We are 2 years post bk, credit scores 656, make 92,000 a year(family of five), reestablished credit, stable jobs in medical field 5 + years. We want to get a usda loan. We have property eligible in beaumont, CA where we live. We just barely income qualify, limit is 101,000 per year for our county. Everything sounds good but every usda lender I contact just reads me the underwriting guidelines which state 36 months post bk. I have read here and other forums of people getting usda loans a year after bk, or less, who make less than us, and don't have credit scores as high as us. Just curious what is going on? Any new stories of success with usda 2 years post bk? Or does anyone know any lenders in southern california that will take this on? I have conatcted 9 lenders so far and all have just regurgitated the guidlines to me. Getting frustrated. We have never owned a home. BK was due to medical bills when we were young and uninsured, had my son with a emergency c section and racked up medical bills like they were goin out of style. We would try FHA but we don't have enough saved for down payment and closing costs. We have enought for one or the other, not both. It tooks us years to just save that!!! California rent is so expensive! Anyway, any help is appreciated.
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For one....you are using USDA Guaranteed. Try USDA Direct. They're more lenient...
For another...you're going to have to keep searching, and asking higher up, until you find somebody that will work with you. I posted our story earlier today...the first supervisor at USDA that I emailed flat out refused us...but the second supervisor...she's bent over backwards to help. Good luck! -
We recently closed on a house in Beaumont using a USDA loan through a loan officer in Riverside. This is way late, but send me a message if you are still looking and I can give you his info.Comment
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USDA is 3 years after BK discharge date. FHA is 2 years after BK discharge date. You won't get USDA before the 3 years. Try NACA.COM, they are in CA and have great programs, as long as you qualify. One of their requirements is 2 years post BK rental history..., and the rest of their guidelines are similar to FHA, but they have NO downpayment, no closing costs, and no Mortgage Insurance...you have to pay $50 per month for their program, attend a workshop, and some other things. They will also work with you until you're ready to purchase if you are not yet.Comment
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