Guaranteed Loan Question

The reason for getting the collection off isbecause it will boost your score over a 640. A six 640 streamlines the process with most lenders.

2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUB:smileyhappy:
Frequent Contributor
blessed92380
Posts: 261
Registered: ‎09-15-2011
0

Re: Another...USDA Guaranteed Loan Question

There are lenders who will use a mid score of 620.  I just closed on my house 06/01/2012 with a mid score of 620.  We used the USDA Rural Guaranteed Loan and used American Financial Resources as our lender.  http://www.afrmortgage.com/#null


Starting Score: EQ 602 TU 624 as of 01/12/12
Current Score: EQ 648 TU 616 EX 649
Goal Score: anything over 620 I just want a house : ) **** We bought our home 06/01/2012!!!!!


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Frequent Contributor
Familywantsahouse
Posts: 291
Registered: ‎02-25-2012
0

Re: Another...USDA Guaranteed Loan Question

We waited to get to the 640 mark.

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15
Established Member
Eberron
Posts: 24
Registered: ‎03-01-2012
0

Re: Another...USDA Guaranteed Loan Question

I am doing USDA and since I dont have a 640 mid they are requiring a couple other pieces of documentation.

 

for me it is 

1.    12 months cancelled checks on rent – to prove on time payments.  Required as score is below 640.

2.    Proof you have been receiving child support for the previous 12 months.

a.    Acceptable evidence includes deposit slips, cancelled checks,  or court records.

 

I am not sure this is for everyone he just told me he needed it because of the usda guidelines.

 


Starting Score: 533
Current Score: 650
Goal Score: 700


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Established Member
wakefield622
Posts: 24
Registered: ‎03-01-2011
0

Re: Another...USDA Guaranteed Loan Question

Okay. We have two CC's. One we can't pay down at the current time. But, the other has a CL of $500 and last night I paid it down to 9% usage. Last month it reported as $450 balance. Do you think this will help his score a bit? Just need a few pts!!

 

Thanks for all the replies!

Regular Contributor
Tpelc23
Posts: 236
Registered: ‎08-16-2010
0

Re: Another...USDA Guaranteed Loan Question

Yes that will help get a few more points. What is the balance and credit limit on the other card?
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUB:smileyhappy:

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