U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-29-2009, 10:07 AM
 
93 posts, read 227,798 times
Reputation: 27

Advertisements

Quote:
Originally Posted by Elyse Margardino View Post
We just started selling this type of loan where I work. Just because your credit score is high (good for you by the way!) doesn't mean you are automatically considered for loan approval by today's mortgage guidelines. Gone are the days where a credit score alone will get you a home. You must provide proof of your financial ability (via paystubs, letters of explanation or employment verification etc)

As far as the Rural loan, it seems pretty straightforward....no money down, decent FICO, etc. I think the only restrictions would be income, ie: making too much.


If you are awaiting final approval for your loan, you might have already been initially approved which is a good start. Sit tight, provide the items asked of you (no matter how mundane and frustrating it might be), and good luck!!!
hey elyse,

sorry for hi-jacking this forum but i have a question re usda 502 loans... are you familiar with them? in short i am a 21 year old college student and just purchased (outright/cash) a circa 1847 house in sussex county nj (12/5/08) which is in need of major repairs/expenses such as electrical upgrade and complete rewire (original non insulated), roof, kitchen and baths renovation, etc. purchased for 75k to settle the estate of a 95 yo woman who hadn't done much, by way of upkeep, since 1970. the tax assessed value is 200K.

my mom passed away just after 9/11/01 and i used monies from a small life ins policy, she left for me, to purchase the property which is zoned "village commercial" and landscape equipment to start a small business. i have been living on my aunt and uncles farm in a 1 bedroom 600 sq ft cottage... as you can imagine, it is TIGHT but i am grateful for their generosity and having a roof over my head! my credit history is minimal but, very good. "technically", i do not have an "adequate" job (1st year of business) therefore at this point banks will not loan $'s to repair my house... even though i own it outright and am looking to barrow 1/2 it's taxed assessed value. comps in the area are selling and/or listed for 350-400K. my property is 1/3 acre, the house is 4 bedroom (2500 sq ft) with a small studio/suite i will use for my recording studio (musician and music major). additionally, there is a 2 bedroom cottage (800 sq ft), which i intend to rent out and a 2 car detached garage. located right on the main street of this small town (less than 500 residents), it is right next to the post office and directly across the street from the firehouse.

until i purchased the house, i was a full time student. my plans (hopes) are... i will be on leave (from school) until i get the house and cottage stabil enough to live in. don't get me wrong, the house is structurally/mechanically sound... the elderly woman lived in it until her passing and I HAVE A C.O. ... HOWEVER, the (slate) roofs need replacing, electric brought into 2009, kitchens and baths remodeled, the cesspools (2) replaced with a (6 br) septic system and relocate the well. my uncle is a general contractor and estimated approximately 100k to replace and/or repair items just mentioned.

EVERYTHING i own, i own OUTRIGHT. with what i am presently making, 1100 (gross) per week and the limited growing season (lawns) here in the northeast, i fall under the income limits for a usda loan criteria. my question is... with my age, limited (but good) credit history, income, etc. do you think i will be a candidate for a 502 loan... either direct or guaranteed? moreover, are there any other programs out there that would allow me to barrow? as you can imagine, i'd rather do this on my own, if at all possible. my ONLY "hope" of securing a loan isn't limited to having a "qualified" co-signer, is it?

thanks for your help and patience. i apologize to the o.p. and everyone else reading this thread, for temporarily hi-jacking this forum. looking forward to your reply. hope all is well. have a good one.
Reply With Quote Quick reply to this message

 
Old 08-14-2010, 08:58 PM
 
1 posts, read 5,953 times
Reputation: 10
I am 3 days from closing on MY RD loan - I applied on July 16 and will close Aug 18 - not a bad turn around from start to finish. As for the person asking about the DISH Network collection - if your score is over 620, then you should have nothing to worry about. I had a couple of problems on my credit report, and had a score of 623 but all I had to do was give an explanation in writting and they accepted it. RD states if your score is over 620, they really don't need explanations - but your lender may request it just for them....
Reply With Quote Quick reply to this message
 
Old 11-10-2010, 08:13 PM
 
1 posts, read 5,727 times
Reputation: 11
All I can say is BE CAREFUL! Had a few issues in the beginning, but nothing compares to the sheer incompetence we are dealing with now. Trying to refinance, not going well, may loss house. Currently have bank that will refinance, but usda will not cooperate and give pay off. I would love to say more but until this is over I am affraid to give too much info. I will be setting up a website with my story when this is all over, along with sending numerous letter, as I have been advised, to government officials. Not that I think it will do any good. Been going through this for 4 1/2 months and every day is filled with unreturned phone calls and tears. Makes me regret building a home, the american dream, ya right!

Last edited by Green Irish Eyes; 11-10-2010 at 08:25 PM.. Reason: Take the political comments to the Politics forum, please.
Reply With Quote Quick reply to this message
 
Old 04-29-2014, 08:14 PM
 
1 posts, read 2,899 times
Reputation: 10
I applied for a usda loan and i think i got the pre approval well i at least received the GEF stuff on it and had to sign something that im ok with the loan about my credit score is 600 its actually went up ten points since i started this process My loan is going into the review as we speak im nervous im a first time home buyer and really need advice i have a excellent job the reason i had bad stuff on credit is medical card none at the time then one bill was a us cellular bill I'm working on paying them i turned in proof i was paying on a lot of the stuff im hoping this helps i know its not completely off my credit but im trying i just really want my house and a place for my son to run im also a single mom any advice would be awesome thanks
Reply With Quote Quick reply to this message
 
Old 04-30-2014, 11:40 AM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Quote:
Originally Posted by singlemom27 View Post
I applied for a usda loan and i think i got the pre approval well i at least received the GEF stuff on it and had to sign something that im ok with the loan about my credit score is 600 its actually went up ten points since i started this process My loan is going into the review as we speak im nervous im a first time home buyer and really need advice i have a excellent job the reason i had bad stuff on credit is medical card none at the time then one bill was a us cellular bill I'm working on paying them i turned in proof i was paying on a lot of the stuff im hoping this helps i know its not completely off my credit but im trying i just really want my house and a place for my son to run im also a single mom any advice would be awesome thanks

Hey. Ask your lender. If you don't trust your lender, you should not be working with them.

Also, you gotta mix in some punctuation here and there.
Reply With Quote Quick reply to this message
 
Old 09-24-2014, 09:01 PM
 
1 posts, read 2,311 times
Reputation: 10
Will they approve you if you are paying on student loans, about 70,000 worth? Will debt to income ratio be a factor in this situation?
Reply With Quote Quick reply to this message
 
Old 09-24-2014, 11:41 PM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Yes. This isn't the only answer, but figure 45% of your gross monthly income, subtract the sun if monthly payments on your credit report and there you have your max house payment (must include taxes, insurance and USDA Mortgage insurance in there.)
Reply With Quote Quick reply to this message
 
Old 03-31-2016, 01:37 PM
 
4 posts, read 3,715 times
Reputation: 10
Stay away from these predators , they will look for ways to set you back and make you frustrated , I lost money and contractors over this agency , they are Bad People !
Reply With Quote Quick reply to this message
 
Old 03-31-2016, 01:49 PM
 
4 posts, read 3,715 times
Reputation: 10
Quote:
Originally Posted by singlemom27 View Post
I applied for a usda loan and i think i got the pre approval well i at least received the GEF stuff on it and had to sign something that im ok with the loan about my credit score is 600 its actually went up ten points since i started this process My loan is going into the review as we speak im nervous im a first time home buyer and really need advice i have a excellent job the reason i had bad stuff on credit is medical card none at the time then one bill was a us cellular bill I'm working on paying them i turned in proof i was paying on a lot of the stuff im hoping this helps i know its not completely off my credit but im trying i just really want my house and a place for my son to run im also a single mom any advice would be awesome thanks
My advice to you is don't go thru with your loan these are bad people , they just took me for a thousand dollars in inspections and appraisals , and now they are dumping me because of a misunderstanding with my current mortgage holder , not only this , but they wan't your contractors to do work up front and pay them when the USDA is satisfied , which could be a long time , no contractor will put his own money or line of credit in this situation , I was told by a good source that it took him a year to get paid for work he did for a homeowner under the USDA rules , he was told that he had to honor his year warranty on workmanship , he had to wait a year to get paid , do I need to tell you how that financially hurt this contractor ? Stay Away !!
Reply With Quote Quick reply to this message
 
Old 03-31-2016, 02:03 PM
 
4 posts, read 3,715 times
Reputation: 10
Quote:
Originally Posted by nousda View Post
All I can say is BE CAREFUL! Had a few issues in the beginning, but nothing compares to the sheer incompetence we are dealing with now. Trying to refinance, not going well, may loss house. Currently have bank that will refinance, but usda will not cooperate and give pay off. I would love to say more but until this is over I am affraid to give too much info. I will be setting up a website with my story when this is all over, along with sending numerous letter, as I have been advised, to government officials. Not that I think it will do any good. Been going through this for 4 1/2 months and every day is filled with unreturned phone calls and tears. Makes me regret building a home, the american dream, ya right!
I could not agree more with you , these are incompetent people , bad attitudes , no return calls for weeks , when you call them you are bothering them ! They just screwed me out of a $ 1000.00 for inspections and appraisal , and they wanted my contractors to do work up front without getting paid for materials , no contractor will do this , they already held a contractors payment for a year , because the contractor had a year warranty on workmanship , this financially destroyed this contractor ! We no longer are in this process , we made it far with them but they keep coming up with new requests and they continue to string us along , we no longer are pursuing this loan , after their loan specialist got very rude with me on the phone when I questioned her about my loan and the process .
My recommendation to you is write to everyone you can , tell your story ! I am very displeased with them , they have caused us 8 months of grief and misery !!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top