08-14-2009 05:01 AM
08-15-2009 06:55 AM
08-17-2009 02:43 PM
I live in FL and my USDA application (guaranteed) was submitted last Wednesday (August 12). I'm not sure how long it's going to take. I called the USDA office this morning and they said they couldn't talk to me. They told me I had to talk to my LO. What kind of crap is that? I'm just stressed. It took 3 weeks for my LO to underwrite my loan and finally got back an answer on that. Everything's good to go, just waiting on USDA. Any ideas how long it might be here in Florida? Tampa area...also...what are the chances that it will get kicked back or denied from USDA?
08-17-2009 03:54 PM
We live in northeast Florida and going for USDA guaranteed. Started the loan process at 07/20.
We were promised to have pre-approval within 10 days. 07/31 we've got pre-approved.
we've spent the next week to get the required papers (explanations) together. The appraisal of the house came back 08/11.
As of today we've all the paperwork together and still waiting for final approval from the lender.
I've been told that USDA already been reviewed our application and no delay expected.
As far as I know our package will be sent electronically to USDA. This is a new construction and the lender has a good relation with the USDA office. Our home almost ready to move-in and the closing coordinator scheduled the walk-through and closing (date/time).
08-23-2009 07:50 AM - edited 08-23-2009 07:52 AM
So, Laz...have you heard anything back?
It seems like all topics on this have just stalled. I guess my biggest question would be: When people post on forums like this saying they submitted their apps and are waiting and then never respond back as to whether or not they made it to closing, did they make it? Or, did they not? That's the biggest stressor for me because of not knowing a trend or what it's like. I'm a first time home buyer and of course this is really getting to me. The not knowing and of course the waiting. So, with that said...anyone here have any suggestions or answers? When you say you've submitted and then were approved, are you saying that you were submitted to USDA or you just submitted your loan paperwork to begin with. I'm just asking these questions in general.I see posts that say 'submitted app on July 18 and approved aug 13...' I guess I could assume they mean USDA app...
Thanks for any advice you might have...
08-23-2009 10:32 AM
As far as my situation my underwriting took 72 hrs through the mortgage company. Before they sent it to underwriting they used the USDA's GUS system. It came back "accept". I think their are 3 ways it can come back, "accept", "refer" and "refer with caution". My LO said that I wouldn't have any issues because ours came back accept. After it was approved through the mortgage company's underwriting they sent it off via online to USDA which only took 24 to get the approval. You might want to ask your LO where you are in that process...I had a great LO that explained the situation step by step. Don't know if that answers your question or not, good luck to you!
08-23-2009 03:40 PM - edited 08-23-2009 03:45 PM
Just a quick update.
We are still waiting to hear back from USDA.
Our walk-through is scheduled for Wednesday and Closing on 08/31/09.
Basically they have 5 business days left to close the deal. I hope we won't have any delay because we would love to close the last day of the month and get money back!!!
We've stop by at the house on the weekend and it is done.
BTW If you are going for USDA I think your lender won't give you an approval unless USDA accepted you.
08-23-2009 04:25 PM
Thanks for the info. I'm working with a lender that hasn't done too many USDA guaranteed loans. My LO is somewhat new to the process but assures me that the her processor has plenty of experience. She had her processor call USDA last Tuesday and they said they would try to have the answer by last Friday, but Monday would probably be the most likely day to hear something back. Now, typically, when the government says Monday, it will most likely be the following Friday. So, I'm not really expecting to hear something back tomorrow. Even though I would love to!!!! I spoke to my LO on Friday and she said she didn't hear anything, but she's got all of my paperwork ready to go to the title company when she gets the approval from USDA. So, I don't know if she's just really confident or if I'm hoping she is. But all the same, I'm hoping that we get closed by 8/31, too! That's our closing date, as well.
Anyway, I don't know what kind of response the automated system gave my LO..I wasn't told. She seems very confident! I wish I was!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.