Question about USDA loan
I am looking to get a USDA loan next summer. When I checked my credit score a couple months ago it was 720. My income is 3400 a month. I have a car loan at $268 a month, a credit card at $130 a month and a no interest loan at $50 a month. (I have a couple other cards but they will be paid off by then). I pay $125 for my bachelor student loans and will pay $240 for my masters. My student loans really put me over the debt to income ratio amount. The price range for homes here are between 160000-190000 on the low end. Taxes are around $2000. Even if I pay off my other credit card and no interest loan, I don't think I would qualify. I pay $920 in rent right now. I have had the same job for 5 plus years. Any suggestions? Am I going to have to wait 2 1/2 years until my car is paid off (and the cc and no interest loan) so that my only debt is student loans? by brandi_886_638 from Colbert, Washington. Nov 21st 2012
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Using rough numbers, it appears you are just slightly over the DTI ratio. If you get the credit card payment gone, your DTI ratios should be just near the top of the acceptable range. The best way to know for sure is to work with a local Mortgage Banker/Broker and have him/her work through the numbers with you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions
Brandi, have someone run the GUS Findings for you and you can get an online approval within minutes.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
You're probably going to have to look at a lower priced home.. Unless you anticipate an increase in pay... with all your debt against your $3400 monthly income, your real close to 60% Debt to income.. (190K home, 3.5% rate)... no one can predict where rates will be next summer, but if I were to guess, they'll probably be higher, which will put you even further from your target home price.. a lower priced home, higher pay, co signer, spouse with income.. etc, can all help you meet your goal.. your credit is fine.. just light on income.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Contact a local non-bank LICENSED Loan Officer competent in USDA loans to learn all your options. USDA Rural Development housing loans are awesome, but they do come with household income limits, and property location limits based on where you wish to buy. Learn more at http://tinyurl.com/aqhn6zp
Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#41 ranked lender in Washington - 45 contributions
Another option would be to look at a little bit less expensive place if possible. If you can reduce the loan amount or pay your debt down that might work. Let me know if you have any other questions. Thanks!
Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#41 ranked lender in Washington - 45 contributions
Another option would be to find a little less expensive place. Either that or a lower loan amount might work. Let me know if you have any other questions. Thanks!
Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#41 ranked lender in Washington - 45 contributions
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