Do I Qualify for USDA Loan

[Anonymous]

Long story short the only thing I have that could cause me to be denied is I have a collection on just my TransUnion report that is less than a year old. When they pull all three bureaus on the application and see that its on transunion but not equifax or experian will that still be disqualification or would they just use one of the other reports?
 
Edit: Some more info, the account in collections is about $1600 if that affects anything and my middle score is over 640

[svtthis]

Are you applying for guaranteed or direct?

[Anonymous]

Guaranteed

[kc0039]

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@Anonymous wrote:
Long story short the only thing I have that could cause me to be denied is I have a collection on just my TransUnion report that is less than a year old. When they pull all three bureaus on the application and see that its on transunion but not equifax or experian will that still be disqualification or would they just use one of the other reports?
 
Edit: Some more info, the account in collections is about $1600 if that affects anything and my middle score is over 640

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Collections barely matters unless you're over DTI. What you need to find out is the MAXIMUM household income for your county plus find out if the property you're buying is USDA approved.

[Anonymous]

I appreciate your help.  So from doing my own math and checking the requirements I should be good on DTI and under the maximum income, as well as eligible addresses. I was just really worried about that 1 collection being less than a year old because I have read that anything put on collections within last year was pretty much an automatic deny.

[kc0039]

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@Anonymous wrote:

I appreciate your help.  So from doing my own math and checking the requirements I should be good on DTI and under the maximum income, as well as eligible addresses. I was just really worried about that 1 collection being less than a year old because I have read that anything put on collections within last year was pretty much an automatic deny.

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Your own math? Are you single? Do you have a wife and kids? Even if you're the only one on the loan, anyone above 18 in the household will have to supply their tax returns, paystubs, and w-2

[Anonymous]

So I would have my girlfriend moving in with me, even with her income we are below the max income for our area. I will be the one applying and she will not be a co-applicant, will they pull her credit as well even so? Or will they just want those 3 things you stated to find out her income?

[kc0039]

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@Anonymous wrote:

So I would have my girlfriend moving in with me, even with her income we are below the max income for our area. I will be the one applying and she will not be a co-applicant, will they pull her credit as well even so? Or will they just want those 3 things you stated to find out her income?

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The house will just be under you and you should be fine. They will not pull her credit at all. I personally wouldn't disclose that your girlfriend will be moving in with you. She's a girlfriend, not a spouse.