cancel
Showing results for 
Search instead for 
Did you mean: 

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

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Contributor

Re: Clueless but I would like to buy a home

GOT MY COE !!!! It is not as much as I calculated but I am making lemonade out of whatever lemons I get ! Lol !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 81 of 122
Established Member

Re: Clueless but I would like to buy a home

So happy for you! Been following your posts and your story since you commented several times on our thread. Your information has been very helpful too and has inspired us and given us hope as our income is rather low as well. 

If you don't mind us asking, approximately how much were you approved for? 

Message 82 of 122
Established Contributor

Re: Clueless but I would like to buy a home


@Homealone wrote:

So happy for you! Been following your posts and your story since you commented several times on our thread. Your information has been very helpful too and has inspired us and given us hope as our income is rather low as well. 

If you don't mind us asking, approximately how much were you approved for? 


Thank you ! They averaged 2017 & 2018 (17k +27k) and approved me for $126,909. In the guidelines they can use just 2018 alone which would be a lot more. I'm waiting for a supervisor to get back to me but started looking in that price and have not found much. If I'm wrong, I'll find something but I won't know until I ask.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 83 of 122
Established Contributor

Re: Clueless but I would like to buy a home

Just a little update - the Supervisor told me to send my ytd for 2019 and check stubs to my UW so he can crunch the numbers next week. He's supposed to be back from training on Tuesday. Of course, I've already done the crunching. I should be eligible for $174k if they use 2018 income and 2019 ytd to calculate repayment income. That would be perfect. I can find something lovely in a nice neighborhood for that amount.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 84 of 122
Established Contributor

Re: Clueless but I would like to buy a home

So, sorry, this is going to be a rant. It has been 2 weeks and the UW has done nothing, zero, nada, zilch. He did email me last week to say he got my paperwork that the supervisor told me to send.

 

So I have been calling him for an update and of course, he never calls back. Until I emailed his supervisor yesterday. So he calls me this morning to tell me he will be in the office this afternoon. UGH. He does call this afternoon and guess what ??? He has no clue what is going on - that I have requested his supervisor override his decision and he is trying to force his stupid reasoning on me, even though the supervisor said he would review it.

 

So now he has to call the supervisor to figure out what we had already discussed 2 weeks ago ! I want to scream so bad at him. I am going to call his supervisor in a minute and see if they talked. 

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 85 of 122
Established Contributor

Re: Clueless but I would like to buy a home

Who is ready for GOOD news !?! I sure as heck am !

 

This is the deal, folks. Self-employed persons do not get considered for any compensating factors. That's just it. It doesn't say that anywhere in the guidelines but that is just how it is.

 

I left the supervisor a message yesterday and then emailed him and the state director. I got a phone call and he said that because I am self-employed, they must average the last 2 years. No consideration is given for increase in income. But what they could do is take my loan out to 38 years which would take me from 126k to 142k. They also had another idea that involved the housing authority but after some thinking on that, I decide to go with the 142k and leave behind government assistance beyond USDA. The housing assistance was a blessing and helpful when I needed it but now it can go to someone who will need it.

 

I found a really cute house today for 139k in a nice neighborhood - turns out it was under contract but the agent forgot to let the world know. I have 5 more houses to look at tomorrow. I'm praying for another gem.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 86 of 122
Moderator

Re: Clueless but I would like to buy a home

Good luck. You might want to consider incorporating that business and do a Sub-S, lot easier than Sched C as you can cut yourself a check on the payroll, also get benes of unemployement since you would pay into that system. Are some other benes available as a Sub-S corp over Sched C, ability to write off health ins costs are the big one. As a Sub-S any profits or losses pass to you as ordinary income each year.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 87 of 122
Established Contributor

Re: Clueless but I would like to buy a home


@gdale6 wrote:

Good luck. You might want to consider incorporating that business and do a Sub-S, lot easier than Sched C as you can cut yourself a check on the payroll, also get benes of unemployement since you would pay into that system. Are some other benes available as a Sub-S corp over Sched C, ability to write off health ins costs are the big one. As a Sub-S any profits or losses pass to you as ordinary income each year.


Thank you for that suggestion. I honestly wondered if I was at a point where I needed to do something different but a couple of people told me it would be no benefit unless I made a lot more money. I appreciate your suggestion and do some research on it.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 88 of 122
Established Contributor

Re: Clueless but I would like to buy a home

I'm under contract !!

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 89 of 122
Regular Contributor

Re: Clueless but I would like to buy a home

That is awesome please tell us the details.

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO Score 8 7/7/2018
EX 557
TU 566
EQ 514

Current FICO Score 8 as of 6/29/2019
EX 653
TU 652
EQ 611

Goal Score 675
Message 90 of 122