02-13-2013 08:35 PM
02-13-2013 08:45 PM
They only need to look at your rental history and all the other stuff he is worried about if your credit score is below the 640 mark. This is what the guy at USDA told me. I think if I was you I might be calling around to speak with a few more LO. Just my .02.
02-13-2013 08:58 PM
02-13-2013 09:23 PM
I am not sure on the employment, but is is somewhat the same field? Maybe get the loan through the bank you work at. It seems they might understand why you switched? Not sure on that one.
02-14-2013 07:17 AM
02-28-2013 07:09 AM
I have a similar situation, my score was at a 638 and lender said i can still get through underwriting but would need rent verification, however now my score up to 641 and still asking for rental verification,Im suppose to close in 25days and my file has not even been sent to usda yet.
02-28-2013 07:59 AM
02-28-2013 08:29 AM
02-28-2013 09:38 AM
Jm-am, we have been renting a condo for seven months at 900 per month. Before that I lived with my inlaws to help them financially and so I could pay down cc and get selections on collections. My new payment will be 1230 per month. I have not been asked for verification. However, if I am do you think this could be an issue ?
I guess that it may depend on the type of loan you're getting. I have a USDA loan and there is a "payment shock" thing that the USDA uses in determining if they should the loan. With USDA payment shock comes into play when your principle, interest, taxes and insurance is more than 100% of what you're currently paying for rent. At first I thought it strange that my lender verified my rent with my apartment complex. But after reading up on USDA's payment shock thing I understood. The payment comparison appeared on the first page of my GFE and it listed the % difference.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.