USDA loans

For anyone who has gotten a USDA loan to buy a house, particularly very recently:
What was your income?
How much debt did you have at the time?
What interest rate did you get? What year was it?
How much loan did they approve you for?
What did your mortgage end up being?
What were your credit scores?

Thanks. Trying to figure out if I can qualify for enough loan to get a decent house here. Going to try and talk to someone on Monday  

We're closing on our house in like 3 days. We make above 50k. Our interest is like 3.2% I'm not sure how much we were approved for to be honest because it depends on a lot of different factors. We were approved for way more than we were comfortable paying a mortgage for. We have about 1,500 in "good" debt. The process is kind of a pain but overall we're very happy! There are income requirements. Like you can't make over 74k.

Sorry forgot! Our mortgage will be around 1030

Here's me. I only make like 18k a year. I have the scores to get it. But, I have a 280 car payment and some credit card debt...and a really old debt that is almost off my credit that says it is for 5600 dollars but i don't actually pay on it.

I know I can get approved for the loan but I am worried that they aren't going to approve me for enough to get a house with the DTI ratio. I pay 550 a month for rent right now for the past two years though and I know they can do some kind of waiver to prove you can afford an equal mortgage if you have a history of paying that much for housing. For a 550 mortgage here you can get a pretty decent house, so I was just looking for other people's experiences.

If you can set up a meeting and talk to a mortgage broker that would probably be best. Ours has been amazing! We knew nothing about it going in. She ran all the numbers and showed us everything we could qualify for. She said a lot of our debt was good debt. I'm not sure what qualifies something as being good or bad debt though.

Quoting kate & tilly:" If you can set up a meeting and talk to a mortgage broker that would probably be best. Ours has been ... [snip!] ... qualify for. She said a lot of our debt was good debt. I'm not sure what qualifies something as being good or bad debt though."

Talked to someone today. USDA is ending funding for the majority of this area March 28th and we won't be able to get everything done by then, due to the fact I need to pay off some credit cards first and wait for them to report so my credit scores will raise a bit. The scores the LO pulled up were lower than the ones I got from Identity Guard.

He suggested an FHA. I am going to try and go for it, but I am afraid I will pour all this money into paying credit cards ad debt and then either not qualify or not have enough for the down. My dad said he could help with 2000 probably, but he is flaky and I fear he will back out.

My stomach is in knots. We are just tossing away vacation to make this happen so it will be pretty disappointing if we end up not being able to get something and we gave up vacation too, though paying off the credit card debt is the responsible thing to do in any case.

I have about 10k and I have 6k in debt to pay off leaving 4k. My dad thinks you can roll closing costs into the loan for FHA, but I don't know if that is right or not.

<blockquote><b>Quoting "The Boob" [HM]:</b>" Talked to someone today. USDA is ending funding for the majority of this area March 28th and we won't ... [snip!] ... pay off leaving 4k. My dad thinks you can roll closing costs into the loan for FHA, but I don't know if that is right or not."</blockquote>




I'm pretty sure with any loan you can ask that the seller cover closing that's what we did. You can also give them a little over asking price if they will cover closing. That's what we did. We heard something similar about USDA redrawing the lines in march so we jumped on getting our house. I would pay off all my debt to if it would help my credit scores. I actually have no credit my husband is the only one on our loan. I would hate to miss vacation and also not get a house too. I hope you can get a house as soon as possible! Our lender told us the line redraw was just a rumor and every couple years they hear it and it hasn't happened in 10 years. I'm hoping that might still be the case for you! Good luck!

Quoting kate & tilly:" <blockquote><b>Quoting "The Boob" [HM]:</b>" Talked to someone today. USDA is ending ... [snip!] ... every couple years they hear it and it hasn't happened in 10 years. I'm hoping that might still be the case for you! Good luck!"

Well, when I was in the office, the lender actually called and talked to them and it seemed official, but who knows. We are actually looking into going with an FHA 203(k) now, which is an fha loan where you can put refurbishing costs into the loan and make the house the way you want it. There are a couple nice houses that need some work for REALLY cheap out here (one is 54000 and one is like 70000), so we paid everything off and are just hoarding money and waiting for everything to report on our credit. We should be able to get our pre-qualification by the 25th as that is when everything should report by. We paid off 8 credit cards and a car