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Applying for a Rural Housing Developement Loan


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I contacted them last week about getting a home through them.

They faxed information and a pre qual application to me, I filled it out and faxed it right back.

I noticed that afternoon, they had pulled reports from EX and TU (thankfully, my two best, though none of them are anything to be proud of).

I got a letter Thursday starting off with:

"Dear myscoresawful,

Rural Development has conducted a pre-qualification review using a profile credit report (obtained at no cost to you) as well as unverified information you provided either orally or in writing. During this informal and unbinding review, items that raised concerns or need clarification were noted.

To qualify for program assistance, applicants must meet basic elegibility requirments that include, but are not limited to, acceptable credit history and loan repayment ability. We would like the opportunity to discuss with you the information obtained through the pre-qualification review. We ask that you call our office at xxx-xxx-xxxx within 30 calendar days of the date of this letter.

Again, this letter is not a denial of credit assistance through Rural Development. You are welcome to submit a Uniform Residential loan Application if you haven't done so already."

etc, etc, etc,...the rest is pretty much their stating The Federal Equal Credit Opportunity Act stuff.

Has anyone received a loan through them? Did you receive this letter? Is it a nice, cover their own butts under the above referenced act to say "come in and let us give you the chance to defend why we are going to deny you" letter?

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It can not hurt to go there and try.

What can make a difference-and a big difference-is assets, length of job history (same job-or same job description) how long you have lived in your current home/apt, etc.

These things are generally called compensating factors. The do indeed make a big difference.


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