topic Re: What is GUS in Mortgage Loans

What is GUS

jwpezd — Tue, 26 Feb 2013 17:28:32 GMT

What is GUS and if it says accept elligable does that mean we are maybe going to be okay???

Re: What is GUS

DallasLoanGuy — Tue, 26 Feb 2013 17:37:59 GMT

automated underwriting for usda loan.

accept is good. it is a computer approval of the loan.

a human will verify everything, but the gus findings are a great indication of approval if the loan officer plugged the data into the system right

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 17:52:47 GMT

So I can start to feel a little bit better about this??? My DTI still seems a tad over at 41.6% this is what's keeping me up at night

Re: What is GUS

tooleman694 — Tue, 26 Feb 2013 18:00:48 GMT

Do you score over 660 for your middle score.

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 18:07:22 GMT

My wife does I am at657 after rapid restore...

Re: What is GUS

tooleman694 — Tue, 26 Feb 2013 18:11:03 GMT

oh crap.............

What does your util look like.

What kind of baddies do you have.

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 18:19:05 GMT

Very low utilization under 15%. All bad 12 months or older student loan lates. My wife has three small collections..... I don't like your first words....

Re: What is GUS

tooleman694 — Tue, 26 Feb 2013 18:22:07 GMT

Yeah you are very very close.

Knock that util down to like 2 percent and I think you will get the 3 points.

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 18:28:58 GMT

Will they have to rescore again?? I am under contract.... I didn't know .6 would be a deal breaker? I had asked earlier about paying something off or refinancing a car. I have talked to two different credit unions that said they can get it done in a day and also show my new payment on the new car loan. Us bank said it would be ten business days to show it has been payed off. I don't close till April. I hear back from manual UW today or tomorrow morning. My file was sent to them last night.

So tool man even though GUS says yes your thinking I'm going to get denied from the UW? Or would it get denied when it goes to USDA?

Re: What is GUS

tooleman694 — Tue, 26 Feb 2013 18:31:09 GMT

You need to get a waiver, I doubt you will make it passed the UW.

Yup you will need another rescore done.

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 18:40:23 GMT

This sucks.... Do you think I should refi the car or try to pay down cards and rescore??

Re: What is GUS

tooleman694 — Tue, 26 Feb 2013 18:42:04 GMT

The car refi will lower your score, but get your DTI in check.

The paying off the cards will raise your score.

I would go with the cards.

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 18:50:55 GMT

This is so damn frustrating. The credit union only PULLS THROUGH TU when refinancing. That's my highest score. How much can I expect to drop?

Re: What is GUS

tooleman694 — Tue, 26 Feb 2013 18:54:41 GMT

it all depends on your profile, but my scores are in your range and dropped about 5 points when I bought my car over the summer.

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 19:10:51 GMT

I'm about ready to just walk away from this.

Re: What is GUS

Anonymous — Tue, 26 Feb 2013 19:27:30 GMT

i thought that usda mid fico only needed to be 640. Did they change this. Ill be applying in july. thanks

Re: What is GUS

Anonymous — Tue, 26 Feb 2013 19:37:31 GMT

Mid score is Lender dependent.

Re: What is GUS

tooleman694 — Tue, 26 Feb 2013 19:43:51 GMT

But I thought it was USDA guidelines to have a 660 to get a waiter for ratios.

Re: What is GUS

jwpezd — Tue, 26 Feb 2013 19:46:46 GMT

My scores are fine. 640 is the common spot for approval my problem is DTI. Anybody with any advice on what to do from here. I hear back from underwriting today or tomorrow. I am assuming its going to come back denied assuming my math is right. I can't believe a half percent is a deal breaker. That's like twenty dollars to much in payment.

Re: What is GUS

Anonymous — Tue, 26 Feb 2013 19:48:19 GMT

No guarantee a denial. Look for the brighter side possibly a conditional approval if bring DTI down for full approval.