Texas Home Loan
Insider Angelo Christian

Here are the best tips and advice to get approved for a USDA Home loan even if you not get approved in the beginning, do not worry, we can work with you and come wit solutions to get you approved.

1. Make sure you have two year employment history. If you just started a job and getting paid with commission, overtime, bonus, you will have to show 2 year history of getting this extra income to make it count, keep this in mind.
2. Don’t move money around. Keep as much money as you can in your bank account. Don’t shuffle the money around into other accounts. Underwriters like to make loans to people that have savings.
3. Be careful with NSF charges. If you have too many of these it may affect you getting approved for a loan. Keep a positive bank account balance.
4. Try to aim for at least three accounts in good standing on your credit report. If you only have one account open like a best buy card, try to get two other types of credit open, don’t charge them up, just have them open for about 6 months. Underwriters like to see three open accounts.
5. Pay down any revolving debt that is 50% of your high credit limit, don’t max out credit cards and wonder why your credit score has gone down
6. Keep your credit looking good before applying, no collections or late payments recently, do your best to avoid this.
7. If you rent pay by check, don’t pay by cash, underwriters like to see paper trail of rent payments
8. Be careful with your tax returns, a lot of people these days work a full time job and then own a side business. Well this side business could affect you getting a USDA home loan If you have excessive losses. Today. The USDA underwriters will deduct the losses from your business out of your full time income salary and generally once this happens you don’t make enough income to qualify.