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Established Member
Posts: 21
Registered: ‎02-09-2016
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USDA Direct NJ

Well today was going to be 'the' day. I thought our credit cards would update by today to show zero balance on all but 1 small balance. So I was going to send in pre-qual for USDA Direct loan. Guess I gotta wait and see how it looks tomorrow.
On 1/31/17 my mid score was 620. Since then I've paid down the credit cards and had 1 medical collection deleted from all 3 CB's (not my responsibility). Another Paid (as of 2/17, paid monthly since last year) medical collection that is showing on 2 CB's. I'm really hoping my scores have increased so my mid is at 640 before they check credit. I've read they are not as strict if your mid score is over 640.

Here's some info on us: 2 adults, 2 kids. Husband had a great paying job until 1 year ago when he physically couldn't handle the work anymore. He has since been diagnosed with an auto immune disease. Trying to get him SSDI. So it's just my income which is another hurdle. I own a home daycare that is doing great financially but because I take so many deductions it looks like I don't make alot on the past years taxes. Currently my income this year would be $43000. We'll see how they process it.
BK 7 discharged 3/15. No lates since 8/14. I have no current rental history.
Long story kinda short: Mortgage was in MIL's name for house we've shared since 2009 but we paid the bills. We started splitting the bills 4 1/4 yrs ago when BIL's family was evicted and we allowed them to move in. She decided November 2015 after a falling out (alot of stress with 9 ppl living under same roof) she was letting house go to foreclosure. Since we aren't on anything we have no way of saving it. Owe way more than it's worth now and we can't buy it as a short sale because of the arms length rule. We don't want to leave our house but there's nothing we can do. I've even written the mortgage company asking for an exception with no reply.

I wanted to keep a timeline to help others as I found two other posts that really helped me learn about this mortgage option.
Rebuilding towards a mortgage. BK7 Discharged 3/15.
2/4/16 3/11/16
Husbands Fico8: EQ 610 658 My Fico8: 586 634
TU 586 636 601 631
EX 630 667 626 644
Established Member
Posts: 21
Registered: ‎02-09-2016
0

Re: USDA Direct NJ

Update: credit cards still didn't update. I decided to check my scores anyway. Very happy to report my mid score is 663!
I faxed over the pre-qual app this morning. I would've preferred a paper trail by emailing it but I couldn't get the scanner part of the printer to connect to the laptop. Will send follow up email later to make sure it was received. I'm so excited, I hope we get approved!
Rebuilding towards a mortgage. BK7 Discharged 3/15.
2/4/16 3/11/16
Husbands Fico8: EQ 610 658 My Fico8: 586 634
TU 586 636 601 631
EX 630 667 626 644

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