Hurry! USDA Rural Home Development loan program (no PMI, 2% fee into loan) zero down

[moneytree]

(see my title in last post...)

It's Taylor Bean and W something... Some ridiculous name.

https://www.taylorbean.com

I believe you can apply directly thru them, but it's best to get a broker, right???

Our broker had to work very hard. Not sure who the other lender was.

Good luck!

[makuls8]

What's the shortest time after BK/D that you could qualify for? It says less than 2 years. How about 6 months?

[movingon]

Most lenders like to see 12 months of positive credit use; I think 1 year would be the minimum; though, you'd probably have to work for it.

[moneytree]

BK laws are changing again? (per atty's office) & lenders might req. 4 yrs post BK?

Subscribe to www.myfico.com and get a SECURED Orchard Bank card (www.orchardbank.com) as well as pay the $180+ in fee's with First Premier to get an unsecured card. Watch them though as they charge $7/mo. to have the card, $7 for online pymts w/ them (I pd them thru our bank for free..online of course) as well as other fee's. I just do not know of any other cards out there that would be quick to rebuild your credit with. We were denied a Hooter's card. OO !! Oh well! I would have found it embarrassing to have that anyway. Sure my husband wouldn't have minded.

It takes TIME to build up your FICO as you know. My husbands score is in the high 680's now and it's been 2 yrs. since ch7. With the USDA loan, the lender first said it didn't matter how long it has been since the BK, but 2yrs + the better. He also told us a 580 score or above. Things sort of changed (as they do) the further we got roped into the process. It always comes down to the debt to income ratio. If you have a good one, then you might be in luck! And of course, if you have 5% to 20% to put down, then you might just be okay. Could the interest rate be terrible though? I think the USDA Rural Home Development loan is in the 6% range.

Then of course, have your lender try www.taylorbean.com

So many are in the same boat and I would not be afraid to apply if I was at least 6 mos. post BK. We started trying for a mort. mos. before our BK was even filed. That's how crazy things were 2 yrs ago. Lenders would tell us to call back after it's discharged and gave us so much hope. But thank God no one approved us, or we probably would have been a foreclosed home right now. We could have waited to buy and gotten in on the $15K credit now, but who knew. Everyone kept on telling us to wait. But we are very happy not paying someone else's mortgage. And knock on wood, we can pay our mortgage at $1928/mo. on a $245K home ($257 when all said and done) at 6.5% int. rate. We had been paying $1450/mo. in rent for over 3 yrs. That's over $56k in rent out the window. That's about exactly the # we had in unsecured debt with the ch 7 two yrs ago. We paid our dues!

Now go out there and apply!

[ljackson]

Re negotiate the 2% fee?

how do you negotiate the 2% fee when setting this loan up? what would i need to ask for in order to do this as our fees are already lower than the normal per knowing the mortgage lender. is it possible to lower that fee to 1% ?and what steps do i need to do this
thanks

[jal1129]

The 2% fee is not negotiable. That is the guarantee fee for the loan. Taylor, Bean, Whitaker has been shut down by the government since the original post. They were shut down 5-6 weeks ago and since then guidelines on USDA loans after BK have become a lot stricter.