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@Anonymous wrote:I am going through the USDA loan process right now and it is a NIGHTMARE!!!! I have a mid score of 748, credit history of 11 years (car loans, CC's, rent etc) and I make decent money...they are picking apart my loan!! I have had conditions come back MANY times from the underwriter (I lost count).
Credit score of 620 should streamline you, according to the USDA site. The problem with these loans is the lender is underwriting, I think once you've passed all their tests that USDA just double checks everything to make sure you aren't buying a house with a pool and that you don't make $200K a year.
www.rurdev.usda.gov/rhs/sfh/GSFH_Information/Common/quick_guide.htm
This is probably the bank you are going through. We used Chase and did not have ANY problems.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
I also wanted to add that you should always ask the lender if they are familiar with the USDA loans and how many have THEY personally done. It makes all the difference in the world to have an experienced LO.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
The guidelines I read on the USDA website state that they want 2-3 tradelines with at least a year of payments showing.
So even if you only have 2 active tradelines open for say 6 months, as long as your credit report shows at least 2-3 previous tradelines that were open for a year or more then you should be fine.
Another question, if you do not have any previous derogs why is your score only a 649? How recent are your two active tradelines? With at least 6 months of on time payments and no previous negative marks your score should be at or just below 700. Do you have a lot of recent inquiries, high usage ratio?
Good luck!
P.S.. The USDA "streamlined" process is for credit scores of 640 or above per the AZ USDA rep I spoke with two weeks ago.
@pmarti8 wrote:The guidelines I read on the USDA website state that they want 2-3 tradelines with at least a year of payments showing.
So even if you only have 2 active tradelines open for say 6 months, as long as your credit report shows at least 2-3 previous tradelines that were open for a year or more then you should be fine.
Another question, if you do not have any previous derogs why is your score only a 649? How recent are your two active tradelines? With at least 6 months of on time payments and no previous negative marks your score should be at or just below 700. Do you have a lot of recent inquiries, high usage ratio?
Good luck!
P.S.. The USDA "streamlined" process is for credit scores of 640 or above per the AZ USDA rep I spoke with two weeks ago.
In case you didn't notice this thread was last active almost 2 years ago so you might not get an answer to your questions,
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".