Will I be approved for the USDA guaranted loan?

My tri-score is 620, My income is 49,000 a year. I have a bankruptcy over three years ago, no open collections or adverse credit since. Now the big hurdle I owned a house with my ex-spouse. When we filed bankruptcy i included it in my petition, and she re-affirmed the house, then lost it approx 1 year later(which would put it under three years). I have submitted the BK petition and a copy of her reaffirm(?) paperwork approved by the lender, judge, and lawyer without my signature. We were initially approved for up to 125000 total purchase price and we have a purchase contrast for 80000 as of last night. Anyone see any other major hurdles?

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  • 1 decade ago
    Best Answer

    I don't think the United States Department of Agriculture really has anything to do with home loans.

    Meanwhile, if you are looking into a government backed FHA/VA loan, there's a chance you can get it. Especially if you have a decent down payment.

  • Anonymous
    5 years ago

    At LOANHUNTER.NET- you can find the best financial solutions

    RE Will I be approved for the USDA guaranted loan?

    My tri-score is 620, My income is 49,000 a year. I have a bankruptcy over three years ago, no open collections or adverse credit since. Now the big hurdle I owned a house with my ex-spouse. When we filed bankruptcy i included it in my petition, and she re-affirmed the house, then lost it approx 1 year later(which would put it under three years). I have submitted the BK petition and a copy of her reaffirm(?) paperwork approved by the lender, judge, and lawyer without my signature. We were initially approved for up to 125000 total purchase price and we have a purchase contrast for 80000 as of last night. Anyone see any other major hurdles?

  • 3 years ago

    it extremely is a coin toss. The earnings limits exist for a reason so there is not any gray section regardless of how plenty you and you own loan officer might wish there will be. The USDA underwriter would be checking the processing artwork finished by potential of your own loan officer so it extremely is achievable your own loan officer might have miscalculated your earnings too extreme which may be on your benefit. i be responsive to waiting to take heed to is inflicting you all varieties of rigidity. It sucks to be on the sting of approval, yet comprehend it extremely is thoroughly out of your administration and comprehend different own loan techniques nonetheless exist for you by potential of FHA in case you do no longer qualify for the USDA own loan. good success.

  • Anonymous
    1 decade ago

    good luck....if you get a mtge with all of your financial problems it would have to end up on the business news.....it would be amazing...

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