My USDA RD loan process has officially begun!

750orbust · ‎06-10-2013

After several months of cleaning up my credit, I finally took the leap today and turned in my app! And the headaches begin!

I'll keep everyone posted on this thread about my progress and/or setbacks and answer any questions anyone might have in the mean time.

Wish me luck.

swtneka · ‎06-10-2013

Im so wishing u luck and cant w8 to hear about your journey. I plan on going this route n a few months. Just w8n to c if somethings we did will raise the score. If you dont mind me asking but what was your score?

Chris3k2 · ‎06-11-2013

yes good luck. I'm also going to go this route.

@swtneka wrote:
Im so wishing u luck and cant w8 to hear about your journey. I plan on going this route n a few months. Just w8n to c if somethings we did will raise the score. If you dont mind me asking but what was your score?

As for the score swtneka I think pretty much you gotta at least be at 620 and more preferably 640. USDA minimum requirements go down to 580 I believe but none of the lenders seem willing to do that. Everyone i've seen at lease requires a mid 600 score. My lender basically told me in a nice way that 640 is the only way i'll get USDA.

Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX

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750orbust · ‎06-11-2013

Thanks for the support.

My mid score is 654. LO called today and said he'd be giving me my per-approval letter tomorrow. Approved amount $127,500

justrock · ‎06-11-2013

Hooray for you. I am just starting the journey.

Starting Score: 597
Current Score: TU 720 EQ 648
Goal Score: 750

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swtneka · ‎06-11-2013

congrats 750orbust <--- love the name! 127500 how did he come about that number?

750orbust · ‎06-12-2013

Not sure to be honest. I supplied him with all of my info and that's the number he gave me. I'll have to probe him for some answers to that question.

swtneka · ‎06-12-2013

Please let me know.... i wonder if it was your income or your dti or both? but gl and keep us posted

750orbust · ‎06-12-2013

My income is a minimum of $40,000 a year with probably about an additional $10,000 a year in overtime. I have two very low credit line Cap1 cards, $300 & $200, and a $200 CL with finger hut, and an auto loan with a current balance of about $3,500 (never late on any of these open trade lines). I have two collections (left) on all three CR's all PIF. Other than that, my CR is clean. The worst thing hurting me right now is my AAoA but still approved nonetheless. YMMV but there's nothing great about my credit except for the fact that I've got nearly four years of perfect payment history.

swtneka · ‎06-12-2013

Thats odd that they gave you only 127500. Someone on here make 32k and she got 175k. i guess it depends on the lender and uw. your dti doenst seem like its high at all. The only thing that we pay is cc (85 month) besides utilities. My husband makes about 35k a year but about to get a raise this year. I am hoping we can get at least 165k. I guess every situation is different. What state r u n?