usda direct loans tx

[wittmc]

OK so my husband and I are in the beginning stages of our application (direct). I sent in everything they asked for, Thursday I received a list of a few more things that I need to send in. One was a credit report marked with stars. I am suppose to explain each of them. Ally are medical bills, there's one old credit car from 2008 a low balance, and the rest is a bunch of stuff that my husband's family opened without us even knowing. An electric bill, phone bill, and cable bill. Are they expecting me to pay all of this for approval. I don't mind paying the old cc bill but these utilities that his family has left on his credit shouldn't be our responsibility. In reality I don't have the money to pay these things off. Anyone have any experience with this? I am using the McKinney tax office if that helps. We need this loan bad, the place we rent now is in awful condition.

[ShanetheMortgageMan]

If you have a 640 score the collections wouldn't be a problem - at least that is how it is on the Guaranteed side.

[rideswithchrist1]

I am not sure about the credit scores. They seem to look through your history well if it is below 640. 

We are in Austin and I applied on Feb 1st (actually it was Jan 27th, but they dated it at Feb 1) and I got a letter stating the got my application and it was on file but there was no funding to consider it, and the wait is currently 6 months. I called in November of last year and they didnt have funding then either, so I hope it is 6 months from then and not now- BUT nothing said we were qualified or not and I know they cashed our check for the credit report so I have no idea!

Everyone else I talked to say they got a letter stating they were qualified for an amount pending funding. Ours seemed more like they would not move forward until funds area available.

I HOPE all of Texas gets funded soon. 

Keep me posted here, if it is too long of a wait, we may try the guaranteed loan, but we are very low or low income so we need to use the direct to stay around what we pay in rent right now.

[rideswithchrist1]

Write letters of explaination for each of the items they starred. 

If the thing that was opened by your husband's family is actually not yours, you should dispute that with the credit reporting agencies. I would suggest you find a homebuying counselor in your area that can assist you with that.