What Won’t Fly in the Guaranteed Rural Housing Loan Program – Recognizing Unacceptable Credit

As a buyer, should I consider the Rural Housing Loan Program?

As a seller, can my buyer possibly qualify for the Rural Housing Loan Program?


The USDA's Guaranteed Rural Housing Loan is one of the best loan programs out there today. It is a no down payment, 100% financing loan - the last one available.


Below is a list of quick ways to see if you or your buyers have a chance to qualify for this program. These are the other factors that need to be considered as well.




Don't worry if you can't qualify for this particular program. There are many other low to no down payment programs available. Contact me for more information.

Unacceptable Credit for the Guaranteed Rural Housing Loan - UNLESS THE PROBLEM IS DEEMED BEYOND THE APPLICANT'S CONTROL (more on this below)

NOTE: some or all of these may not apply if you or your buyer has a 620 credit score or better.

• More than one - 30 day late in the past 12 months


• Bankruptcy or foreclosure in the past 36 months


• Outstanding tax liens or other government debt which are currently past due (age doesn't matter)


• Outstanding judgments


• Collection accounts or charge-offs within the past 12 months


• Collection accounts (age doesn't matter) which are currently past due with no payment arrangements


• Two or more 30 days late on rental payments in the past 36 months
  

The following may be considered mitigating circumstances and may be taken into consideration. Documentation of these are key.

NOTE: Mitigating circumstances are temporary in nature, beyond the applicants control and must no longer be a risk factor when considering the application.

Some mitigating factors are:

• Loss of job
• Delay in or reduction of government benefits
• Illness or death of a primary wage earner
  

I specialize in Armstrong County (Kittanning, Ford City, Elderton, East Brady, Worthington, Rural Valley and Templeton). Every single property located with in the Armstrong County lines is eligible for this loan.

Click here to find out if the property you're buying or selling qualifies.

Click here for Advantages of the 100% Financing Guaranteed Rural Housing Loan Program - Buy with No Money Down


To learn ways to help your credit score, click on 10 FREE Ways to Improve Your Credit Score and Raise Your Fico STARTING TODAY


If you want to see if you qualify, you can do so online by clicking here

Please contact me directly at 724-783-7180 or email me at jkladny@hotmail.com for more information. Thanks! JENNIFER KLADNY - Loan Officer - 1st Metropolitan Mortgage 115 East Pennsylvania Avenue, New Stanton, PA 15672.

Licensed by the Department of Corporation under the California Residential Mortgage Lending Act. Licensed by the Pennsylvania Department of Banking.

10 FREE Ways to Improve Your Credit Score and Raise Your Fico STARTING TODAY

Are you thinking about buying a house and have more time available than money?

Okay, I know, who really has too much of either? But, if you are serious about purchasing a home in the near future, why not start making improvements to your credit history now so you can buy that home of your dreams soon?

A higher credit score almost always means a lower interest rate when purchasing a home (or anything else for that matter). This means more money in your pocket instead of the banks!

We all know the basics of improving your credit. Pay your bills on time, don't max out your credit cards, pay past due accounts to date, etc. Heard that a hundred times, right?

Here are 10 of the lesser known ways to increase your credit score and improve your credit rating FOR FREE - and the best part is, you can start today.

1. Piggyback Someone Else's Good Account - If possible, have a credit worthy individual add you on to their account. If it is a credit card, for example, have them add you on as an authorized user.

Bonus Note: They don't even need to give you a card - their payments will show up on your credit as an account in good standing. Just make sure this person is actually credit worthy and pays their bills!

2. Do Not Close Unused Credit Accounts - keep any old accounts open, especially the older accounts. This establishes your credit history. Closing old accounts may hurt your credit score.

3. Pay Your Credit Cards Early - if you use a zero balance credit card to make a purchase, pay it off within a week of receiving your statement. This eliminates the charged balance from posting on the following month's credit report.

4. Ask for Credit Limit Increases - If you are close to your credit limit on a credit card and pay on time, ask them to raise your credit limit. This will increase your available credit and credit score.

Bonus Note: Put the card away and forget about it - no more charging on the card! Ideally, you should keep credit card balances at 1/3 of your credit limit.

5. Make Sure Your Creditor Reports to the Credit Bureaus - No every creditor you have reports GOOD PAYMENT HISTORY to the credit bureaus. They will normally report the bad. Ask them to report if you have a good payment history.

Bonus Note: Click here to pull your credit report for free. If you don't see your credit obligation on your report, call and ask them to report it. You pay them, right? It's the least they could do.

6. Keep at Least Three (3) Open Accounts - always shoot for three good, open accounts on your credit. The older, the better. Again, don't close old accounts.

If you aren't sure if you have 3 open accounts, follow this link to review your credit report.

Bonus Note: If you don't have three good, open accounts, pay attention to the next step!

7. Apply for a Secured or Annual Fee Credit Card - this is a great way to build credit if you can't get approved for standard credit card. Click this link to apply for a card.

Bonus Note: Understand this is the cost of rebuilding your credit. If you get an Annual Fee Credit Card, pay the fee off immediately. Any monthly fees should be paid off as soon as possible. Don't charge anything on these accounts. In three months, you will probably get a credit limit increase and see an improvement to your score.

8. Dispute Any Delinquent Credit Accounts - If you credit report is showing any delinquent accounts, call the creditor (their numbers are listed at the end of your credit report) and ask them for a written proof of the derogatory account. If they can't prove it, it has to go!

9. Ask for a 30-Day Late to be Removed - If you have a good payment history with a creditor and show one - 30 day late, call and ask for them to remove it. Chances are good they will.

10. Get Professional Credit Advice - using a credit counseling company can sometimes show up on your credit. It looks almost as bad as a bankruptcy (since it as viewed as you can't manage your own bills). Find a NON-PROFIT agency that doesn't report on your credit as a THIRD-PARTY ASSISTANCE AGENCY.
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If you don't know what your credit looks like, I strongly recommend you check it today. You can pull your credit for FREE once every 12 months through each of the three bureaus. Click here to pull your credit for free!

The two most important things you can do before investing in a home are: Educate yourself and be proactive with your credit. You will be rewarded with an improved credit score and a better interest rate, which over the life of a 30 year fixed loan, could save your thousands of dollars.

To get an idea of what your payments would be using different interest rates and/or making extra payments, try this loan calculator.

If you have reviewed your credit and it doesn't look too bad or if you don't have much established credit - YOU MAY QUALIFY FOR A LOAN TODAY!

The Guaranteed Rural Housing Loan Program is THE ONLY 100% - No Down Payment Loan left. For more information and to apply for this exceptional loan, click this link.

I specialize in Armstrong County (Kittanning, Ford City, Elderton, East Brady, Worthington, Rural Valley and Templeton). Every single property located with in the Armstrong County lines is eligible for this loan.

To apply for this loan program or one of our many other low to no down payment programs, click here to go directly to the New Stanton 1st Metropolitan Mortgage website.

Please contact me directly at 724-783-7180 or email me at jkladny@hotmail.com for more information. Thanks! JENNIFER KLADNY - Loan Officer - 1st Metropolitan Mortgage 115 East Pennsylvania Avenue, New Stanton, PA 15672.

Licensed by the Department of Corporation under the California Residential Mortgage Lending Act. Licensed by the Pennsylvania Department of Banking.