USDA RURAL DEVELOPMENT

[Anonymous]

i have a unpaid collection on my credit report from dish network $123. will this ruin my chance of getting approved for the rural development direct loan? i have a mid score of 653

[WannaHouse]

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@Anonymous wrote:
i have a unpaid collection on my credit report from dish network $123. will this ruin my chance of getting approved for the rural development direct loan? i have a mid score of 653

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I doubt it. They really want a solid and clean history for the last 12 months. Any late pays, collections, judgements, etc will probably get you denied.

[MuddyGrimes]

My wife had mid score of 623, and 3 unpaid collections she had to pay prior to closing.   We are closing on Thursday at 5%

Sounds like you have a great chance!

[Anonymous]

CONGRATS! DID YOU DO THE RURAL DEVELOPMENT DIRECT LOAN?

[Anonymous]

OH OK. WELL THIS COLLECTION WAS BACK IN 3/08 SO ITS A LITTLE OVER A YEAR. I ACTUALLY JUST PAID IT OFF TODAY..

[WannaHouse]

3/08 is pretty recent. Good choice to just pay it off.  By any chance did you ask if they will delete it off the records?

Message Edited by WannaHouse on 04-28-2009 11:03 PM

[Anonymous]

yeah, but dishnetwork reports it to the collection agency and they said it will take about 30 - 60 days for it to remove. but the thing is --that rural development recieved my credit report before i paid it. so i dont know how the specialist will act on that. im supposed to get a answer tomorrow. so im really scared and nervous.

[WannaHouse]

Well, you may have to wait and reapply once your CR updates. Hopefully, they will be okay with it.

[Anonymous]

What types of programs did you use besides USDA. I'm a single parent and i'm looking to gain as much knowledge about these programs. Sharing programs used will be helpful. when I go meet with a LO I can inquiry about the programs and do a little research myself.
Do mind telling us your CS?
I'm in rural TX and we fall under the USDA zone.
As always...Knowledge is power.....

[Anonymous]

Hi, I was approved or the USDA direct loan within 2 weeks, It depends on the underwriter at USDA of what they will accept. I am closing on May 22; I did have collections, and submitted my app on April 20; If you are worried about the collections it depends on the underwriter AND a great letter of explanation... be honest.