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Posts: 2
Registered: ‎10-31-2012
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Can you help me understand USDA Direct Loan steps?

[ Edited ]

Does anyone have a breakdown of what all happens during a USDA Direct loan?  I could of swore I found a topic on here one time that gave a ton of details on it but I can no longer remember the wording in the search phrase I used to find it.  10/25/2012 we went in and signed our papers at loan orientation, was told she'd have it to the attorney 10/26/2012.  Supposedly people called out sick Friday 10/26 so she had to do their jobs, Monday 29th called to check progress 2 times and was told it was on her desk she just hadn't got to it.  Tuesday 30th called and found out she's not in the office, they had her working in another office.  Today Wednesday the 31st I called and finally got her and she just had sent the e-mail to the attorney.  When we went in on the 25th she told me we were looking at probably a week and a half to two weeks.  Now today she called me and told me that after the attorney gets the preliminary report back to her which should be roughly November 2nd that she'll have to send it off to the main office, I think she called it a pre-audit, and that we were probably looking at a few more weeks...I am loosing my patience, I spoke with one other lady who told me she closed on her house 5 days after the loan orientation signing.  What this LO is telling me keeps changing drastically.  Can anyone shed any light on this for me?

Established Contributor
Posts: 554
Registered: ‎07-20-2012
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Re: Can you help me understand USDA Direct Loan steps?

I looked into this.  It looks pretty sweet actually.  The website has a calculator that you input your data and it checks to see if you qualify.  Of course the underwriter makes the final decision.  But it is a good first step.

 

www.usda-rural-development-direct-mortgage.com/

 

F'08 APR16: EQ714, EX675, TU679; Clean since BK7 D/C 6/2011
Contributor
Posts: 77
Registered: ‎07-12-2011
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Re: Can you help me understand USDA Direct Loan steps?

[ Edited ]
New Member
Posts: 2
Registered: ‎10-31-2012
0

Re: Can you help me understand USDA Direct Loan steps?

Thank you so very much, I knew I had found it before.  I appreciate your help. Smiley Happy

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