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[Anonymous]

We were preapproved, put in the offer on the house and once it was accepted we turned in all our bank statements, paycheck stubs, etc.  They did come back with a couple conditions such as a letter from my wife stating how she was related to me and an explanation for a large deposit but that was all.  

[Anonymous]

I have started the USDA process as well.

I was pre-approved with a simple initial app. I received a full app to fill out and send in along with a fee for a full credit pull. It included a list of additional documentation that they "may" ask for and that the process would go quicker if I submitted as much as possible along with the app. I am doing so. I am sending everything I can  think of, including a copy of the payment arrangement for the judgment and a LOE.

I will not even look at houses until I receive the final approval with the eligibility certificate. It would be a waste of my time to look without that. Also, I am afraid I would jinx myself. The only roadbloack I forsee is the judgment I have been making payments on that was placed January 2010 and will be paid in full in the spring. If I had perfect credit and no worries, I would look. But unfortunately I do have a concern :-(

edited to add that this is for a USDA Direct loan which may or may not be different than a Guaranteed.

[creditisbetter2]

I have yet to receive any sort of verbal or written approval from my lender.  My mother told me that if I recieve my closing date and time then that means I am approved.  Unfortunately for me, that doesn't hold much weight because the appraisal hasn't returned yet.  At any rate, the reason they can't tell you up front what you will need is because every case is different.  In my opinion, they don't know what all they will need until they run your credit and see what are some areas that are questionable.  In my case, I think once they pulled our reports, it would have been easy to see what conditions the UW could have asked for but it also could have made extra unnecessary work for all parties involved.  The conditions we had was to verify deposits of large sums of money and verify student loan deferrments.  We've satisfied all of those requirements successfully but again I still don't know if we are 100% approved.  I will believe that we are once we have keys in hand and I honestly believe that's the only approach any home buyer can take.  Nothing is guaranteed until you have your keys.

[203bravo]

ross -

the documents that you descibe (bank statements, W2s, tax forms) are a normal part of the application process.. that will get it from the LO to the UW.

Conditions "pop" up, as others have pointed out, from the UW to get the final approval -- these can include anything and everything, but most of the time you see stuff such as

*explain any/all INQ on credit report for the past 90 days

*any large cash deposits into your account

*explain any other things on credit report - collections, charge offs, etc

*may require letter from student loan as to when the loan will enter re payment

*ensure any repair work has been done that is required to secure the loan

*and just about any other whim the UW has that day.... I had to get a letter from the appriaser that septic systems were common for the area that my house is in.  there is no city sewer.

Basically when you get to the "conditions" the loan is fully approved and once you have sastified the conditions of the UW then the loan will fund.