04-29-2014 11:40 AM
I am waiting for the correct information. I keeep getting told by various lenders that I need a score of 640 for USDA and at least a 580 for FHA. I contacted both companies and the minimum score for USDA is NO minimum credit score, but most lenders require a 640, and FHA minimum score is 500. How can I get around the lenders requirements and get a USDA loan?
04-29-2014 11:50 AM
Sounds like you need a lender with not so many overlays. I went with a broker who could shop my loan better than I could myself. A broker should should be able to look at your circumstances and find a loan that fits your current situation. They have many different lenders to choose from. Currently Carrington Mortgage is accepting scores down to 550 for FHA and they seem to have very few overlays.
04-29-2014 12:01 PM
Great! Let me know how it works out for you!
04-29-2014 12:35 PM
CelesteR it will get done! I have faith in your process!
I have lost all faith. This is the 3rd day they have told me we should close and didn't. The original date was over a week ago now. I can't keep skipping classes thinking we're supposed to close only to be told we have another problem. I don't love the house enough to go through this anymore. I finally told them that and not to call me anymore. My husband can talk to them from here on out. I'm going to start looking at other rental houses. I'm totally off the idea of house buying now. Too much stress. Of course once I told them that they called my husband an hour later saying the usual we'll close "tomorrow". He made them give him an exact time so supposely we're supposed to close tomorrow at 4. Still no HUD statement showing me how much to bring or anything like that just a we're supposed to close tomorrow again. Guess they better how they can eventually close before I find a rental house I like.
04-29-2014 12:42 PM
04-29-2014 12:51 PM
Don't give up!! U have come too far!! Keep positive it is going to happen!! Have they gave you the clear to close?
I have no idea. Yesterday was told we got the approval from USDA, was then sent to their underwriter again to review the approval and approved it, and that all papers were being sent to title company. Was reassured by LO and Relator that title company had everything and should be able to close late today. Then at 7:15am this morning my LO calls to say my rates had expired day before so I now had to resign disclosers electronically and then he would have to send those to the title company. I wait 3 hours before finally blowing up because he still hadn't sent them. Then I call the realator and this is all news to her. She thought the title company had everything. So she finally calls LO (who she recommended in the first place) and he finally at almost noon sends me the new papers to sign. Then at 1pm I hear the title company is busy and can't finish paperwork. I feel like I'm getting the run around and no one knows what they are doing. I don't even know if I actually have a clear to close. I just give up! I can't deal with this anymore. I feel like they are just telling me what they think will make me happy and not what's really going on. I litterally can not talk to them anymore without wanting to scream. I told my husband if he wants the house that bad it's in his hands now. We've only put in $1500 so far at this point I'm fine walking away from it.