Guaranteed Loan In The Hands Of The USDA Nothing To Do But Wait!

[Lemontwist4]

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@honeybear1 wrote:

Yup I'm in Ohio

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I don't know if you have it or not but the hotline number to hear a recording of the day USDA is on in Ohio is 614-255-2571 This way you can call yourself and don't have to wait for the LO to update you.

[Lemontwist4]

Ahhh it's the weekend that time of the week we have all learned to hate because everything stands still until Monday lol! Since there will be no updates until Monday (more likely Tuesday or Wednesday) I am going to be off and on over the weekend. However if you do get any news please post it because I would love to know what's going on and I am sure at this point we are all following each others story so I am sure the others will want to know too. Ok I'm off to get some school work done and study myself into a early grave lol! Have a great weekend everyone!!! 

[Lemontwist4]

Hi everyone just wanted to check in and see how everything has been with you all over the weekend. Everything has been quite on the house front just been keeping busy with my schooling. Kids start this week so it's about to get real busy for me. So how about you all what did you guys do to keep your mind off the house thing? Well tomorrow is a new week hopefully full of progress for everyone! Check in with you all again tomorrow

[Boldilocks]

It'll be a great week for everyone, I just know it!!

I've spent the weekend trying to get letters from the 6 credit cards we had to pay off and close as pre-closing conditions.  It's all pending at the bank right now, due to clear tomorrow, so I'll have proof it was paid.  Just waiting on a letter from one of the cards and that will be done.

Also waiting on proof of payment of earnest money.  Paid it on Friday and got a receipt, but it hasmt made it through the bank yet.  Hopefully tomorrow.

That's all I can basically do - the other conditions are signing the new disclosure showing new numbers... that they haven't sent me yet.  Plus addendum to sales contract that they do. 

[Lemontwist4]

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@Boldilocks wrote:

It'll be a great week for everyone, I just know it!!

I've spent the weekend trying to get letters from the 6 credit cards we had to pay off and close as pre-closing conditions.  It's all pending at the bank right now, due to clear tomorrow, so I'll have proof it was paid.  Just waiting on a letter from one of the cards and that will be done.

Also waiting on proof of payment of earnest money.  Paid it on Friday and got a receipt, but it hasmt made it through the bank yet.  Hopefully tomorrow.

That's all I can basically do - the other conditions are signing the new disclosure showing new numbers... that they haven't sent me yet.  Plus addendum to sales contract that they do. 

Look at you. You are moving right along. You'll be off to the USDA before you know it. Then you get to go nuts waiting on them lol. 

[Lemontwist4]

That previous comment came out weird it posted on your quote sorry about that it's because I'm on this tablet when I get back on my laptop I will fix it. I agree with you Boldilocks I think this is going to be a great week 

[Lemontwist4]

Good Monday morning!!! Hopefully this will be the start of a very progressive week for all of us! To start the week off I have see a question on the MB that I thought was pretty straight forward but I must admit when researching it the answers were all over the place! The question was does USDA re pull your credit before close? I was always told yes that's why we don't open new credit, and they also look for any new negatives and to make sure your score does indeed qualify. However I have recently heard no they don't pull it at all and they only pull it if the previous one is 90 days old! So which is it? They pull it? They only pull after 90 days? Or they just take the banks word for it that nothing has changed since the last pull and they don't pull at all? I have contacted my LO and a specialist with the same questions I am wait on their response. What do you all think???

[Genkeim]

USDA itself doesn't pull a credit report. Your lender may or may not pull one. 90 days seems to be the lifespan of a report. If you don't close within 90 days of the inital report pull the lender will do a hard pull to refresh the report. Your lender just prior to closing may or may not do a soft pull to look for new credit lines. How close closing is to the inital hard pull may have something to do with it. Our lender said it was their policy to do a soft pull right before closing.

[Lemontwist4]

That does clear up some confusion so USDA doesn't pull but that doesn't mean you won't have your credit pulled right before close. What about the ones who are saying USDA does pull to make sure you do qualify you know the whole you need a 620 credit score? I have been over everything USDA I can and it does say USDA does make sure you are eligable for the program that's what they do when they go over the file. I have also been told though when they aduit the files at random that's when they will do a hard pull (it's being under written all over again).

[Genkeim]

All of the USDA documentation I've seen implys they use the credit report that the lender sends as part of the loan packet.

Edit: Yeah I can see a QA review doing a hard pull but I don't have any first hand knowledge on that.