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Can't get a USDA loan over $168!

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Anonymous
Not applicable

Re: Can't get a USDA loan over $168!

Ms. Q

 

Here is exactly what the credit report says:

Creditor: Natlcrsys

Account: 1467XXX

 

Date Opened   2007-10

 

Date Reviewed   2008-10

Delinquency Dates   2008-10

Dates Last Active     2008-10

Payment Pattern Start Date   2008-10

 

 

 

Clearly you can see, that the collections account was opened and started in 2007! That's my problem!

 

Apparently National Credit Systems got the collections account in 2007, sent me a letter in 2007 (which I responded to and never heard back from) and then did nothing for a year.

 

On a USDA loan (which is 1000 times better than any other loan and worth fighting for) the date of originiation is extremely important. You can not have had a new collection START within 12 months of the application. If you do, they will deny you. On a USDA loan, you dont even have to have the collection paid off, all they care about is the start date!

Message Edited by arrgy42 on 07-18-2009 06:26 AM
Message 21 of 25
Anonymous
Not applicable

Re: Can't get a USDA loan over $168!


@Anonymous wrote:

Ms. Q

 

Here is exactly what the credit report says:

Creditor: Natlcrsys

Account: 1467XXX

 

Date Opened   2007-10

 

Date Reviewed   2008-10

Delinquency Dates   2008-10

Dates Last Active     2008-10

Payment Pattern Start Date   2008-10

 

 

 

Clearly you can see, that the collections account was opened and started in 2007! That's my problem!

 

Apparently National Credit Systems got the collections account in 2007, sent me a letter in 2007 (which I responded to and never heard back from) and then did nothing for a year.

 

On a USDA loan (which is 1000 times better than any other loan and worth fighting for) the date of originiation is extremely important. You can not have had a new collection START within 12 months of the application. If you do, they will deny you. On a USDA loan, you dont even have to have the collection paid off, all they care about is the start date!

Message Edited by arrgy42 on 07-18-2009 06:26 AM

I am also going USDA.  I had a medical collection that I did a dispute for that ORIGINATED in 2003, and was updated in May 2009.  Because I did the dispute, this was updated on my Credit report.  We all are reading and understand what you are saying, but you are saying everyone cant read or no one is making sense.  The last activity was what my LO was looking at as well as origination.  I went ahead and paid the account so it wouldnt come back to haunt me.  He said it should not be a big problem since it was a medical and for such a small amount. If you can pay the $168, I would do a PFD, or pay the OC with a certified check with restrictive endorsement.  If that does not work for you, you may have to wait until October.

Message Edited by MrsQ on 07-18-2009 11:25 AM
Message 22 of 25
Anonymous
Not applicable

Re: Can't get a USDA loan over $168!

Ok, so your LO and my LO are basically not following the underwriting guidelines. My LO will be losing business and giving up a loan because of a $168 debt. I already told him that I would pay the debt without any problem, he told me that he couldn't do it. So now I have to shop around for a new lender, while trying to fix this one little glich. Why would you do business with someone who isn't trying to work with you? I can understand if the debt was thousands of dollars and just sitting there for years, but common sense has to prevail. I'll just make a complaint with the USDA (it won't mean much) and get someone who wants to work with me and wants my business.

Message 23 of 25
WannaHouse
Valued Contributor

Re: Can't get a USDA loan over $168!

NOTHING is going to help other than getting this paid off and deleted from your file. Call them and make a deal IF THEY WILL DELETE IT.

Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 24 of 25
Anonymous
Not applicable

Re: Can't get a USDA loan over $168!

You are absolutely correct. However, I doubt if they will do it since they already ignored a PFD letter that I sent a couple of weeks ago. But I can try again.
Message 25 of 25
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