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Established Member
Posts: 40
Registered: ‎02-07-2013
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Looking at USDA options

Hello I was hoping someone can help me out I am looking to get a home loan in PA.  

 

My situation is as follows I have a mid score of 646 high of 719 and low of  632 I'm  married but her credit scores are too low. I have no lates over a year but 1 collection account over 2 years old I cannot get removed that they won't accept a Pfd for over 2k. My broker said this may or may not be doable. Question is that because of his resources or am I sol. Any advice would be greatly appreciated. My debt to income is less than 3 percent.

Regular Contributor
Posts: 208
Registered: ‎04-15-2009
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Re: Looking at USDA options

Did you ask the lender why he/she felt that it may not be doable? Your mid score seem fine in terms of what USDA requires. What mid score does the lender require? There could be a number of factors in play such income, collection that needs to be paid, etc. Get more info from the lender.

Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


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Established Member
Posts: 40
Registered: ‎02-07-2013
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Re: Looking at USDA options

He said a combination of recent late 15 months ago and the collections but I just think he has limited resources and his investors have higher overlays 8 months ago I was mid score 555 and he told me he could get it done over 640 but that it woukd take a year to get my scores up not sure if the lates need to be further out.
Regular Contributor
Posts: 208
Registered: ‎04-15-2009
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Re: Looking at USDA options

I would talk to a few more lenders.


Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


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Established Member
Posts: 40
Registered: ‎02-07-2013
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Re: Looking at USDA options

Thank you are there any good people in the lebanon lancaster area
Regular Contributor
Posts: 208
Registered: ‎04-15-2009
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Re: Looking at USDA options


MarcPA wrote:
Thank you are there any good people in the lebanon lancaster area

I'm not sure bc I don't live in that area.  Try talking to the Wells Fargo types and branch out from there.  It's a start.


Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


Take the myFICO Fitness Challenge

Contributor
Posts: 77
Registered: ‎07-12-2011
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Re: Looking at USDA options

currently looking at usda options in pa as well.  Your mid score is high enough but I'm pretty sure you'll have to pay off that collection.  Even USDA direct which I went through first, required that and they don't have to go through lenders overlays like usda guaranteed.  What collection account is it?  maybe you can find a cheaper way to get them off.   I had 4 collections removed without paying in full for any of them. 

Established Member
Posts: 40
Registered: ‎02-07-2013
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Re: Looking at USDA options

Can I just pay to go under 1k and do arrangement for the rest its a dispute wages saying I owe back commissions that i already paod back I originally offered 25% but no response was told not to dispute again becsuse could hold up process
Contributor
Posts: 77
Registered: ‎07-12-2011
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Re: Looking at USDA options

You would probably have to checkwith your LO.  Just from my experience.  The lady from USDA Direct (not guaranteed, which it sounds like you are doing) said that I needed my collections gone first.  They were willing to overlook my chargeoffs, but not collections.  Now with guaranteed, I believe they are stricter.  I think if you're making payments to the collection, then maybe it would count.  I think you'd have  to show atleast 6 months of payments.  Again, your LO would know best.  If they aren't giving you the answers you wanna hear, try someone else... like wells fargo. 

Established Member
Posts: 40
Registered: ‎02-07-2013
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Re: Looking at USDA options

I went to a mortgage broker thinking I would have more options but I will explore direct options as well and wells fargo , and fulton bank who I have a relationship with
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