Usda approval

[Anonymous]

Hello,

I am new here, but I have been reading quite a few post. I am in a similar situation as most. I am a first time home buyer,  with a 641 credit score, and I make 40k plus a year. I have applied for usda guarantee loan. My credit report shows one credit write off of 481.00 almost 2 years ago. I have been trying to reach the collector to pay this off,but the only thing I get is a recording to leave a message. No one has ever returned my call, despite multiple calls to them. With that, I have all my paperwork turned into wells Fargo LO, and he has sent in for final approval to underwriter would be my guess. I have also written a letter of explanation on this account and submitted it as well. Simply explainING my attempts to pay collection off. Do you think underwriting will go smooth and usda will approve loan? Any advice will be greatly appreciated.  My current home, I rent. The landlord is selling the home an d I need to be out soon. I have a closing date of November 13, 2015, but I am racking my brain thinking of any reason that it would be denied. The only thing on credit bad is one 481.00 write. I have a auto loan, that is always on time, never missed a payment. I have a fingerhut account that I opened just before I found I had to move.  First payment was on time, and I will make all payments on time.

Thank you.

[Anonymous]

As long as your credit score and DTI meet the requirements along with work history, and otherwise good credit history, the LOE should suffice and you shouldn't be too worried about the chargeoff. There have been people with worse credit histories than that that have been approved for home loans.

[Anonymous]

Thank you for replying. I received an email today from my LO. He said that I have been approved by the underwriter. However, there are new items on my loan tracker that I need to provide. For example, a written explanation of inquiries. These were only from places that I tried to get a mortgage through. They had run credit checks on me. the other written explanation is an over draw that i had on my bank statement around 3 months ago. The issue with that was, my bank does not keep accounts up to date in real time, therefore I withdrew money to pay bills that really was not in the account. Really my fault for not knowing how much I had in the account, but had the account balance been up to date, I would not have been able to withdraw anyway. My bank is a credit union, and are only open through the week. The transaction took place over the weekend, which is why it did not get updated until the following week.

Since I am have been approved by the underwriter, granted I sign all the paperwork, and turn in the few documents they want; it will then go to usda. How long do you think they will take to approve and send back?

Thanks

[Anonymous]

Update?