topic Re: USDA Direct 502 Now I wait and wait in Mortgage Loans

USDA Direct 502 Now I wait and wait

Anonymous — Tue, 02 May 2017 14:09:06 GMT

Good morning I don't really have a question right now I am just so anxiously waiting for USDA to notifiy me if I am approved or denied.

The waiting is driving me crazy! I want to call but I keep telling myself just be patient. The last update I recieved was last thursday and they said I should have a decision in 1-2 weeks. Hope to hear some good news soon Good luck to us all!

Re: USDA Direct 502 Now I wait and wait

Anonymous — Wed, 03 May 2017 13:04:58 GMT

Before you know it, those two weeks will have flown by. Hope all goes well for you. Did they require a VOR from your landlord?

Re: USDA Direct 502 Now I wait and wait

Anonymous — Wed, 03 May 2017 15:54:31 GMT

thank you so much! I'm going insane over here, I kind of just want to know no matter the outcome. I imagine they did do a verification of rental history from my landlord. I sent them past invoices and apartment info. The last thing they requested from me was 3 alternative credit references I was only able to provide 2 they said that was fine and that they had everything they needed. That now it was in underwriting and that i would have a decision within 1-2 weeks. So now I wait...

Re: USDA Direct 502 Now I wait and wait

Anonymous — Wed, 03 May 2017 15:55:45 GMT

How is your process going so far? Any news?

Re: USDA Direct 502 Now I wait and wait

Anonymous — Fri, 05 May 2017 01:06:40 GMT

I haven't heard anything yet. I'm trying hard to just pass the time by doing other stuff.

Re: USDA Direct 502 Now I wait and wait

Anonymous — Wed, 10 May 2017 00:54:26 GMT

Any updates?

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 16:04:54 GMT

Hi, I called Monday May 8th and I was told I should know something this week. I'm guessing I have to wait for a letter in the mail. How about you?

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 16:43:21 GMT

UPDATE! I just called and I was denied oh well it's not my time. I'm not too surpsied since I knew I had credit issues.Which is exactly why I was denied for unacceptable credit. Thank you to all who have answered my questions now to work on my credit report!

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 17:08:03 GMT

I'm so sorry it didn't work out for you. Did they at least tell you what you need to do to get approved in the future? Did you have any accounts reporting to the bureaus?

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 18:22:26 GMT

thank you. Yes the letter says I have 5 collections which I knew but I guess I need to pay them off and then wait.

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 19:57:53 GMT

Do you have any accounts in good standing on your credit report? I highly suggest reading through the USDA handbooks and learning their processes, if you haven't. It helped guide me in knowing what I needed on my credit report to offset the negative items. And sometimes you have to show them their own guidelines or ask for a waiver. Hoping things go well for you in the future.

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 20:29:39 GMT

Yes I do I have 2 credit cards and an auto loan current and in good standing. I think next week I will start looking into what are my best options for my credit history. Another thing is I didn't include my husband as an applicant because he doesn't have a work history he has only been legal in the country for 4 months. I added him to my cards so his credit is at 715 on all 3 bureaus. Do you think he could apply with his credit only and use my income even though he technically doesn't have the work history?

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 20:36:55 GMT

If you live in a community property state, then they will look at the spouses income but also their credit. The 2 credit cards and the auto loan - do they have at least a 12 month history of on time payments? The collections - how old are they and were they beyond your control?

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 21:01:10 GMT

Here's what the handbook says about collections:

C. Resolving Collection Accounts
Paying an outstanding account is not, in itself, justification to say the applicant has demonstrated a willingness to meet obligations. Payment of a collection account could deplete the applicant’s cash resources that could be used for reserve or closing costs. The Loan Approval Official may determine it is not necessary to pay a collection account if there is evidence that the account does not affect the Agency’s first lien position. If there were extenuating circumstances to the adverse credit, the Loan Approval Official may determine that the late payments are not reflective of the applicant’s ability to meet financial obligations or manage debts. All extenuating circumstances and any compensating factors must be documented on the Credit History Worksheet.

Re: USDA Direct 502 Now I wait and wait

Anonymous — Thu, 11 May 2017 21:38:49 GMT

What type of collections? I had a few medical deleted using the hipaa process. You'll have to Google it since we can't talk about it. Sorry to hear. My husband had a low 500 score I got up to 670 in 2 months just by paying down credit cards and taking care of medical collections. You might be able to get approved sooner than you think.