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Member
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Registered: ‎04-19-2011
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heloo

[ Edited ]
 
Member
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Registered: ‎04-19-2011
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Re: i need help on seeing if i would quailfy for guaranteed usda loan

can someone please reply and help me...thanks

 

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Re: i need help on seeing if i would quailfy for guaranteed usda loan

I am going to say yes that will probably keep you from being approved. In their guidelines it says they wont consider you if you have an outstanding collection with no payment arrangements. I believe I have read they will looke the other way on balances under 1,000 but I dont think they will on almost 12k 

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Re: i need help on seeing if i would quailfy for guaranteed usda loan

You said that you have no late payments more than 30 days--so does that mean you have some 30 day lates on your report? If so, how recent? The car loan will definitely hurt your chances; my understanding is that any baddies over $1,000 must be paid off or you'll at least need a payment arrangement. That's USDA guidelines; but, lenders have established their own, which can be stricter. 

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Member
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Re: i need help on seeing if i would quailfy for guaranteed usda loan

[ Edited ]

t

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Re: i need help on seeing if i would quailfy for guaranteed usda loan

It depends on the UW.  They tend to not like any possibilities of collections such as the repo.  Is there an amount showing for the repo that is unpaid?  This would be the only problem I can see with it.  



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Re: i need help on seeing if i would quailfy for guaranteed usda loan

If you have had any lates in the past year, it will be a problem for the underwriter to approve your USDA loan.

Member
Posts: 6
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Re: i need help on seeing if i would quailfy for guaranteed usda loan

Okay....Good news underwriter is going to look past repo letter of explanation and service request. Now just waiting to see if the underwriter from investor is going to approve. what do you think?

 

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Re: i need help on seeing if i would quailfy for guaranteed usda loan

I have no late all on time bills.

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