Usda loan / verification of rent

[pcwarren]

I am have begun the underwriting process for a USDA loan with a mid score of 634.  I think there will be a problem with getting a good verification of rent from landlord.  To my understanding if the mid credit score is 640 or higher they do not require a VOR.  Am I correct in this assumption?  If so is there a way to get my score raised by 6 points in a week?  I have low limits of $300 on two cards and under 7% utilization on both.  I was thinking that I can raise my limit on one card ( It is Secured with deposit) and that would lower my utilization even more.  I have one late payment 6 months ago that I asked for forgiveness on and no other debt. Any suggestions?

[newmomnewme]

I am going for USDA as well, My scores are in my signature (all above 640) and my broker required VOR...I pay in cash and was told that the loan processor will contact my landlord to verify rental payments...

[Ms-Thang38]

i am going USDA also and currently waiting to close on next week if not before...my scores are in my signature also but my LO did not ask to VOR...i pay on time and by check so i have all the cancelled checks to provide if needed so maybe it jsut depends on the LO...good luck...

[ezdriver]

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@Ms-Thang38 wrote:

i am going USDA also and currently waiting to close on next week if not before...my scores are in my signature also but my LO did not ask to VOR...i pay on time and by check so i have all the cancelled checks to provide if needed so maybe it jsut depends on the LO...good luck...

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If your landlord is not an individual, the lender would have requested a VOR directly from the landlord and you may/may not have been told.

[JChouston]

i read below 680 requires VOR. Also 640. Both from usda sources. Guess the lender has the latest rules on that. 

[J_G]

What bank did you go through that pre approved with 634 score? I thought USDA was 640 minimum thank you

[david558]

that was what i was told also that you have to have a min of 640 because that is the issue that we are running into right now.

[pcwarren]

We are using a mortgage broker in Georgia.  He shopped our loan to banks he uses.  I am not sure at this point who the bank is.  He told us we had to have 620, 640 was to avoid manual underwriting.

[Ms-Thang38]

My LO asked for VOR last week...usda wanted it...it was no problem to provide landlord info &u cancelled checks...hoping to hear clear to close anytime today...scheduled to close Thursday afternoon...