New Contributor
Posts: 74
Registered: ‎06-11-2012
Re: USDA Guaranteed Bank Statements HELP!

Here's some more info:

Total Monthly Income: $5,550

Total Monthly Debt: $1,145 (student loans, car payment)


We had around $1,000 in savings--but the home inspection, earnest money, and appraisal fee devoured that (but, hey--that's the point of the USDA Guaranteed Loan program, right? We can save...but the past year or so we've dedicated extra funds to paying off old collection accounts and credit cards)


Purchase price of home is $163,500. Estimated total payment (incl. taxes, etc...): $1,116; which puts us well below the 29% dti (actual is around 25%).


I also have close to $10k in state retirement (for what that's worth--loan officer did include it in assets); and a statement from my employer that some of my tuition costs will be reimbursed (the letter also states promotion potential).


This rebuilding journey has been tough and long--I'd really just hate for it to come down to a darn bank statement that I won't have for 10 days.

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home Smiley Happy