Profile picture for Smoch5

USDA LOAN

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....  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 29 2011 - Riverview
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

Best Answer
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. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 29 2011
1. You should be able to qualify, but I couldn't say 100% until I knew what your new payment for the home purchase would be (principal, interest, taxes, insurance and MI). We go down to a 580 credit score with USDA so you have no issues there. You may make too much or too little money. USDA can be trickly like that. There is the possibility of going FHA or VA, but I need more info. Feel free to reach out as my business is linked directly to helping people salvage deals.
2. You shouldn't lose your down payment money as your contract should be contingent upon financing. depends on how contract was written.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 31 2013
 
Related Questions
I put in offer in on a new construction home and wasn't able to get financed for enough money
Profile picture for wetdawgs
Latest answer by wetdawgs
January 01 | 13 answers
USDA LOAN
Profile picture for Robert Harris
Latest answer by Robert Harris
December 31 2013 | 2 answers
Can I purchase a home after I received a modification? I plan to sell my current home in 2 years.
Profile picture for Cheryl  Talbot Real Estate
Latest answer by Cheryl Talbot Real Estate
January 22 2013 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. Windy Knoll Dr, Riverview, FL Home For Sale
    Windy Knoll Dr, Riverview, FL 33579

     For Sale: $304,690

    • Beds: 4
    • Sqft: 2277
    • Baths: 3.0
    • Lot: --
  2. 1130 Ballard Green Pl, Brandon, FL Home For Sale
    1130 Ballard Green Pl, Brandon, FL 33511

     For Sale: $220,040

    • Beds: 3
    • Sqft: 1528
    • Baths: 2.5
    • Lot: --
  3. 1205 Ballard Green Pl, Brandon, FL Home For Sale
    1205 Ballard Green Pl, Brandon, FL 33511

     For Sale: $257,790

    • Beds: 4
    • Sqft: 2073
    • Baths: 2.5
    • Lot: --