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CLOSED -- Clueless but I would like to buy a home - USDA Direct

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Established Contributor

Re: Clueless but I would like to buy a home

I talked to the UW today and he still hasn't gotten my waiver done ! He says the end of next week ! AUUGGHH. I will be calling him Wednesday little does he know. I am going to file my taxes probably tomorrow to get a jump on that.  UW doesn't think I will close by the end of May. They are super behind. So I will be praying they move faster for me. And I will stay on top of everything I'm supposed to do.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 71 of 122
Valued Member

Re: Clueless but I would like to buy a home

I hope everything starts going well for you. I know this can be a stressful situation! I am scheduled to close around the end of May so maybe if everything moves a little more quickly for you we will be closing at the same time!

Message 72 of 122
Established Contributor

Re: Clueless but I would like to buy a home


@1Step_At_A_Time wrote:

I hope everything starts going well for you. I know this can be a stressful situation! I am scheduled to close around the end of May so maybe if everything moves a little more quickly for you we will be closing at the same time!


Thank you for the support ! I'm praying I can close before I am scheduled to vacate.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 73 of 122
Established Contributor

Re: Clueless but I would like to buy a home

This UW seems to be worse than the first office I dealt with. I'm just wondering if they are all awful in Georgia or what ?

 

They pulled my credit scores and then it takes a month before I hear anything.

 

1st problem - student loan with 0 IBR. Takes him several weeks to realize it's not actually a problem.

2nd problem - shock payment. It takes him another week and a half to realize that is not a problem.

New problem - he is not sure he count my income that is not on my tax return. Really ? He is supposed to count ALL income. The tax return is a preferred source but the guidelines state that income can be verified through check stubs and bank statements.

 

I am so fed up with him and his excuses. I have to move by the end of May and there is no reason for him to keep making these non-issue delays. I am pretty stressed at this point.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 74 of 122
Frequent Contributor

Re: Clueless but I would like to buy a home

I can't offer a darned thing in the way of advice, but I am rooting for you! Can't wait for the "I'm moving in!" post Smiley Happy


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694
Gardening since 9/7/17 Aiming for a mortgage October 2019
Message 75 of 122
Valued Member

Re: Clueless but I would like to buy a home

I really hope everything starts moving for you! I know it's frustrating!

Message 76 of 122
Established Contributor

Re: Clueless but I would like to buy a home

Thank you, kberly69 and 1Step !

 

I've got one more beef with him - he told me he didn't know if he could accept my ytd calculations so I said, should I go ahead and file my taxes ? He says, no, don't do anything you don't have to right now. OMG ! I went ahead and filed my taxes the next day and sent him a copy. He is the absolute KING of DELAYS.

 

He is supposed to call me tomorrow. If he tries to put any discussion of my file on hold, I'm just going to tell him it's not acceptable.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 77 of 122
Established Contributor

Re: Clueless but I would like to buy a home

So nothing new to report only less communication, more delays and increasing frustrations.

 

Meanwhile I attempted to reach out to the packager and the federal agency that reviewed my app and submitted it to the main state office. As part of the packager's duties, he is supposed to communicate with the local USDA office and follow up on my app. He has done none of that. So I complained to the agency that referred him and they keep telling me he will call me and he has not. Therefore, I cannot recommend him or FAHE, which is the agency that recommended him. 

 

I ended up amending my taxes for 2017 and 2018 to include all my income so the USDA would use ALL my income to qualify me. Sent those over to the UW exactly a week ago. Left him a voicemail asking when he will review them and why can't he use my 2018 income for repayment calculations. He called me Thursday and asked for phone numbers to verify employment. I'm thinking great ! We are moving along. But I called him on Friday and got no answer. So I will be calling on Monday.

 

I don't get this piecemeal type of application processing. It seems crazy and disorganized.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 78 of 122
Established Member

Re: Clueless but I would like to buy a home

I've never been one to sugar coat things, and that rubs ppl the wrong way sometimes. I just stumbled across this thread and read the whole thing.

I'm astonished that no one has bothered to ask why you only make $12k a year and have 83k in student loans? But you are miffed that they said your income is too low even when you count food stamps as part of you income.... Smh. 12k a year is less than working a minimum wage. Plus less than 3yrs out of BK. It seems a large part of your story is your DTI + low income, yet you expect to secure a loan for $150k in 12k a year?

I went through a divorce in 2011 that ruined me financially. Although I had a fantastic income I chose not to file BK, and 6yrs later I still could not get a mortgage loan. I was turned down by 2 banks until I contacted a guy at a mortgage office in town and because they do all their own underwriting was able to get approved.
Message 79 of 122
Established Contributor

Re: Clueless but I would like to buy a home


@GMCTexas wrote:
I've never been one to sugar coat things, and that rubs ppl the wrong way sometimes. I just stumbled across this thread and read the whole thing.

I'm astonished that no one has bothered to ask why you only make $12k a year and have 83k in student loans? But you are miffed that they said your income is too low even when you count food stamps as part of you income.... Smh. 12k a year is less than working a minimum wage. Plus less than 3yrs out of BK. It seems a large part of your story is your DTI + low income, yet you expect to secure a loan for $150k in 12k a year?

I went through a divorce in 2011 that ruined me financially. Although I had a fantastic income I chose not to file BK, and 6yrs later I still could not get a mortgage loan. I was turned down by 2 banks until I contacted a guy at a mortgage office in town and because they do all their own underwriting was able to get approved.

I have high student loan debt because the school I started at was very expensive. I dropped out after 2 years.  I have never been able to pay them down or finish school.

 

And I am over 3 years out of bankruptcy.

 

I actually made more than 12k in 2017. In 2016 I made about 10k, then in 2017 I made 17k and last year I made 27k. At the end of 2017, I was offered a new project with the same company that pays more. I started this thread around July of last year. I didn't understand how they were calculating income and how it fit into their spreadsheet. They did tell me to wait until the end of the year, when I could show that I was making more money before applying again. And that's what I did.

 

I paid down a lot of debt and re-applied with a loan packager. The loan packager and the federal agency he is affiliated with used my 2018 income to qualify me for the loan. That is not unusual or out of the guidelines. The UW at my local USDA office does not seem to be confident in the guidelines. He has to check with his supervisor on every detail that has already been reviewed by a certified packager and a federal agency.

 

So I hope you understand better where I am at. And when I started this journey, I admit I was clueless to the whole process. Hence, the title. When I have a dream or goal, I reserach it and ask questions to find out how to achieve it. I didn't give up because 12k is too low. I learned that I needed to make more money and I did. I learned I needed to reduce my monthly debt and I did.

 

I can overcome any other obstacles even if it means waiting longer or doing what is necessary. I would never let a stranger tell me what's impossible or to never think I can own a home. Even with a bankruptcy or low income. 

 

 

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 80 of 122