Profile picture for cfaison

Can i get a usda loan with a car repo a year old?

  • February 17 2010 - Wilmington
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Answers (6)

six out of six lender agree.
  • April 02 2010
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I going to say "no". A repo is a BIG bump on your credit score. I've been told that you can't have any late payments for 12 months.
  • February 19 2010
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While technically USDA does not include Wilmington City limits there are pockets of the greater Wilmington area that do.   The southern half near Carolina Beach west of College Road, Castle Hayne and north in parts of Ogden including homes off Gordon Road and Bayshore.

  • February 18 2010
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You have a lot of other factors to consider as previously mentioned.  What are  your credit scores? 
  • February 17 2010
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Profile picture for Justin Kennedy
cfaison, it does depend on GUS findings, credit score, outstanding balance of colelctions/repo, other compensating factors and story behind repo/ credit history.
  • February 17 2010
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It is unlikely that you will qualify. For a 100% accurate answer you need to make full application with an approved USDA lender that has access to GUS(Government Underwriting System).  

FYI--inside Wilmington City limits does not qualify for USDA.

  • February 17 2010
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