In the final stages question.

[Anonymous]

Im doing a USDA guranteed loan and 442 is being done today. Seller had to install a water heater. My question is My rate lock expires on the 10th is it still possible to close in time? I put a call in to my LO and havnt heard back yet so I thought I would throw it out there for you guys. Im in CA if that makes a diffrence?

[cdtotten]

That's a very tight deadline and may not be met. As I'm sure you note, if your rate lock is lost you will be subject to whatever the rate is now. Unfortunately, other than urge your lender and the other parties to get a move on, not much you can do.

[Anonymous]

I talked to my LO yesterday and I was told docs would be ready to sign late afternoon today or tomorrow morning. He told me not to worry but thats easier said then done. I havnt even got my final GFE so who knows.

[happy0510]

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@Anonymous wrote:

I talked to my LO yesterday and I was told docs would be ready to sign late afternoon today or tomorrow morning. He told me not to worry but thats easier said then done. I havnt even got my final GFE so who knows.

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If they told you docs should be ready today or tomorrow, it sounds like you are ok.  Even if it takes an extra day....the 10th is next Thursday.  You are very close!! Congrats!!

[Anonymous]

That does sound tight.  So it sounds like USDA doesn't have your full file yet since the repairs haven't been made.  Am I right?  That was the killer for me...waiting for USDA.  They would only tell us that here in VA, we had to allow 30 business days for them to issue the guarantee.  They got it to us in 10 business days.  Luckily, it looks like rates are back down a bit.  You'll probably be OK.  That being said, if you do have your guarantee, you could close tomorrow.  Once you get that it shouldn't take more than a few days.   Good luck!!

[Anonymous]

Well just found out that my file was sent to usda yesterday!! LO said it shouldnt take long for them to review but after searching the forums im getting a little nervous. Does usda just review the file or are they doing another underwriting???

[ShanetheMortgageMan]

USDA reviews the file to make sure all documentation is in there, and if any waivers (credit waiver, ratio waiver) has been requested they approve/underwrite those as well.

[Anonymous]

Thanks Shane. Ill post when I hear something. Im stressing every second that goes by haha.

[Anonymous]

Yesterday my LO called me with bad news and told me my employers business license is temporarily suspended pending re-orginization so usda wont approve. LO told me I could go FHA and already be approved. I have the funds to go fha. My question is if I end up going FHA how long will the process take now. Im suppose to close march 18th!!! Also the seller does not seem willing to extend closing This sucks so bad its hard to get through a work day not knowing whats gonna happen.

[mauve]

Ugh.  My LO insisted on 60 days from the date I had everything to her for closing - it was her underwriter's condition.  Is it from the same bank?  I wonder if that would accelerate the process.  Mine is a full FHA 203k, though, so I'm not sure if that makes a difference.