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USDA Guaranteed MELTDOWN

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Frequent Contributor

USDA Guaranteed MELTDOWN

Closing date in contract was set for tomorrow.... Never even made it through lender UW , therefore never made it to USDA UW due to property issue. ( Appraiser noted that there was NO 5/8 drywall in attached garge.. didnt even know this was a potential issue ? ( stated fire spread hazard)  ( estimates to drywall around $1800 ) Seller refusal to perform repair, I am NOT going to pay for a house thats not even mine... SO the loan is shut down.... I DID however, have lender rerun my scores since last time was in Feb15, and scores came back at 711 (middle) and am in works for 3% conventional ( which I understand is much more lenient with proprerty issues) NEW closing date has been  revised on an ammended sales contract to May 22.  My LO says YOU are "golden" it was  the house w/ loan type and government restrictions that shut it down... we shall see... It just blows because my credit didnt kill it..the home did Smiley Sad

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
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Valued Member

Re: USDA Guaranteed MELTDOWN

That's just awful!

 

It's great though that you are going to get another loan FAST!  hang in there.

Message 2 of 3
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Frequent Contributor

Re: USDA Guaranteed MELTDOWN

The tough part is that I actually felt as though I was good to go and had given notice at my current rental.back at beginning if April..... Im out TOMORROW and new tenants move in the following day..I can weather the storm but my wife and newborn are going to have to stay with friends and the local storage facilities are full.. I ended up whipping up renting a 20' x 20ft spot in an abandoned warehouse to put the household in the interim.. luckily I work for an amnulance service that has sleeping quarters and I am scheduled to work (3) 24hr shifts and can sleep there.... Next time I do this I will do NOTHING until I have keys in hand.....

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
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