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Your credit score just dropped, how can you still qualify for a USDA Loan?

October 18th, 2019 by Sean Stephens

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

Your credit score just dropped, how can you still qualify for a USDA Loan?Just because your credit score took a recent drop, doesn’t mean it’s the end of the road for a USDA mortgage. In fact, it’s possible to increase that credit score in less than a week!  As you can imagine, this has the potential to be a powerful tool for those trying to qualify for a USDA loan.

In today’s video, I’ll show you how Rapid Rescoring can be a great resources when your credit suddenly drops. This is ideal for both pre-qualifications and those who are already under contract experiencing financing difficulties.

A Great Solution

Rapid Rescoring, also known as credit rescoring, is fantastic for helping to maximize the built-in potential of a borrower’s credit profile. This is especially true during these scenarios…

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

3 Steps to Rapid Rescoring

Tampa FL USDA Approved Lender List

Rapid rescoring is powerful! So let’s dive in to see how the process works.

1. Step One:

  • The credit report is analyzed for any potential improvements through a manual review and automated credit score simulation software.
  • We 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.

2. Step Two:

Once the suggested actions have been taken, the customer calls their credit card or finance company and requests a balance letter or other account documentation. Once this has been received, we begin the final step.

3. 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.

Sebring FL USDA LoansHelpful Tips

Here are a few helpful reminders about rapid rescoring:

  • There is NO additional charge for this service.
  • It works best when paying down credit card account balances, but not limited to that solely.
  • 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.
  • 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.

Experience and Expertise

We are known for our experience and high customer service levels. As an approved USDA lender, Metroplex Mortgage Services is proud to serve both our rural and military communities.

Just call or email if you have any qualifying questions or to take advantage of our free 2nd opinion service which is great for those existing transactions.

Make it a great day and I look forward to seeing you next week!

SeanS@mplx.org
(800) 806-9836 Ext. 280

 

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