Clear to close USDA guaranteed!

[Sknyrd1977]

Just curious-you mention having enough in your checking account and savings for closing. Was this a "requirment"? I ask this because the USDA Guaranteed (from what Iv'e been told from a lender in Ms.) does not require any out of pocket from the buyer and all closing fees can be "bundled" into the loan itself. Thanks

[llsnmerriman]

Just curious, how many bank statements did USDA ask for? :~)  Congrats!!!

[Anonymous]

Congratulations!  I am waiting to hear the response to the questions about closing cost covered by your savings also.  

[wallacecody25]

Well, some of my closing costs were rolled into the loan. Basically, they are selling me the house for 129,900, and it appraised for 131,000. Our seller is paying 2,000 in closing costs. Which left me a remainder of around 2300 to pay for closing. Some of the closing was put into the loan, so now I have to pay only 1100 for closing. They wanted to see 1100 in my bank account before we could move forward with underwriting. They aren't requiring any reserve funds even though I have the 1100 for closing and a little more saved for moving expenses. Also, they asked for 2 months of bank statements. I hope this helps! Good luck, and thanks or the congrats!

[JusdoNit]

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@wallacecody25 wrote:
Thanks! I actually had 0 conditions come back. I had enough for closing in my bank account, and then a small amount in savings. I also had a defaulted student loan, but was removed from the caivrs system. I had 1 overdraft on my bank account in early December. Just a calculation error on my part, an that's it. Very easy. I was expecting many conditions.

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How did your loan removed from caivrs?

Big Congrats

[wallacecody25]

To get my default status removed I called the DOE, and explained my situation on how my defaulted student loan was really holding me back from obtaining a home loan. At the time of my phone call I was in the rehabilitation process with my student loan and had just made my 9th payment, so they just removed it for me. It took around 48 hours to be removed. It took a couple phone calls to get them to do it. Some of the CSRs were giving me conflicting information. The LO never asked about the old negative TL's. My last negative for my student loan was January 2010, and I had two trade lines that hit the dreaded 120 past due mark. I hope this helps! Also my mid score was 659, and litteraly the only things on my report was 4 seperate TLs for student loans, 2 good and 2 negative and a 4 month old secured cap one card. I hope this helps!