USDA rural loan direct program

kira510 · ‎05-16-2012

I am applied for the USDA direct program and wanted to know if anyone has gotten approved with active collections. I have a few collections that I can pay off, I just would l like to know if they give you an option of paying collections in order to be approved. I would like to hear from those who have gone through program. Also, how long was the process? Thanks.

Familywantsahouse · ‎05-16-2012

According to the rep here, only if your score is above a 640 will it fly with collections...and then it's based on discretion.

We are going with the guranteed program in another state now, but we were approved through the direct program here.

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15

Anonymous · ‎06-13-2012

I got approved with 2 small collections and open judgement. Scores were 652 670 698

Anonymous · ‎06-13-2012

They did have to be paid thou

Anonymous · ‎06-13-2012

I was approved with a charge off. My Middle score was 660 and It didnt have to be paid. I started the process in feb. I will be closing 6/28.

Anonymous · ‎06-13-2012

Hi whyme. Same here. Got the approval in feb. Due to close late June early July. Without any further complications that is This is the second house were in contract. First one needed new roof so that was a no go.
If u have any questions ask away Kira. This board and ppl who shared the process was a big help to me.