Home Buying in Pittsburgh>Question Details

Mc33, Home Buyer in Brea, CA

Denied due to lack of recent credit??

Asked by Mc33, Brea, CA Wed Apr 3, 2013

We were pre-approved, inspections passed, appraisal was done and everything was going smoothly. We found out 12 DAYS before closing that we were denied due to lack of current credit. We are paying on student loans and have had car payments within the last 2 years! It is a USDA loan and USDA, the VP of the mortgage company AND 2 board members had approved. The risk committee denied due to lack of any recent credit. Our underwriter had originally approved the loan THEN decided she wanted to deny. We are looking into finding a loan somewhere else but is the anything to do with this situation?

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3
Hello Mc33.
Lender can apply whatever overlays it wants. If its a Pennsylvania loan give me a call
Alan
267 992 7276
0 votes Thank Flag Link Wed Apr 3, 2013
Hello Mc33.
Lender can apply whatever overlays it wants. If its a Pennsylvania loan give me a call
Alan
267 992 7276
0 votes Thank Flag Link Wed Apr 3, 2013
You should contact your local USDA Rural Development office directly about that. It does not sound right to me. Be sure to ask if repayment ability is the real issue, rather than not having recent credit. If the USDA loan won't go through, ask your agent if there are other options.
0 votes Thank Flag Link Wed Apr 3, 2013
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