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Florida USDA GUARANTEED LOAN Question

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Sunshine85
Frequent Contributor

Re: Florida USDA GUARANTEED LOAN Question


@jules0580 wrote:

Your monthly payment on USDA is much less than it would be on FHA. FHA PMI is much much higher, when I was looking the difference between FHA and USDA was over $200 a month. I know being patient sucks especially when waiting on a home.. but its worth it to go USDA. I wouldnt have been able to afford the house we are buying if we did FHA so the waiting is well worth it.

 

 

The difference in the MI premium between USDA and FHA is what prompted me to opt for USDA financing. I would only be able to come up with the minimum down payment of 3.5% if I went with an FHA mortgage, and I would have been paying about $140 per month in MI charges. With USDA, my premium will be just under $33/month. USDA gives me much more buying power and for me, is overall, a much better option when compared to FHA.

Message 31 of 178
Tpelc23
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

USDA is the better of the two and does save us lots of money but my sanity is nearly gone lol.
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 32 of 178
Anonymous
Not applicable

Re: Florida USDA GUARANTEED LOAN Question

USDA is a great program. Just hope they approve my loan and get going with the closing process. TPelc, Hope the rain is not putting a damper in your mood. I hope all is well with you as it is getting a little nasty here tonight. Do what I did and go on HomeDepot.com and see what you might need!

 

 

 

 

 

Message 33 of 178
jules0580
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

Oh I agree I totally understand the torture of waiting. Luckily, my USDA office in NJ is not behind right now (knock on wood) but Im still impatient regardless.. but in the end it will all be worth it for all of us Smiley Happy

Message 34 of 178
Tpelc23
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

Thinking positive today is going to be our lucky day!
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 35 of 178
jules0580
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

I have my fingers crossed for you guys! My file came back from USDA today (with conditions) my file was sent to USDA last thursday.. we have a quick turn around time in NJ.  However the condition was that we pay $3000 down because the appraisal listed that as the value of the inground pool.  Even though the appraiser listed that it did not include the value of personal property which USDA considers the pool to be personal property/luxury item.  Anyway we agreed to pay the $3000 down (it lowers our mortgage payment anyway) and the sellers agreed to actually pay half of it.. so Im pretty stoked.. Now we are getting the house technically even cheaper.  I asked my LO if since we had to adjust that if it will have to go all the way back through the process and she said no, USDA still has the file she just had to send them the ammended info and it doesnt go back to the bottom of the pile so it should be resolved shortly.  SOOO happy!  Im sending youa ll positive thoughts and vibes that you hear from USDA today!

Message 36 of 178
Tpelc23
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

That is great Jules! I praying we here something today, but so far nothing. Our loan officer said she thinks tomorrow would be the latest as that is day 15...
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 37 of 178
Tpelc23
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

Jules mind sharing your credit scores and any collection accounts etc you have open
2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 38 of 178
jules0580
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

My credit mid score was 650 (its actually higher now, but they used the 650 we had recently gotten married and had charged up alot so my usage percentage was high, had paid it down alreayd but i didnt reflect on the report when they ran it but they said no worries because 650 was fine. My husbands mid is 690.  He had no collections I had 3 small collections from 2005 which were set to fall off in august. At underwriting they did come back and request that I pay one off and provide proof it was for $374 and the company agreed to do a pay for deletion.  I paid it but it was a little frustrating since it was going to fall off in august anyway.  THe LO did say I didnt have to pay in full I could do a settlement but the company wouldnt take a settlement since it was under $500 it was an old medical collection.  Our DTI was border line right at the limit but they said no worries about that either as it was under the 29% front end and like .2% over on the back end (but again that was with the higher credit card balance. I have a car payment and student loans and 3 credit cards. One late payment years ago on a student loan. My husband has 2 credit cards and student loans, he had old collection accounts but they were all paid off over a year ago.

Message 39 of 178
jules0580
Regular Contributor

Re: Florida USDA GUARANTEED LOAN Question

oh I forgot to mention. the collection they made me pay off was the highest one.. I had to smaller ones, one for $50 and one for $99 all from the same time period (medical collections)

Message 40 of 178
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