Would I be able to get USDA Guaranteed loan? No establishe
10-05-2012 03:46 PM
My situation is pretty shaky. I've been renting the last 8 or so years, at this house for 4. My landlord recently decided they want to sell the house, and have been pretty sneaky about it. They want us to buy it, but no way, not with the cost to repair everything, but that is another story.
So I've been looking at rentals, and they are getting more and more expensive. My husband and I really want to buy our own home, its been a dream of ours for such a long time. He was in a car accident that put those dreams on hold, and we just never thought it would be possible for us until with spoke with a loan officer. She told me its not as bad as I thought. We don't have bad credit, we just don't have credit. I can use alternative means of showing I'd be able and willing to repay a home loan.
So our income qualifies. My DTI ration is below the requirement.
I've got no debt, no credit cards (obviously), car is paid for, no medical bills. Nothing, other than my rent, utilities, phone, insurance and cable.
The only thing on either of our credit history is the last of the medical bills paid off in 2006, they will come off my husbands report in March of next year.
All of my bills are pristine, I pay on time every month. With the exception of the utility bill where I had to make one payment arrangement and accidentally paid them too much money and now I have a really cheap bill this month. However it was not late, it was taken care of as agreed.
My husband has been working in the same industry for 10 years, same place for a year, and before that he worked at another place for a year and half. Otherwise it was one company for seven and half years. Again, same industry, just different company.
I'm just really nervous about this, I really don't want to rent anymore. I haven't seen a whole lot of info on people using alternative credit history.
So here is my question, is there anything that anyone can see that would get me denied seeing as how they're willing to use alternative means of credit?