Valued Member
jrporterfield
Posts: 28
Registered: ‎04-05-2010
USDA Loan Scenario Can we be approved in 6 months to a year?
[ Edited ]

Wondering if a LO would approve a USDA loan for us even though I can't pull Fico scores for DH? We meet the income and property limits for the USDA. If my info is included in DTI that may cause a problem.  Ok here is the scenario:

 

My Credit

 

HSBC CC      - (bal) $282 $221(limit) $300

Fingerhut       - (bal) $0  (limit) $500 (closed/transferred) Bought by Metabank

Quad Loan    - (bal) $7056  (limit) $9441  (2 years left to pay)

Dept of Edu   - (bal) $1753   (1 60 late in Oct 2008)

Dept of Edu   - (bal) $2226   (1 60 late in Oct 2008)

AES                 - (bal) $2786  (1 60 late in Oct 2008 and 1 90 late in Nov 2008) DEFERRED  Oct 2010

AES                 - (bal) $2786  (1 60 late in Oct 2008 and 1 90 late in Nov 2008) DEFERRED  Oct 2010

 

Med Collection   - $177  (service date  1/31/2006)

Med Collection   - $  76  (service date    8/2007)

Med Collection   - $  50  (service date    8/2007)

Med Collection   - $  26  (service date   10/2005)

 

DH Credit

 

1st Premier CC    -  (bal) $75 (limit) $300 (opened 4/2010)

GCFCU Loan        - (bal) $1200 (limit) $1500

Quad Loan            - (bal) $7056  (limit) $9441  (2 years left to pay)

 

Collection/Sprint         - $361.03 (Orig amt owed-dispute 1 month service and $150 cancellation fee was on month-month basis and told them to stop service) $432/CA

 

 

Income is as follows:

 

DH $1516.66/month (or $18,200/year  ) 

Me    $808.00/month

 

Down payment/closing cost (no down payment for USDA) would be $5000. Looking to spend no more than $80,000 ($50,000 would be ideal) Lol!  Any advice besides removing baddies and lowering utilization could pay off personal loan within 6 months but quad loan is for 2 more years and currently no extra income to pay towards it.

 

 

TrueCredit Scores for DH

 

EX  -   643

EQ  -   630

TU  -   672

 

TrueCredit Scores for Me

 

EX  - 600

EQ  - 596

TU  - 603  609

 

Fico Scores for Me (as of 4/29/2010)

 

EQ  -  583

TU  -  605

 

Waiting until 5/29/2010 to repull my Fico's  but without DH CC being 6 months old can't pull his.  Looking to apply for the loan in approx. 6 months to a year.  I need a job for 6 months before anyone will use my income.   Any advice will be greatly appreciated.  Selling a piece of property I inherited (closing date 7/15/2010 hope to speed this up) was sold that will give us the $5000 towards dp/cc and the rest to finish paying off any collections/cc utilization etc.


Starting Score: TU: 615 EQ: 590 EX: 611(Fako)
Current Score: TU: 615 EQ: 603 EX: ? (Fako)
Goal Score: 650 across the boards


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