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Old 08-09-2010, 02:46 PM
 
2 posts, read 10,412 times
Reputation: 10

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My husband and I applied for a USDA loan last friday. We sent the standard w2s, pay stubs, copy of DL and I had to write a to whom that may concern letter about some credit issuees my husband has (5 judgements that will be paid off before the end of the week and a couple of collection accounts that have scheduled payments). His middle credit score are 625.

Our LO sent all paperwork for approval and we're told we'd hear something back with 3 business days. Its only been 1 day and I find out my husband made an offer for a house we're looking at before any type of approval. I want to smack him for that. I told him it was premature but he already signed the contract.

My questions are what are our chances for getting approved and if not what can i do do get out of this contract.
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Old 08-10-2010, 08:49 AM
 
Location: Lending in all 50 states
187 posts, read 704,161 times
Reputation: 109
Quote:
Originally Posted by Djinns78 View Post
My husband and I applied for a USDA loan last friday. We sent the standard w2s, pay stubs, copy of DL and I had to write a to whom that may concern letter about some credit issuees my husband has (5 judgements that will be paid off before the end of the week and a couple of collection accounts that have scheduled payments). His middle credit score are 625.

Our LO sent all paperwork for approval and we're told we'd hear something back with 3 business days. Its only been 1 day and I find out my husband made an offer for a house we're looking at before any type of approval. I want to smack him for that. I told him it was premature but he already signed the contract.

My questions are what are our chances for getting approved and if not what can i do do get out of this contract.
Hi Djinns,

It's really difficult to say what your chances are of being approved for a USDA loan without a lot more information.

As long as you have a financing contingency in the contract you will be off the hook if your loan is not approved.
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Old 08-10-2010, 11:49 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,542,824 times
Reputation: 6356
If both of you are going to be on the loan, your lender is definitely going to require your name on the purchase agreement as I'm 99.44% sure is what the USDA guideline is.
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Old 08-10-2010, 01:07 PM
 
Location: Austin
7,078 posts, read 16,903,265 times
Reputation: 9484
Just because he signed something, doesn't make it a contract. He probably submitted an "offer" which isn't valid until it's negotiated and executed. Why is he buying something without you?
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Old 08-17-2010, 08:33 PM
 
2 posts, read 10,412 times
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My name will be on the title just not the loan. I dont have any income at the moment. We were actually conditionally approved. We had to send in a few things for final approval. I dod look aver the contract and there is a financing contingency in it. thankfully!!
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