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07-17-2017 10:20 AM
07-17-2017 11:38 AM
I've read as long as they're more than a year old, or it's been 6 months since they were paid and less than $2,000 under Usda guidelines that qualifies... but we could not get pre approval and we fit every single qualification listed in the handbook. 🤷♀️
That is exactly what I read. And i do too. But i'm currenly in underwritting to get preapproved and was wondering if anyone has ever actually gotten through with collections under 2000.
07-17-2017 11:58 AM
07-17-2017 12:01 PM
Is it for the direct program? If so, you can't have any unpaid collections if you have less than a 640 score. The handbook says no new collections within the last 12 mos, but you cannot have ANY unpaid collections if your score is below 640. If you have a 640, your collections don't matter, it's automatic approval.
No i'm applying for the guranteed program. I'm almost to 640 too which is unfortunete that i have to go through manual underwriting and jump through these hoops over 9 points. That 9 points isn't going to change my credit decsions. I have bad credit because of a job loss 6 years ago. And it has taken this long to rebuild.
07-19-2017 06:55 PM
07-19-2017 07:03 PM
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