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Lemontwist4
Posts: 338
Registered: ‎08-06-2013
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

So Genkeim you should be hearing something today tomorrow at the latest (it can be later in the day) fingers crossed for ya!!! Let us know when you hear something :smileyhappy:

Sent to USDA on August 14th 2013 Approved September 5th CLOSED September 9th!!!!!
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honeybear1
Posts: 64
Registered: ‎08-17-2013
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

Thanks for that LemonTwist.... it really did help put my  mind at ease. The ONLY thing I can think that would give us any issues is how they would count my income. I am paid completely on commission and it was hard explaining to our LO of how I really get paid (since I get a paycheck every 2 weeks, but its pulled out of the same "pot" of $$) I'm a ballet teacher and our sessions run every 5 weeks, so I get my commission on how many kids I have. Anyways. If we just use dh's income we are a little high with the total debt ratio (like 42.xx %) but his mid-score is over 660..... 

 

You know, I have a bachelors degree and consider myself a reasonably intelligent person.... but this whole process had made me feel quite dumb lol. 

 

 

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Lemontwist4
Posts: 338
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

Well if you have been teaching for a few years they would just take all the years add them together and divide the months to find the median income for you example (you make $25000 year one $37000 year two and $46000 year three =$108000 divide it by 36 months gives you a monthly income of $3000). But if they just use his and the DTI is a little over from the way I understood it he can get a waver and be fine since he is 660+

Let us know when you hear something and I am glad the link helped :smileyhappy:

Sent to USDA on August 14th 2013 Approved September 5th CLOSED September 9th!!!!!
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Genkeim
Posts: 336
Registered: ‎05-13-2013
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

I can't speak to this as a fact but I have read/heard that USDA is somewhat flexible in their rules except for the late payements and income limit. 

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Lemontwist4
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

That's also what I have been hearing as well Genkeim. All income will have to be added in there what I didn't know was that you were allowed deductions for children under 18 and full time students over 18 living in the house. I know that is off point but sometimes thoses deductions are all you need to make those limits. So yes HoneyBear Genkeim is right even if you are not on the loan your income will have to be added it's just a matter of what they come up for your median income.

Sent to USDA on August 14th 2013 Approved September 5th CLOSED September 9th!!!!!
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Genkeim
Posts: 336
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

Keep in mind whenever doing any goverment program they're going to be looking for anyway to disqualify you :smileyhappy:

 

The lender is only going to care about the income of the person(s) on the loan itself, USDA cares about the income of EVERY person living in the house who is over the age of 18.

 

Our LO put it like this. The lender will try to minimize your income anyway they can, USDA will try to maximize it anyway they can. 

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Boldilocks
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Registered: ‎02-10-2009
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!


honeybear1 wrote:

You know, I have a bachelors degree and consider myself a reasonably intelligent person.... but this whole process had made me feel quite dumb lol. 

 

 


I have a bacheors and a masters, DH has 2 masters (one from Harvard) and we feel like the village idiots.  I mean, we don't even know if it's out of underwriting yet.  In fact, we never even knew when it was in underwriting, LOL.

 

______________________________________________________
DH starting scores 02/10/09: EX - 543, EQ - 543, TU - 554
Current scores: EQ - 750, TU - 732
My starting scores 03/13/10: EX - 711 (LO pull), EQ - 692, TU 701
Current scores: EQ 736, TU - 732
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Lemontwist4
Posts: 338
Registered: ‎08-06-2013
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

However USDA does allow $480 deduction for every person under 18 and every full time student over 18 I know for our family that just allowed us a $1440 deduction. So if you are close this might help .

Sent to USDA on August 14th 2013 Approved September 5th CLOSED September 9th!!!!!
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Boldilocks
Posts: 545
Registered: ‎02-10-2009
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

[ Edited ]

Genkeim wrote:

I can't speak to this as a fact but I have read/heard that USDA is somewhat flexible in their rules except for the late payements and income limit. 


What has me worried after reading these guidelines is the whole "Two or more rent payments 30 days late within the past 3 years" as being "unacceptable credit history".  We've never been *late* with rent, we just withheld it in July (for the first time in 4.5 years here), but landlady is counting August rent as July rent being a month late - and now says August is late.  It could really eff us up.

 

______________________________________________________
DH starting scores 02/10/09: EX - 543, EQ - 543, TU - 554
Current scores: EQ - 750, TU - 732
My starting scores 03/13/10: EX - 711 (LO pull), EQ - 692, TU 701
Current scores: EQ 736, TU - 732
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Genkeim
Posts: 336
Registered: ‎05-13-2013
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Re: Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

That's great! We didn't qualify for any of the deductions, but we were about 1,500 under the limit so had some breathing room.

 

This is sad... I'm sitting at work getting nothing done waiting to get an email that we've cleared USDA... I'm a nervous wreck...

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