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Usda loan / verification of rent

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New Member

Usda loan / verification of rent

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?

Message 1 of 9
8 REPLIES 8
Valued Contributor

Re: Usda loan / verification of rent

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...

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Message 2 of 9
Valued Member

Re: Usda loan / verification of rent

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...

Starting scores: Dec 2012: 589, 612, 591
Current scores: Oct 2013: 660, 652, 666
Message 3 of 9
Senior Contributor

Re: Usda loan / verification of rent


@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...


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.

Message 4 of 9
Member

Re: Usda loan / verification of rent

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

Message 5 of 9
Regular Contributor

Re: Usda loan / verification of rent

What bank did you go through that pre approved with 634 score? I thought USDA was 640 minimum thank you
7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669
Message 6 of 9
Member

Re: Usda loan / verification of rent

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.

Message 7 of 9
New Member

Re: Usda loan / verification of rent

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.

Message 8 of 9
Valued Member

Re: Usda loan / verification of rent

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...
Starting scores: Dec 2012: 589, 612, 591
Current scores: Oct 2013: 660, 652, 666
Message 9 of 9
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