topic Preapproval USDA Guaranteed loan collection accounts in Mortgage Loans

Preapproval USDA Guaranteed loan collection accounts

Anonymous — Fri, 07 Jul 2017 17:11:00 GMT

Hello Again! Has anyone had luck with gettting approved with collection accounts on USDA? Do they have to be paid? Baddies include: Judgement in payment agreement 2 payments left. Been paying that for almost 4 years. 2 credit card collection accounts with balances one for 686 and one for 486. 1 medical collection for 133. All from when i lost my job 6 years ago. I have 3 chargeoff accounts with zero balances. I have 14 accounts in good standing with 8 of them being student loans and the only accounts with late payments. No lates within 2 years. Mortgage fico scores are 644, 624, 609.

Re: Preapproval USDA Guaranteed loan collection accounts

Anonymous — Fri, 07 Jul 2017 22:00:37 GMT

Rd.usda.gov has the lender handbook you should familiarize yourself with but they will go by your midscore which is below 640 and will require more documentation. Also there must be a demonstrated willingness and ability to pay. We did not have any collections or late payments even with a bankruptcy so I am not sure how they view those but I know that there must be no late payments in the proceeding 12
Months.

Re: Preapproval USDA Guaranteed loan collection accounts

Anonymous — Fri, 07 Jul 2017 22:07:21 GMT

I've read the handbook several times. Just wanting real world results. I haven't had any late payments in 2years. And I've never been late on any rent or utilities. I lost my job back in 2011 and couldn't pay some credit cards and student loans at the time. I've finally back on my feet and make good money. I've built my credit up over the past 3 years. Started at 408. So I'd say I'm doing good. Just can't get to that 640 mark. My lease is up soon and I'm tired of renting. I found a house that I really like so that is why I'm wanting to go now.