Comments on: 3 Things The Lender Looks At When You Apply For A USDA Rural Development Home Loan http://usdaruralhomeloans.com/2009/12/3-things-the-lender-looks-at-when-you-apply-for-a-usda-rural-development-home-loan/ USDA Loan | USDA Home Loans | Arizona's #1 USDA Rural Development Loan Resource Thu, 18 Feb 2010 00:21:05 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: pauldunn http://usdaruralhomeloans.com/2009/12/3-things-the-lender-looks-at-when-you-apply-for-a-usda-rural-development-home-loan/comment-page-1/#comment-369 pauldunn Thu, 10 Dec 2009 04:22:54 +0000 http://usdaruralhomeloans.com/?p=448#comment-369 Hi Steve - This is something we will be seeing more of in the future just because of the current market conditions here in Arizona. In the 502 there isn't anything written specifically to address the issue of short sales. Most decisions on loans with prior short sales will be based on the overlays that your lender will have. Most lenders are using a 3 year overlay right now. There are other issues to look at such as how late the prior mortgage had been prior to the short sale. If it had been 120 or more days late then your most likely looking at 3 years before qualifying again. The good news is that should give you plenty of time to get a great credit score AND the market will still have some VERY good deals on USDA qualifying homes. Hi Steve – This is something we will be seeing more of in the future just because of the current market conditions here in Arizona. In the 502 there isn’t anything written specifically to address the issue of short sales. Most decisions on loans with prior short sales will be based on the overlays that your lender will have. Most lenders are using a 3 year overlay right now. There are other issues to look at such as how late the prior mortgage had been prior to the short sale. If it had been 120 or more days late then your most likely looking at 3 years before qualifying again. The good news is that should give you plenty of time to get a great credit score AND the market will still have some VERY good deals on USDA qualifying homes.

]]> By: Steve http://usdaruralhomeloans.com/2009/12/3-things-the-lender-looks-at-when-you-apply-for-a-usda-rural-development-home-loan/comment-page-1/#comment-368 Steve Thu, 10 Dec 2009 04:13:32 +0000 http://usdaruralhomeloans.com/?p=448#comment-368 How does the effect of a short sale on a FHA loan in the qualification of a USDA Gaurantee loan. I understand that part of the check is looking at the CAIVRS system and a FHA short sale shows as default. Does the effect qualification and if so is there any execption that can be applied , like bankruptcy do to family member medical issue. Thanks How does the effect of a short sale on a FHA loan in the qualification of a USDA Gaurantee loan. I understand that part of the check is looking at the CAIVRS system and a FHA short sale shows as default. Does the effect qualification and if so is there any execption that can be applied , like bankruptcy do to family member medical issue.

Thanks

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