Posted on: 09th Aug, 2010 04:21 pm
My husband and I applied for a USDA loan last friday. We sent the standard w2s, pay stubs, copy of DL and I had to write a to whom that may concern letter about some credit issues my husband has (5 judgements that will be paid off before the end of the week and a couple of collection accounts that have scheduled payments). His middle credit score are 625. He's been at his job for over 4 yrs at under 30k a yr.
Our LO sent all paperwork for approval and we're told we'd hear something back within 3 business days. Its only been 1 day and I find out my husband made an offer for a house we're looking at before any type of approval. I told him it was premature but he already signed the contract.
My questions are what are our chances for getting approved and if not what can i do do get out of this contract?
Our LO sent all paperwork for approval and we're told we'd hear something back within 3 business days. Its only been 1 day and I find out my husband made an offer for a house we're looking at before any type of approval. I told him it was premature but he already signed the contract.
My questions are what are our chances for getting approved and if not what can i do do get out of this contract?
Hi wyndchas!
Welcome to forums!
As far as the loan approval is concerned, it would be the lender's discretion. He would go through the details as sent by you and depending upon that he would let you know whether or not you would be pre-approved for a loan.
As far as the contract signed by your husband is concerned, you need to contact the seller and try to cancel the agreement within 3 business days. Once you get pre-approved from the lender, then you can sign the contract again with the seller.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as the loan approval is concerned, it would be the lender's discretion. He would go through the details as sent by you and depending upon that he would let you know whether or not you would be pre-approved for a loan.
As far as the contract signed by your husband is concerned, you need to contact the seller and try to cancel the agreement within 3 business days. Once you get pre-approved from the lender, then you can sign the contract again with the seller.
Feel free to ask if you've further queries.
Sussane