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How can you still qualify for a USDA Loan if your credit score suddenly drops?

July 7th, 2017 by usdaadmin

How can you still qualify for a USDA loan if your credit score suddenly drops?

Is it possible for your credit score to be increased in less than a week?

While it is natural to think that a sudden drop in credit score may be the end of the road for a mortgage, it can be possible to increase a buyer’s credit score in less than 5 days!  As you can imagine, this has the potential to be a powerful tool for buyers who are trying to qualify for a USDA loan as well as VA, FHA or Conventional financing.

In today’s video, I will beak down the steps and show you how Rapid Rescoring can be a credit resource which can maximize your USDA, VA, FHA, or Conventional loan qualifying ability and why it is ideal for both pre-qualifications and those who are already under contract experiencing financing difficulties.

Remember,  don’t forget to download our newest educational flyer with the link below which provides more details about Rapid Rescoring and how it can help you qualify for a mortgage.

How does Rapid Rescoring work?

Rapid Rescoring also known as Credit Rescoring , is a great tool which allows us to identify specific accounts and help maximize the built in potential of a borrower’s credit profile. So what are the steps?

Step One: The credit report is analyzed for any potential improvements through both a manual review and automated credit score simulation software. We can then determine how much of a potential increase in score can be achieved and what actions need to occur.  It is important to note, that by utilizing credit simulation software, we are helping to maximize a borrower’s built in credit potential based on the current credit profile they already have.  This is NOT credit repair and should not be thought of as a solution for  situations that may need extensive repair.

Step Two: Once the suggested actions have been taken, the customer then calls their credit card or finance company and requests a balance letter or other account documentation. Once this has been received, Tampa FL USDA Approved Lender ListWe can then start the final step.

Step Three: We then submit the documentation to our credit vendor who works directly with the credit bureaus to update the account. Once the updates are complete, we are given notification to reprocess a new credit report. The process can take as little as 3-5 business days to complete after receipt of the creditor documentation, but can take longer depending on the number of accounts being processed.

Here are a few helpful reminders about rapid rescoring:

  • There is NO additional charge for this service
  • This is NOT credit repair and we are NOT a credit repair company
  • Results are not guaranteed & can vary based on differences within each credit report
  • Works best when paying down credit card account balances, but not limited to that solely
  • Depending on the number of accounts, prepare for longer processing times
  • REMEMBER, that a certain credit score does not guarantee an approval and minimum credit conditions will apply in regards to payment history, adverse accounts, and an overall history that shows the applicant has a willingness to pay their obligations.

This can be a great solution for:

  1. Upfront Pre-Qualifications
  2. Current transactions that are already under contract, but are experiencing qualifying problems
  3. USDA, VA, FHA, or Conventional Loans

Tampa FL USDA Approved Lender ListWe are known for our Government Loan experience and high customer service levels. As an approved USDA and VA lender Metroplex Mortgage Services is proud to serve both our rural and military communities.

Just call or email if you have any qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions

(800) 806-9836 Ext. 280

I want everyone to make it a great day and I look forward to seeing you right here for the next tip of the week!

Click here to download the Rapid Rescoring educational flyer for more details:

Tampa FL USDA Approved Lender

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