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USDA home financing--Indiana

My husband has obtained a new job.  We currently live in IL and he is commuting every week to Cicero, IN area for this job.  We would like to move the entire family out there as soon as possible so he doesn't have to keep going back and forth.  The problem we have is that due to identity theft that was found by the IRS last year, our credit scores are quite low...in the 580s.  I have contacted all 3 credit bureaus and disputed a lot of information that's on both of our reports.  So far I've heard back from Equifax and they've deleted quite a few entries, but not all.  Haven't heard from the others yet.  Because the area we are looking at is a rural area, I have been looking into USDA loans.  I have read some information that says they'll accept lower credit scores with good reason. We have rented our current home for 6 years with no problems for double what a mortgage payment would be ($1100/mo) since we are looking for a home around $100-$150k.  Is there any hope for us?  Anyone who will finance us or is he stuck commuting for a long time until I can finally get the credit bureaus to remove the fraudulent info?  Please feel free to contact me at kimfranco17@hotmail.com if you are a lender that may be able to help, but I would also appreciate a response on here as well.  Thank you to all!
  • November 15 2010 - Cicero
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Answers (4)

Kim, keep  talking to different lenders until you find one that is both willing to work with you on the credit issues AND has access to the USDA loan program.  Since both are important make sure you have both bases covered.

I have found over the years that some lenders just can't be bothered to work with client's credit issues.  If it's not an immediate paycheck then they are just not interested.  You'll  find someone though - there are lots of good lenders out there.

If I knew someone in Indiana I'd be happy to refer you Kim.  Hopefully you'll get some direct emails from someone who can help.

Be wary of anyone trying to sell you "credit repair" services Kim.  I'm not saying legitimate ones don't exist but  I've never had a client give me positive feedback.
  • November 15 2010
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  • November 29 2010
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Kim,  Absolutely recommend that you reach out to a local mortgage banker approved to do USDA loans (check out the USDA website for links to authorized lenders).  Most seasoned mortgage planners will be able to help guide you through the credit process as part of their services.

Agree totally with Michael...do not pay any one for helping you with credit issues.  Best of luck to you.
  • November 29 2010
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Try Community Connections. Thats where we went to get our usda loan... They are based out of Hammond IN

  • January 17 2011
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