USDA help

[MarcPA]

I am looking at a guaranteed loan. I meet income and credit guidelines. But I have one old collection 2 years 4 months and I had a lates over a year old On student loans To build my credit I open 3 credit cards all with 5% utilization reported 8 months ago. I was told by one broker he can't do USDA because I don't have 3 active trade lines with 24 months history. I am in the shopping period and no one else brought this to my attention yet. All other accounts are paid off and closed car loans and credit cards closed by the credit card company but paid off.  Does anyone have a good lender in PA that can get the job done?

[Barris]

I am in Idaho so no idea about lenders in PA but you look all set to get approved for the loan. Both your history and records look pretty good.

[MarcPA]

to clarify I have credit history and some lates back over a year but everything that was late I paid off 2 small credit cards that were closed and a vehicle loan. He is saying its a USDA thing I hope he is wrong.

[playboy]

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@MarcPA wrote:

to clarify I have credit history and some lates back over a year but everything that was late I paid off 2 small credit cards that were closed and a vehicle loan. He is saying its a USDA thing I hope he is wrong.

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I don't think that it's a USDA thing.  I posted USDA guidelines in another thread last week.  USDA is pretty straight forward.  Lender overlays is where you can have additional requirements.  As I said before, go talk to other banks/brokers bc it's obvious that the person you're insisting upon dealing with doesn't really know much about USDA.  Is he/she even an approved USDA lender?  

[MarcPA]

He is approved. I have one broker who has been looking for options since the 5th. I have one other broker working on it as of Tuesday he doesn't seem to indicate any issues so far but he was referred by a friend but his office is 3 hours away. My local bank has been difficult to work with schedule wise but would seem to be my best bet aside from the pittsburgh guy

[JM-AM]

Distance is not a factor. You can discuss anything over the phone. All paperwork can be issued through email secured documents, possibly electronically or over nighted in the mail.

Do not delay your dream for something that is pointless.

[MarcPA]

I got alerts saying one broker pulled my credit again if he pulled last Monday why would it need pulled again? I emailed looking for updates nothing yet. How long does this process take?

[JM-AM]

Sometimes when switching Lenders you need an updated report.

Possibly shopping better opportunity for you

[MarcPA]

So here's an update I got a pre approval letter! but only for 100k because so took some business losses in 2010 and 2011 on my taxes I haven't filed for this year plus I got a substantial raise in 2012 and will not file any losses or unreimbursed expenses so that should bring up the average a lot more I am assuming since I took a 16k loss in 2010 and a 12 k loss in 2011 if I don't file for any loss plus my raise 8k I can get pre approved for a lot more. I used to w2 35k plus another 9k on 1099, now I w2d 44k and had another 5k in 1099. Will they average my 1099s or not count them. The house will be in my name since my wife doesn't have sufficient credit. I was curious if my wife who has a 1099 takes any deductions or business losses will this affect my max allowance. I would rather pay more in taxes now and get qualified for more inn my are 100k wouldn't be enough house for 4 people. Also how do they determine ratios my only payments are 100 a month student loans and a balance of 35 dollars spread over  3 credit cards. Can borrow beyond the 29% if the total payment would be under 41%?

thank you all for your help

[JM-AM]

All income will be used for consideration, your losses for the previous years are also considered.

Is this your business or you work for some one?