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USDA loan question? Help!!!!!!!!

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Anonymous
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USDA loan question? Help!!!!!!!!

I am presently under contract on a usda guaranteed loan. The lender from the beginning new my full situation (income,assets,debts,score). I was pre approved for 250,000 and found a home within that range. Once I sent her verification of my 401k withdrawal it was sent to underwriting. I was downgraded to refer per Gus and declined for being over 29% ratio. We then added my grandmother on to the loan and was able to still stay under the income guidelines. A brief description of my file Mysore is 638, been on my job 6 years and only credit issues is 2 paid charge offs over 2 years old and one 30 date late payment over 3 years ago. Over 7k in 401k plan and 2k in savings. 1 credit card that's been open over two years, I paid card loan with 26 months paid history, two paid consumer loans and 1 current car payment with 15 months payment history. Grandmother score 628, retired 10 years and receives monthly ssa. Bad credit items is 2 medical bills and 1 collection account all over 5 years old. No lates ever reported and 13 paid accounts on report. LO called and said loan may be denied because of GUS system refering the loan to manual underwrite. I was confused because I was told that loan was going to be manually underwritten from the beginning because the scores were under 660? Something feels wrong about this and USDA advised that a loan can not be denied on this basis alone and the file has to be fully reviewed prior to denial and a reason given? Can anyone help with this?!
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Anonymous
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Re: USDA loan question? Help!!!!!!!!

Any update Aowilson??
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Anonymous
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Re: USDA loan question? Help!!!!!!!!

Something seems fishy with that but the lender handbooks can be found at rd.usda.gov under personal and then guaranteed loans.

All credit denials require full documentation of why and steps to take to dispute incorrect information.
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