My usda guaranteed loan experience thus far..

[RiverLady]

I just wanted to tell my story so Far. I am 25 years old in upstate sc. I have been self employed, very complicated situatiofor since 2008. I have been trying to get a loan since 2009 with no Luck bc I always wrote off a lot. This  year when I filed my taxes, I did not writa much off so I could try to get pre approved for my dream home that I have been trying to get since 2010!! Yes, it has been on the market since the beginning of 2010 and stayed open for me..I like to think that anyway.  my husband 750 fico. is also self employebrand has seasonal job. He couldn't go on the loan with me bc self employed has not been for two years yet. I got my 3 scores from my LO and the lowest was 771.  My agi was somewhere at 30000, not counting my husband. I am writing all of this bc I couldn't find anything with a situation like mine. And i have been reading everyone elses great stories. my Complicated self employment history..going from 1099 to schedule c to 1099 to s corp w2 back to 1099 and schedule c. .and just my income is on the lower scale But with great credit.  I will give estimates of my timeline..

pre approval in late jan.

under contract feb 4. We set closing at 60 days out just in case..this is USDA.

we decided to do home inspection which was done around valentines.

filled out and sent in application on the 18th. She called us back and said she got approval from her underwriter 15 mins after submitting it With no conditions. I hope he really checked it. Lol I didn't have to send in profit and loss. Just drivers license, 2 years taxes personal and business, sign form for them to talk with IRS, one year pay stubs, 3 months personal and business bank statements and savings and I think that was it...

she ordered the $450 appraisal which they did on sat the 23rd and we got results back on mon the 25 of feb. that came in fine.

she sent it back to her underwriter before sending it off to usda on the 25 or 26. She said the usda is 10 days out so I am hoping to hear something good in a week or so!!

sorry for the typos. Stupid iPad and its auto corrects.

[custombusa]

congrats on the approval. I make around what you do. Can i ask what you were approved for. Im looking to start this process in a couple months. thanks

[RiverLady]

I have no debt. One credit card that I pay off monthly. I qualified for 110,000. That was every penny but I knew I did not want to max that out. The house was 116,900 and I offered 90,000 (it needs a lot of work and not worth more than 100000 for me anyways). We countered back and forth and agreed on 97000. Appraisal came in around that price. Payments should be under 650 a month, which around here is way cheaper than rent. seller is paying 1/2 closing costs. LO said that they like to see at least three months payments in bank before loan is sent to their underwriter. Hope that helps!!

[RiverLady]

Oh yeah closing costs are around 4000.

[custombusa]

yep thanks that helps alot. My w2"s for the last 2 years averaged 32000 and im looking at a home right now for 119,000 but trying to stay in the 100,000 range or a little more. Appreciate the info and congrats again