USDA LOAN

Profile picture for Smoch5
Me and my wife have a home that was built and completed yesterday with DR HORTON. Me and my wife were never approved for a loan before they started building the house. The reason we never applied for the loan is because they told us we needed to raise our credit score a little but we where so close that they would build the home anyway we were placed in a credit monitoring program that DR HORTON offers. Well we have our loan papers with usda and we are submitting them tomorrow. I guess my questions are  my median score that dr horton came up with today is 642 and my wife score is 649. we have no collection accounts and all credit cards are at zero.however i did have two 60 day late payments on too of my cards currently those cards have excellent payment history for the past 11 months we have 4,000 in the bank.Car payments equal 852 student loans 260 a month we make 5800 a month. I guess my first question is 1. do we have a chance to qualify.2.if we dont qualify do we loose the house..3. if we loose the house will we loose our earnest money which is 2,500 dollars. Thanks in advance....  
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June 29 2011 - Riverview
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Profile picture for JeffHansenRealtor
I can't speak to the credit issues, but I can talk about issues 2 + 3.  Unless you can figure out some other form of financing, you will most likely lose the house and your earnest money.  The biggest question is, did you have your own agent or did you just go through the builders agent?  The reason I ask is because you would be better protected if you would have had your own agent. If you didn't there's probably not much you can do. 
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June 29 2011
 

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