Closed USDA Direct Loan today!

Anonymous · ‎12-06-2011

This was the most emotionally draining process but I finally closed on my USDA direct loan today! We didn't qualify for subsidy but got an interest rate of 3.25% and had to bring $ 502.16 to closing. Now I can finally focus on and get excited about the new home we are having built! For those of you who are going through the process hang in there. It may take some time but these loans do close. Good luck to everyone!

PixieQueen80 · ‎12-06-2011

Congratulations...enjoy your new home!

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club

wednesdayaddamsd · ‎12-07-2011

OH MY GOODNESS ANGEL! You have been at this for a loooonggg time! I am so beyond thrilled for you! Your interest rate is fantastic and I am just over the moon at your finally having closed.

Thanks for all the help you've provided the rest of us along the way! You can relax now!

Wednesday

Amex PRG. Amex Blue. Amex ED. Cap 1 Quiksilver. Saks Fifth Avenue. Neiman Marcus. Grandin Road. Target Red Card. Barclay Rewards. Home Depot. Paypal BML. Affirm. Victoria's Secret. Care Credit. Lumber Liquidators. Art Van. Evine. Firestone. Discount Tire. Discover IT.

payingoffdebt001 · ‎12-07-2011

Congrats Angel and thank you for all your help, I've read some of your older post and have learned alot about Direct USDA loans. I have a question and hopefully you can help..I read that they look at 12 months back on your credit line payment accounts, but then I read that Collections accounts must be paid, but not paid within the last 6months of applying for a loan/or obtaining..I forgot which but you get the idea.

So although the look at your credit payment history for the last 12 months they look at any and all collections showing on a report even if they are past the 2year mark. Is this right and that means collections need to be paid off? see below what i read from the website they have on qualifying:

UNACCEPTABLE CREDIT:

Payments on any installment account where the amount of the delinquency exceeded one installment for more than 30 days within the last 12 months.

Payments on any revolving account which was delinquent for more than 30 days on two or more occasions

within the last 12 months.

Outstanding collection accounts with a record of irregular payments with no satisfactory arrangements for

repayment, or collection accounts that were paid in full within the last 6 months, unless the applicant had been
making regular payments previously.

Anonymous · ‎12-07-2011

That is wonderful!! Congratulations!!

We are also hoping to close soon..we have been in this process for almost a year and you've given us hope!! Enjoy your new home!

Anonymous · ‎12-09-2011

Hi Angeldaria!

Congrats on your USDA home loan! Hopefully all is going well with your home building!

I was excited to see your posting about your USDA loan.

I am wanting to get a USDA home loan. I have a property under contract and it qualifies

under the rural rules for USDA. I also qualify under the income guidelines. I am disabled

so I think there might be something else too that would be be helpful.

My credit score just dropped 50 points since I got this short sale under contract 3 1/2 months

ago. Now I can't use the lender who preapproved me. Hmmm. I'm frantically trying to get

my score back up. Any advice about that would be appreciated too.

Who is the lender that you chose to finish your USDA loan? It would be nice to have a sucessful

referral to a USDA lender.

Thank you so much!