Bk discharged in Dec 09 and foreclosure happened in May 09.our mid score is 710.
I would have never known about usda loan without this board,so Thank you!
The process was easy but not for the faint of heart! The irony is that we bought a foreclosure 5 year old house in outstanding shape( fannie mae homepath ,the house came on the market just 3 days prior !) and their timeline was quite strict :45 days from the day we had a contract,and as you know Usda works on its own timeframe ! But we made it !
Our rate :3.375 % ,no down payment,and seller paid $7k towards our closing cost ( including termite bond ,half of the home warranty,title etc) ,we did put a 1k earnest money,but we received $990 at closing!
The house was re-keyed and we received 2 remotes for the garage opener.
My take on this : be patient,rebuild slowly your credit,and do not over extend yourself! Find a broker(early,I have been in touch for the past year ,he was the only one who answered my email from the dozen I sent ,and he explained the process) he knew the usda ins and out! We also asked him about realtors( we wanted someone that he would be comfortable with,and that he trusted , he found us a gem !) .
I would have never known about usda loan without this board,so Thank you!
The process was easy but not for the faint of heart! The irony is that we bought a foreclosure 5 year old house in outstanding shape( fannie mae homepath ,the house came on the market just 3 days prior !) and their timeline was quite strict :45 days from the day we had a contract,and as you know Usda works on its own timeframe ! But we made it !
Our rate :3.375 % ,no down payment,and seller paid $7k towards our closing cost ( including termite bond ,half of the home warranty,title etc) ,we did put a 1k earnest money,but we received $990 at closing!
The house was re-keyed and we received 2 remotes for the garage opener.
My take on this : be patient,rebuild slowly your credit,and do not over extend yourself! Find a broker(early,I have been in touch for the past year ,he was the only one who answered my email from the dozen I sent ,and he explained the process) he knew the usda ins and out! We also asked him about realtors( we wanted someone that he would be comfortable with,and that he trusted , he found us a gem !) .
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