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Income wise, I believe the husband and I will qualify for USDA loan, and this appears to be a good program for what we're looking for - want to be in a more rural area due to a horse hobby of mine and hunting hobby of his. We are just in the beginning stages of this yet, and I'm getting as much info as I can find.
Our big concern is credit criteria. I have decent credit and can meet the minimum credit requirements easily. I have a few accounts that are in perfect standing, and my bad stuff is old: a bankruptcy that will be 8yrs old in 2011 and a few minor collection accounts that have either been paid or fallen off from 6-8 years ago. His credit still need improving. He had some minor issues as a young 20-something and bad financial decisions, and most of those have fallen off. He does have some medical bills from 4yrs ago that have not been paid, though - approximately $8-11K, and he has an old judgment of about $2K that will be 7 yrs old in 2011. We can get written credit recommendations from our Landlord and his father (personal loan), plus the cell phone and gas companies, and 2 vehicle loans in my name, but most everything is in my name. What bills are still out there can either be paid down or come with an outstanding explanation as needed (the judgment was a disputed debt that my husband got the short end on, not because he actually owed $2K and refused to pay). Will his credit situation hurt our chance?
Next are the jobs. My husband has 3.5yrs of solid time with the same employer. My have only been on my job for 11 months, but this was a promotional position that I took from my previous job. I resigned from my previous and last day was 1/29, started at my new position as of 2/1. My current position was the same line of work as the old, but for more advanced skills and higher pay. My previous employment was otherwise solid for 2.5yrs with that company. Will a change of job like this be an issue?
Your employment situation should be fine - same line of work and better pay isn't a problem at all.
Definitely recommend that both you and your husband have 640 scores, as it'll make underwriting a lot easier. 640 is a magic score with USDA as it allows the underwriter more flexibility on items like owing collections. The judgment will have to be paid regardless though as long as it's owed (even if it's not on credit), and it's recommend you pay it off before applying so the underwriter doesn't see that it's still owing. The collections would be an underwriters call, if the situation that caused the collections was temporary in nature, beyond your husbands control, and the situation has been removed, then it's unlikely they'd need to be paid... particularly since they are medical. Either way, be prepared with an amount of money to pay them if the underwriter requires it (not recommend you pay them before the underwriter requires it).
My husband and I recently applied for a USDA loan. I've been at my job 2 and a half years and my husband has been at his a year and a half. I got accepted into an apprenticeship program I've been waiting on for years. This would involve me completely changing jobs. How will this affect the loan we are in the process of getting.
My husband and I recently applied for a USDA loan. I've been at my job 2 and a half years and my husband has been at his a year and a half. I got accepted into an apprenticeship program I've been waiting on for years. This would involve me completely changing jobs. How will this affect the loan we are in the process of getting.
What field and job title are you currently in and what is the apprenriceship? Are you guaranteed hours? Would you have to resign before closing? Will your income go higher and above the USDA limit? You need to talk to a USDA loan officer - maybe not yours. USDA wants 6 months in a new field. There's nothing illegal about knowing about a future job, but not accepting it until after closing. If the two jobs can be woven together, maybe you can accept in advance, but you have too many variables. All that said, do not resign from your current employer and expect it not to be noticed.
Could my wife and I be approved for a Usda loan if we are both part time workers and full time students?
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