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Home loan for USDA RD loan with less than 640....

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Evil1980
Valued Member

Home loan for USDA RD loan with less than 640....

Does anyone know of a lender in Northern Michigan that is willing to work with someone with a mortgage report score of less than 640? I was all set for a USDA RD Guaranteed loan and decided to make my score even better. So I paid off my only collection that was 6.5 years old. I dropped my scores 50 points. So I am pretty sure my mortgage report scores have dropped as well. I even signed a purchase agreement and put earnest money on a house. Any thoughts or suggestions? I spoke to some lenders out of Detroit and they are willing to work with me but the closing costs needed are 2-3x the amount as before. I am months away from moving in….Smiley Sad

5 REPLIES 5
StartingOver10
Moderator Emerita

Re: Home loan for USDA RD loan with less than 640....


@Evil1980 wrote:

Does anyone know of a lender in Northern Michigan that is willing to work with someone with a mortgage report score of less than 640? I was all set for a USDA RD Guaranteed loan and decided to make my score even better. So I paid off my only collection that was 6.5 years old. I dropped my scores 50 points. So I am pretty sure my mortgage report scores have dropped as well. I even signed a purchase agreement and put earnest money on a house. Any thoughts or suggestions? I spoke to some lenders out of Detroit and they are willing to work with me but the closing costs needed are 2-3x the amount as before. I am months away from moving in….Smiley Sad


Before doing anything - pull your mortgage scorees here so you know for sure.

Message 2 of 6
Evil1980
Valued Member

Re: Home loan for USDA RD loan with less than 640....

They dropped here as well. TU at 595, XP at 650, and EQ 620...

Message 3 of 6
Anonymous
Not applicable

Re: Home loan for USDA RD loan with less than 640....


@Evil1980 wrote:

Does anyone know of a lender in Northern Michigan that is willing to work with someone with a mortgage report score of less than 640? I was all set for a USDA RD Guaranteed loan and decided to make my score even better. So I paid off my only collection that was 6.5 years old. I dropped my scores 50 points. So I am pretty sure my mortgage report scores have dropped as well. I even signed a purchase agreement and put earnest money on a house. Any thoughts or suggestions? I spoke to some lenders out of Detroit and they are willing to work with me but the closing costs needed are 2-3x the amount as before. I am months away from moving in….Smiley Sad


You said it was 6.5 years old, right? Any chance you can start calling the bureau's and ask for EE?  I think TU starts at 6 months out (from 7 years).  If you can get it off your TU, that should raise your score hopefully above 650.  Then your 650 score becomes your middle and you're above what you need.

Message 4 of 6
Evil1980
Valued Member

Re: Home loan for USDA RD loan with less than 640....

I tried disput it the first time and it came back as closed with 120 day lateSmiley Indifferent TU said they would remove it but they cannot at this time since the file is under investigation... If it comes back without being deleted they said to call and they will remove it! it just takes 30 days again... On a side note I called Arizona Public Service who the collection was for and asked to start new service, but needed the collection removed. They are sended me a letter showing the item to be removed from CRs. I should receive it any day.

Message 5 of 6
Anonymous
Not applicable

Re: Home loan for USDA RD loan with less than 640....

There shouldn't be higher closing costs for a lender in Metro Detroit than up north.  I am a mortgage broker in metro detroit, if  you have any questions or want to look over your loan options, let me know.

 

Derek

Message 6 of 6
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