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We are just starting the process of trying for a USDA (rural housing). On the packet of paper that we were sent it stated that each member of the household had to sign and give permisson for them to do a credit check. We live in the state of IN. Can we not just put the loan in either my husbands or my name? Also I have read that there are no longer funds for this program is that true? Also is there anyway to estimate the amount of loan we would be approved for?
We are just starting the process of trying for a USDA (rural housing). On the packet of paper that we were sent it stated that each member of the household had to sign and give permisson for them to do a credit check. We live in the state of IN. Can we not just put the loan in either my husbands or my name? Also I have read that there are no longer funds for this program is that true? Also is there anyway to estimate the amount of loan we would be approved for?
Hi Mriley,
It sounds like you've applied for a USDA direct loan, right?
The USDA guaranteed loan requires a credit report for just the parties on the loan.
What is the difference between the loans? We, like everyone else, would love to have as little of a down payment as possible.
There are a couple of differences. The direct program has a much lower county income limit and it can help subsidize the payment. The other one is that it's not really credit driven.
The USDA guaranteed program requires a middle credit score of at least 620 and the household income limit is substantially higher.
The guaranteed program isn't as susceptible to the lack funds issue and it doesn't take as long.
Ok. Sorry for so many questions, but do both names have to go on the application? The form that they sent is a prequalification. It asks for SSN, DOB, any adults in the household above 18 and states that they have to give permisson as I stated for their credit to be ran. I have somewhat poor credit due to medical bills but my husbands credit is good. I am s stay at home mom so don't contribute to the finances. So I am wondering what I should do as far as the form do I go ahead and include all my information?
Ok. Sorry for so many questions, but do both names have to go on the application? The form that they sent is a prequalification. It asks for SSN, DOB, any adults in the household above 18 and states that they have to give permisson as I stated for their credit to be ran. I have somewhat poor credit due to medical bills but my husbands credit is good. I am s stay at home mom so don't contribute to the finances. So I am wondering what I should do as far as the form do I go ahead and include all my information?
No problem.
The guaranteed loan would not require a check of your credit unless you're going to be on the loan or if you're in a community property, which IN is NOT.
The guaranteed program isn't as susceptible to the lack funds issue and it doesn't take as long.
Can you elaborate on isn't as susceptible to the lack of funds?
My lender told me today that the RD has no more funds for now so was wanting me to go FHA. I've been checking around and it seems this is a grey area. Some say not true, USDA said it will just be for a short time and encouraged me to apply anyway.
Can you elaborate on isn't as susceptible to the lack of funds?
My lender told me today that the RD has no more funds for now so was wanting me to go FHA. I've been checking around and it seems this is a grey area. Some say not true, USDA said it will just be for a short time and encouraged me to apply anyway.
Hi Atrixwolfe,
It depends on the lender. I can still close and fund USDA loans because as a direct lender, we take on the risk of the loan until USDA/RD guarantees the note while other lenders will not.
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