Cautiously coming out of lurkedom

[Anonymous]

Hi all,

  I've been a loyal lurker of these forums for the last 9 months as I went on our credit repair journey.  Our troubles all started back in 2006 when my daughter experienced significant medical trauma that resulted in financial stresses on our family.  Last year, I finally got fed up with seeing all the negatives on our reports and set about cleaning up both mine and my husband's.  Fast forward to February, and I had gotten both of our mid scores up above the coveted 640.  We put a contract on a USDA eligibile new construction house February 17 and have been riding the roller coaster ever since.  Our loan just recently cleared UW (seriously was sweating this one...they made us pay a very old collection and had to rapid rescore to see how it affected credit) and is set to be sent to USDA by the end of the week.

Anyone care to share their experience with USDA? I am trying to be realistic about things and am just curious the likelihood we would be denied by them.  We have consistently worked in the same field for 12 years (teachers), our income is definitely below the allowed limits, and our loan officer/processor has been extrememly thorough in gathering all necessary paperwork.

Just looking for a little reassurance?

[playboy]

I'll share my experience as I recently rec'd a USDA Guaranteed loan.  It took USDA about 3 weeks to reach my loan file and only one day to approve it.  From my research, USDA's underwriting requirements weren't as strict as my lender's overlays.  So if your lender had additional overlays that you needed to comply with in addition to the USDA requirements, you'll be fine as long as the loan processor sent everything to the USDA.