Profile picture for user2844641

My fiance and I were prequailfied for a USDA loan. We recently found out that our town may not

be included in a USDA eligible area as of March 27. Our Credit scores are 650-670. My fiance has only been at his current job for 1 year and it is heavily commission based. Before this, he was in another commission based job but made a significant amount less. If we can't get everything to be completed with the USDA loan in time (we are under contract for a house now) our DTI with the new house payment would be 53% with another kind of mortgage that requires PMI. We only have one credit card and one low car payment. Any suggestions?
  • March 05 2013 - Fuquay Varina
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Answers (3)

Profile picture for SheriMoritz
Are you currently working with a real estate agent that can help you since you are already under contract?  Has your lender given any indication when they are going to submit to USDA and/or if they have had communication from USDA as to when the file would need to be submitted to meet the deadline for the new mapping?    
  • March 05 2013
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I would try and 1.... get that loan closed ASAP. Or 2, find a different loan option. (FHA, etc.)
  • March 05 2013
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Profile picture for Outer Banks N C
This is a problem with USDA, did your loan officer you spoke with give you other options? FHA? You need to speak with them or find an area where the USDA will work. Good luck.
  • March 05 2013
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