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@Anonymous wrote:
I've read as long as they're more than a year old, or it's been 6 months since they were paid and less than $2,000 under Usda guidelines that qualifies... but we could not get pre approval and we fit every single qualification listed in the handbook. 🤷♀️
That is exactly what I read. And i do too. But i'm currenly in underwritting to get preapproved and was wondering if anyone has ever actually gotten through with collections under 2000.
@Anonymous wrote:
Is it for the direct program? If so, you can't have any unpaid collections if you have less than a 640 score. The handbook says no new collections within the last 12 mos, but you cannot have ANY unpaid collections if your score is below 640. If you have a 640, your collections don't matter, it's automatic approval.
No i'm applying for the guranteed program. I'm almost to 640 too which is unfortunete that i have to go through manual underwriting and jump through these hoops over 9 points. That 9 points isn't going to change my credit decsions. I have bad credit because of a job loss 6 years ago. And it has taken this long to rebuild.
I was not able to get approved for a loan. They said my Student loans did not count as trade lines. I have to wait for one of my credit cards to age another month and have a dispute comment removed.