I recently got my scores where they need to be for USDA requirements. Now Im ready to start shopping, as I am looking for a short sale, It should take some time before the actual closing or getting an accepted offer.
I DONT KNOW WHERE TO GO? Do I go to a broker, a loan officer, a realtor? where do I start the process. This forum is really the only place I can ask to get someone with experience.
Who typically works harder, deals with below average credit the best, is most cost efficient, etc.
so basically, If you did USDA short sale, where did you start and did you get the results you wanted?
Thanks in advance for any advice on the topic
First you need a preapproval letter because an agent isn't going to work with you without one. If you don't know ANYONE who is either a lender or agent, or don't know anyone who is, then we can send you referrals.
I used Academy Mortgage and they are a mortgage banker - they loan the money in house, then resell it. They do USDA loans. I am in Oregon, and if you are, I will give you my loan officer's name. If you aren't in OR, just make sure they work in your state. A broker/banker is better than a bank, IMO, as they have more options.
Word of mouth is the best referral...got anyone at work or your family who has a referral?
Talk to friends/relatives/co-workers..... ask who they used for a loan and if they were happy. The loan officer will know a good realtor to send you to
Contact a realtor... they will know some good lenders.
So a co-worker of mine referred me to a broker with short sale experience. I called yesterday and he was very helpful, answering all of my questions and giving me a ballpark on how much home I could borrow. (which is more than Im looking to buy) so I was excited. Then he asked about my score and I told him I only knew TU and was hovering right at the score to get approved. He said he wanted to get me around 660 before we put in the application. I stopped asking questions for fear of feeling dumb, and just said ok.
I thought USDA streamline was 620? Is it different for every broker? I was excited because 620 is no problem for me to hit before winter, but 660 is pushing it a little and makes me nervous. Should I contact another broker and find someone willing to work with 620? or do they usually just suggest 660 for ease? Ill find out for sure before I apply, just wondering if anyone ran into this with USDA.
and thanks for the replies guys.
Booner, I live in Michigan, but thanks for the help. I will be seeking pre approval as soon as some issues ive taken care of (CO deletion, util drop) shows on all reports.