Valued Contributor
WannaHouse
Posts: 1,080
Registered: ‎06-08-2008
Chase requirements/USDA loan

We are still loan shopping, but was wondering if anyone knows what Chase requires as far as baddies cleared up. We have mids of 629 (hubby) and 655 (me).

We do have some med collections from 06 that have not been paid. It's a LONG LONG storry, but bottom line is we just found out about them. It's about $15-1600.00. We also have an unpaid judgement from 2005 that is roughly $16-1700.00.

Does anyone know if we will have to pay these off before we can get a mortgage?

 

PS: these are AFTER our 2004 BK.  :smileysad:

 

 


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,381
Registered: ‎07-29-2008
Re: Chase requirements/USDA loan

You should be fine for a USDA Guaranteed loan you have a 620 + score so they (USDA) will be fairly straight forward

 

Good Luck

Brian

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
Re: Chase requirements/USDA loan
Judgment will most likely have to be paid but collections are OK not to be.  Let the underwriter condition for the judgment to be paid, don't pay it ahead of time.  Brian is right, your credit will get you a streamlined approval process for all other parts of the approval (no rent verification, no explanation for the medical collections).  Chase has a pretty good Rural Development division, but I use them as a backup to TBW's since their rates sometimes aren't as attractive.
Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,381
Registered: ‎07-29-2008
Re: Chase requirements/USDA loan

I missed the second one being a judgement - that will have to be taken care of - I would let them tell you to do it and then do it at the last moment this way there will be less time to report and less chance it will change your score..... it could have a negative impact

 

 

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
Valued Contributor
WannaHouse
Posts: 1,080
Registered: ‎06-08-2008
Re: Chase requirements/USDA loan

Got some pretty good news today!! Our mortgage lender called today and said USDA likes our file and we will most likely have no probelm being approved!!

Hubby needs to do another profit and loss form for his SE, and we may have to pay the judgement, so we are VERY VERY happy today!!

 

Thanks to My Fico and all you fantastic people! I never even looked at our credit reports until I found you all!  :smileyhappy:  :smileyhappy:

 

Doing the happy dance! 


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
Re: Chase requirements/USDA loan
Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,381
Registered: ‎07-29-2008
Re: Chase requirements/USDA loan

WannaHouse wrote:

Got some pretty good news today!! Our mortgage lender called today and said USDA likes our file and we will most likely have no probelm being approved!!

Hubby needs to do another profit and loss form for his SE, and we may have to pay the judgement, so we are VERY VERY happy today!!

 

Thanks to My Fico and all you fantastic people! I never even looked at our credit reports until I found you all!  :smileyhappy:  :smileyhappy:

 

Doing the happy dance! 


 

:smileyvery-happy:

 

Congrats hope it all goes smooth

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
Valued Contributor
WannaHouse
Posts: 1,080
Registered: ‎06-08-2008
Re: Chase requirements/USDA loan

ShanetheMortgageMan wrote:
Judgment will most likely have to be paid but collections are OK not to be.  Let the underwriter condition for the judgment to be paid, don't pay it ahead of time.  Brian is right, your credit will get you a streamlined approval process for all other parts of the approval (no rent verification, no explanation for the medical collections).  Chase has a pretty good Rural Development division, but I use them as a backup to TBW's since their rates sometimes aren't as attractive.

See, this is why I have been so confused with this mortgage broker. He did not do nay of this! our mids are 629 and 655 and he never streamlined it! He just sent off our rent verification yesterday.

He did say today that we are approved and to go ahead and pay off the judgement.

Should we be concerned that this guy has no idea what he is doing??

 


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
Re: Chase requirements/USDA loan

WannaHouse wrote:

ShanetheMortgageMan wrote:
Judgment will most likely have to be paid but collections are OK not to be.  Let the underwriter condition for the judgment to be paid, don't pay it ahead of time.  Brian is right, your credit will get you a streamlined approval process for all other parts of the approval (no rent verification, no explanation for the medical collections).  Chase has a pretty good Rural Development division, but I use them as a backup to TBW's since their rates sometimes aren't as attractive.

See, this is why I have been so confused with this mortgage broker. He did not do nay of this! our mids are 629 and 655 and he never streamlined it! He just sent off our rent verification yesterday.

He did say today that we are approved and to go ahead and pay off the judgement.

Should we be concerned that this guy has no idea what he is doing??

 


Some lenders have their own overlay guidelines because they are selling the loan off to an investor.

Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,381
Registered: ‎07-29-2008
Re: Chase requirements/USDA loan

It would not have been the broker that "streamlined it" it would have been the underwriter. I dont know Chases policy? Like Shane I use TBW as their rates are better and I have had no issues with underwriting... It is a long process be patient it usuallyworks itself out...

Brian

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -