Mortgage Loans

[custombusa]

Someone told me usda changed the amount of time for approval after a bk from 2 yrs to 3 years. Has anyone else heard of this change. And could someone refer me to a reputable broker in michigan who works with usda loans. Id like to find someone local who will return calls and emails. Thanks for any info

[jessica04]

I read in the USDA guidelines handbook that bankruptcy or foreclosure discharged less than 36 months is unnaceptable credit history

[custombusa]

ok thanks for that info. I know it has always been 2 yrs for bk but they must have changed it for 2013.

[MovingForward_2012]

Talk with your realtor about another reputable broker. They usually know of 2 or 3. Please let them know about your recent foreclosure and find out the limitations with that as they are often different. You want to tell them first before they pull the database and find it first. I was not exempt from the foreclosure limitations just because I included the house in BK. You don't want to get too far and then have a snag that could prevent you from closing.

[custombusa]

ok im gonna talk to a local realtor about a broker. Im just trying to get things in order cause my 3 yr date is in 5 to 6 months.

[MovingForward_2012]

Totally understand. Remember there are other lenders to work with too if USDA falls through so don't throw in the towel.