02-15-2013 11:33 AM
Hi everyone, how did you all go about finding a loan originator/broker for a USDA loan? I am wanting to speak to someone to make sure I am on the right track to secure a USDA loan within a year or so. The person I was referred to by a local real estate agent shows little interest in answering a few questions. His answer is always "god to a local bank or credit union and get a secured card" and leaves it at that even though I have asked four different questions about scores and such.
Any help would be great!
02-15-2013 11:41 AM - edited 02-15-2013 11:42 AM
A good LO is always busy, and with you looking so far into the future it's likely that you just aren't a big priority right now. Certainly don't take it personally, but I would work to find someone who is willing to spend at least 30-60 minutes answering your questions and getting a feel for what you'll want to do. It's an investment for them in that they will want to see how serious you are, but if they can't take the time to talk with you they probably don't deserve your business.
We are in the process of wrapping up a USDA Guaranteed loan right now, and it has been a wild ride. What sold me on our LO was the fact that the guy answered my initial inquiry email at 6:30PM on a Thursday by calling me and proceeding to answer all my questions while gauging my situation to give me an idea of what would be realistic. At the time we didn't know we would be going USDA, but of all the products he laid out for us it fit our situation the best.
Make sure whoever you work with is familiar with USDA loans. They are not that complicated from what I understand, but lenders unfamiliar with the process can submit incomplete files which will result in delays. The process takes long enough when everything goes smoothly! People also recommend brokers pretty highly, as they're more an advocate for you. It's their job to understand your situation and find the best product/lender to fit that. WIth that model in mind, I would think they'd be easier to sit down and talk to as you look towards the next year.
Last but not least, don't hesitate to ask the real estate agent for a couple more referrals. You may have to talk to a couple people before you find the right person, but you will!
02-15-2013 12:22 PM
02-15-2013 12:30 PM
JM-AM sounds like an awesome person to work with. You don't find that too often, people will brush off your requests. Glad someone still strives to put customers first, instead of the bottom line.
02-15-2013 07:37 PM
JM-AM, may I could speak with you about it? I don't know if the same rules would apply or not though. I am located in Florida if that helps.
I completely understand they are busy and they may in fact see me as wasting thier time but it would take probably 15 minutes to answer the questions I asked. I am going to email some real estate agents close by and see if they can refer me to anyone.
02-15-2013 07:42 PM
You can ask any question you like on this forum, many have information from their experiences, or have learned many things from these boards.
Every one is here to help.
Feel free to ask anything at all.
02-15-2013 08:33 PM
Ahh here you go fellow FICO friends. This is what I sent the LO that didn't want to answer my questions.
You said the minimum score required for a USDA loan is a 620 correct?
I no longer have any collections on my credit but I do have one charge off that is three years old, will that need to be paid in order to secure a loan?
Is there a required amount of revolving accounts that need to be reporting monthly to the credit bureaus ?
- I currently have none that report to the Credit Reporting Bureaus but I do pay monthly: Aarons, Rent, Electricity, Cell Phone, ATT. (Aarons will be paid off in June/July and should report then as paid tradeline)
Is there an income requirement? I read that for one person that it can't exceed $23k but I couldn't find if there is a minimum.
My situation, I am 25 years old and have been employed steadily for two years. I have been with the company I am with now for 14 months and was with my previous employer for 10 months, I left the job of 10 months to move into the job I am in now. My income last year from my taxes was $12,400. My Equifax fico score is currently sitting at 576 and I can only assume my transunion and experian scores are about the same. My credit report is showing 10 hard inquiries on my credit over the past two years. I pay my bills on time every month and have done so for quite a long time.
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