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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: USDA Direct loan questions

Wooo hooo! That sounds like a good meeting! Let us know how it goes! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
VikingsLoyalFan
Posts: 42
Registered: ‎01-08-2013
0

Re: USDA Direct loan questions

I don't know if it will hinder you. My husband and I applied for the loan; I was approved but not him. My fico is 655; however, my lender told me that the USDA loan could only be given with a fico score of 620 and no collections or 640 with some collections. Really stinks because his fico was a 551 and he makes 2.5x more than I. So I am building my credit a little more before we go through for a house. I want to get a really good mortgage rate. Good Luck to you guys!

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: USDA Direct loan questions

What was the drop in home price from your husband being removed from the loan? Is it still enough to get what you want? I would work on his scores while you work on yours to see how far you can get...you never know, the hard work might pay off! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
VikingsLoyalFan
Posts: 42
Registered: ‎01-08-2013
0

Re: USDA Direct loan questions

Hi Moving, yes the loan is enough with just me. I got 100k loan and the houses here are dirt cheap because of the area (rural) 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: USDA Direct loan questions

Perfect Viking! That is great news! Congrats! :smileyvery-happy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Member
Matisnew
Posts: 8
Registered: ‎01-12-2013
0

Re: USDA Direct loan questions

Had our meeting, approved for area maximum!!! He said since my two collections were paid off 9 months ago he wouldn'thave hold them against me. But funds aren't available til April at the latest. But 90 day closing would put us there. House hunting starts for real today. And we are eligible for a 10k home buyer grant! Awesome!
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: USDA Direct loan questions

Congrats. Happy house hunting
Good Luck
May all your dreams and wishes become a reality!
New Member
Matisnew
Posts: 8
Registered: ‎01-12-2013
0

Re: USDA Direct loan questions

Making an offer on our first house in 36hrs. Does anyone know what's a reasonable offer? They are asking 69500for the house, we are discussing offering 61 because it needs some work and our realtor said they are motivated sellers. Work is all cosmetic. Stuff we can do ourselves. Kitchen cabinets, new carpet, paint... would this be reasonable offer?
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: USDA Direct loan questions

Only you can say if its a reasonable offer. Do you want the house? If the sellers counter offer are you still willing to buy the house? If they just flat out reject your offer, are you ready to pay them the full asking price?

 

In my area Kitchen Cabinet replacement can cost thousands of dollars. Kitchen cabinet refacing still would be a few thousand in my area.

 

Depending on size of house carpet replacement is another cost of several thousand dollars. I havent owned carpet in many years, but I believe this to be a fair estimate in my area, and probably a cheaper prediction since the smallest home in my area is about 3800SQFT.

 

Painters in my area on the very low end charge $400 a room and thats a shoebox room, with no sheetrock repairs. Love those advertisements $400 a room until they walk into your house and say thats for a 10x10 room. Are they kidding me!!!! The only thing in my house close to being a 10x10 room are the walk in closets.

 

While you can do some repairs yourself, your time and work does have a value, plus materials.

 

Once again only you can determine what is right and reasonable and what you would be happy with.   :smileyhappy:

Good Luck
May all your dreams and wishes become a reality!
New Member
Matisnew
Posts: 8
Registered: ‎01-12-2013
0

Re: USDA Direct loan questions

Its 1200 sq feet. Its a perfect home for us. My uncles and I (one being a carpenter and the other a home builder) can do all of the work. Painting my fiancée wants to do. We priced cabinets and carpet for 3a rooms around 1100 dollars.

We are hoping to offer 61 if they come back, I'm hoping we can hit middle. 65. We are willing to pay full price. A completely remodeled house sold 2it blocks away for 96k. So I think its great. Especially with a large yard and garage.

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