Home Buying in Menifee>Question Details

Amber Deakins, Home Buyer in Menifee, CA

Are there any lenders who are willing to fund a USDA loan with a CAIVRs claim?

Asked by Amber Deakins, Menifee, CA Wed Jun 6, 2012

I'm interested in applying and qualifying for a USDA home loan. I have already contacted a lender and started the loan application process. I meet the eligibility requirements for income and property location for the Rural Development program however the CAIVRs claim is now putting a hold on this process. My credit is in good standing with the exception of my short sale which was completed in December 2010. I contacted the FHA Resource Center (800-225-5342) and asked them what the claim was for and how I could remove the claim from my report. The “answers” to my questions were e-mailed to me directly from the FHA handbook which I’m sure many of you know is very broad. After reading the FHA handbook (4155.1: 4.A.8) language I feel I can still qualify for the USDA home loan program however I need to find a lender who has experience with these types of cases.

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Don't mean to jump in the middle of this as you are working with a lender. It's possible that you need another lender that is more experienced with USDA, however keep in mind that in the current status of this market, it may be difficult to get an offer accepted by a seller using a USDA loan. That in itself is usually an indication of a buyer being less "qualified" vs a buyer who is actually bringing in a down payment.
With you having a short sale just 2 years ago, that may not be enough time for you to fall off the CAIVR list. Typically its a 3 year time period, especially when you are attempting to get a government backed loan, which USDA is.
0 votes Thank Flag Link Sat Jul 14, 2012
Why not stay with the lender who started the USDA loan process? There are very few USDA loan brokers. Have you reviewed your credit report? Look at how CAIVRS is reporting. It seems you might also need to wait until next year. Let me know how it goes.
0 votes Thank Flag Link Mon Jul 9, 2012
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