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!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO