Final Step?

[Anonymous]

I'm new here. We got approved for USDA direct loan. We have been thru the inspection, and today got word that appraisal came in, no problems there. So now our LO told us that she submitted it for funding requests. Does anyone know how long this will take and what the next steps are? What info will they ask for? Where do we go from here? She also said hopefully there will be no problems getting funding in, that they have been "trickling in" .... anyone?

[IOBA]

I am not that familar with USDA loans.

In a normal loan process, the file goes to the underwriter for review/approval.  They will probably (but it's not set in stone) verfiy bank statements, income, W-2's/IRS, and pull credit.

If the UW needs any more information, they will call you.  Typically, it's about 1-2 weeks to closing.  

[Anonymous]

I just closed on usda direct this past friday the 13th...the underwriter obligated the funds in the first week of Nov. and came in with no problems and we were originally scheduled for closing the last week of December.. so if there are no problems or setbacks as far as title, and youve provided all requirements such as homeowner course, repairs, estimates or whatever youre case may be, I believe you are close to the end! I suggest you follow up  the process with youre underwriter and attorney every few days and push!    Good lUck!!!