Built a new home and we were never approved for loan

Guest 0.10 Dollars($)

We built a house with a USDA rual housing loan and foud out near the completion of the home that we never had a final approval through the USDA. THe morgage company told us we were approved and my builder got a conditioned commitment and took out a loan and built the house now we cant close and move in. With our application we were told that the loan was not credit score driven. and now we are told that we have to have a certain score. I paid a down payment to the biulder and bought new furniture. Is their any hope for us, we dont meet the score for any other loan at this point. Any answers.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Don.

Welcome to the forum.

Even after the down payment why are they not let you make the closing? I think you should take help from an attorney on this matter.

Best of luck,
Larry

Jeanette · Posted: Sat Jun 07, 2008 9:43 am Post subject:

Hello Don,

As Larry stated a family attorney would advise you properly. However, if your score is the only intimidating factor then you should try to either work on your credit score and improve it. In other words, print out your report and look through it to see if there are any items disputable or any pastdue collection items that needs to be paid in full. Clear up any judgement items also. Our new credit repair section link below can help you in that area.

http://www.mortgagefit.com/calculators/credit-repair.html

Thanks,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
www.umgva.com

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