It wasn't easy, but we are APPROVED for a USDA Direct mortgage! Our story.

[nomoneynomore]

Just thought I'd post our update. We got our big fat rejection today from Rural Development Direct. I guess we are stuck in this camper until at least Sept. We have looked everywhere within driving distance of hubby's work and there isn't anything available Oh well, just our luck I guess.

[Sweetpea3829]

What was the reason they declined you? Was it because you weren't out of bankruptcy long enough? Don't give up! Appeal! Call or email a supervisor...plead your case.

Remember, when we first researched USDA, a supervisor flat out told us we'd be declined. How I'd love to email her a copy of our certificate of eligibility, but that would be spiteful. And then, the supervisor that was trying to help us called and told us we were declined for being over income. Sometime's you've got to fight and scrape hard to get what you want.

Keep fighting and I'll keep praying for you! It'll happen when it's meant to.

A year ago, my husband and I were pretty set that we'd never leave our 700 sq ft apartment. We saw absolutely no way, barring a miracle of God Himself, that we'd be able to escape the burden that was our house in RI. And here we are!

You'll get there too! Just keep fighting!

[tobee43]

Just thought I'd post our update. We got our big fat rejection today from Rural Development Direct. I guess we are stuck in this camper until at least Sept. We have looked everywhere within driving distance of hubby's work and there isn't anything available Oh well, just our luck I guess.

so sorry!!!!!

but it's NOT the end...you just have to keep on truckin and hope for the best in the near future.

once again, and i KNOW this is not the norm...but we got 100% owner financing on this house.

offer wrap around land contracts.....where you wrap around someone's mortgage that needs to sell asap. there still are ways!!!

i so wish you the best...it will come!!

[nomoneynomore]

"offer wrap around land contracts.....where you wrap around someone's mortgage that needs to sell asap"

What does this mean?

[tobee43]

"offer wrap around land contracts.....where you wrap around someone's mortgage that needs to sell asap"

What does this mean?

to explain it...here's a blurb from a post i did about it:

"land contract deals many people don't know what they are....and they are a sure target for future buyers...at least i think so.... just wrap around someone's mortgage....absolutely...a way around the system. my daughter did it with her house NOW....since she moved out of state and could not, (of course) sell her place.

i know it does get a bit confusing.....so here's some general info if anyone wants:

"Land contracts were very popular in the late 1970s and early 1980s. Back then, installment sale contracts, sometimes called contracts for deed, offered more attractive financing terms over the higher rates and rigid qualification standards of institutional lenders.
Land contracts began to disappear when loan requirements softened and rates dropped below 8%. But they have not vanished all together and, in fact, tiptoed back into the market in 2006."

What is an Installment Sale Land Contract?

Land contracts or contracts for deed are a security agreement between a seller, called a Vendor, and a buyer, called a Vendee.

The Vendor agrees to sell a property by financing the purchase for the Vendee.

The Vendor retains legal title and the Vendee receives equitable title.

The owner-carried financing can include an existing mortgage balance or the property can be free and clear.

Upon payment in full, the Vendor hands the Vendee a deed to the property.
All-Inclusive (Wrap-Around) Land Contracts

Wrap-around contracts contain an existing mortgage.

The Vendee makes one payment to the Vendor.

Upon receipt of the payment, the Vendor pays the underlying lender's payment and keeps the rest.

If the existing mortgage has a lower interest rate than the rate on the contract, the Vendor earns extra interest on money that does not belong to the Vendor.
This is how it works.

1.Say the sales price is $100,000.
2.The Vendee puts down $10,000.
3.The Vendee agrees to make payments on $90,000, bearing interest at 6.5%, payable $567.
4.The existing underlying loan is $50,000, payable at 5% interest with a payment of $268.

The Vendor earns 6.5% interest on $40,000 of equity, PLUS 1.5% interest on the existing mortgage of $50,000 and pockets $299 a month."

hope that explains it better..

[Stilltheone]

Did you ever have an issue with your first home when your loan went to underwriting? I would love to buy another home, currently underwater by alot. Our current home was IIB, no reaffirmation signed. Our BK will be 3 years old here soon.

I look at the current home prices and it makes me sick what we're paying. My husband is the only one on the mortgage, but I'm pretty sure we're both on the deed.

[Sweetpea3829]

Did you ever have an issue with your first home when your loan went to underwriting? I would love to buy another home, currently underwater by alot. Our current home was IIB, no reaffirmation signed. Our BK will be 3 years old here soon.

I look at the current home prices and it makes me sick what we're paying. My husband is the only one on the mortgage, but I'm pretty sure we're both on the deed.

So far, no. But...we're still in underwriting. (long story...but if you plan to go USDA, plan to be under contract forever).

[Stilltheone]

Just curious for an update!! Did you get the house?

[Sweetpea3829]

Would you believe we still haven't closed? We've been under contract since early April. Hopefully in the next week or two. We do live in the home we're buying. Took early possession.

[tobee43]

Would you believe we still haven't closed? We've been under contract since early April. Hopefully in the next week or two. We do live in the home we're buying. Took early possession.

sweetpea i believe ANYTHING.

our daugher got approved for a mortgage and she has GREAT credit and they are holding up everything because of a $134 bill (i swear this is the TRUTH) because the lender wanted it paid...i mean come on now, i can see if it was 13k of 1340.00...but one hundred and thirty four dollars??? now, they will NOT and refuse to accept the paid statement and want a letter from the bank on letter head that this bill of her husbands is paid. and it's not even late!!! this is an on line bank and they can't do it. so it may very well be, she will not close because of a PAID $134.00 bill.

just unreal!

[nomoneynomore]

@ Sweetpea...Im so sorry to hear you haven't closed yet! How frustrating!

[Stilltheone]

So did you ever have an issue with your previous mortgage in underwriting? I am also thinking of taking my husband off our current deed.

Thanks!

[Sweetpea3829]

Still, everything went through clean and clear!