@Anonymous wrote:
Okay so I'm in the process of buying a house with a usda loan. We found a house and are under contract now with a closing date of October 21st and have already had an inspection and ordered an appraisal. However I'm really nervous that we may not be approved. My LO ran All My Information Through gus. It came back as a refer/eligible. Okay, so I asked her what was the reason she said everything was okay and came back good besides my credit report with my collections. I wrote a letter of explanation already but here is what is on it a collection for $370 from 5 years ago because of an account that was overdrawn, one was 2 30 day late payments on an installment loan from 2013 which was paid and then the rest are all medical nothing else. My credit score isn't great either but it met guidelines. What are my chances of this not being approved because of my report? My debt to income ratio with the estimate mortgage is 19%/29%. Also I have 2 tradelines opened but aren't exactly 12 months yet but do have past tradelines that are reported as on time and paid. I have non traditional tradelines such as 12 months rent verification, 12 months utilities and 12 months car insurance premiums. I also have the reserves I need. I have already paid $300 for an inspection and then will have to pay another $475 for the appraisal so I'm worried of being out quite a bit of money if I don't get approved. Could anyone tell me if they think the odds are slim of not getting approved? My LO said she wouldn't have wasted her time if she thought we weren't good candidates but also she she just can't tell me she can guarantee anything because it is in the underwriters hands. I can hardly sleep over this whole thing and not knowing. She said the longest to hear from the underwriter will be 7 to 10 days although it could be sooner. Please could anyone give me some kind of piece of mind????
IMO this is one of those things that is out of your hands at this point. There is nothing you can do so try and relax. Best case scenario, you get approved. Worst case scenario--you try again later. Bottom line, you will get a house so don't go stir crazy 
before that time.
So relax, relate and release.