My USDA Direct Timeline - Virginia

[Anonymous]

I have searched all over the Internet for as much information about USDA direct loans and this forum seemed to hold the most relevant info. I started keeping track of my timeline in hopes that it will help someone else out too. I will update this as the process is completed.

March 7- sent prequalification and determined I could possibly qualify for max area loan limit
March 11- received full application
March 14- mailed full application package
March 15- loan specialist confirmed receipt of my application and began processing
March 24- was given preapproval over the phone of $207267 verbally and was told I will have my COE in the next couple days
March 28- Received COE via email
March 31- received COE package via us mail
April 1- put in an offer on a home for $189,000
April 2- received and accepted counter offer of $190,000

[Anonymous]

Hello,

Not sure if this is too personal but was wondering how much you make to qualify for 200k home? Also if you have zero debt?

Thanks,

[Anonymous]

I have monthly debt payments of $250. I gross $32884 per year. Here is an updated timeline since my last post.


April 4- sent contract, tax assessment, and plot plan to USDA
April 5- home inspection
April 6- received loan estimate
April 8- sent home inspection addendum to sellers to request repairs
April 11- received response to inspection addendum. Sellers to begin repairs.
April 14- appraisal ordered
May 3- notified that closing will not be on May 13th. Appraisal not yet completed.

[Anonymous]

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@Anonymous wrote:
I have monthly debt payments of $250. I gross $32884 per year. Here is an updated timeline since my last post.


April 4- sent contract, tax assessment, and plot plan to USDA
April 5- home inspection
April 6- received loan estimate
April 8- sent home inspection addendum to sellers to request repairs
April 11- received response to inspection addendum. Sellers to begin repairs.
April 14- appraisal ordered
May 3- notified that closing will not be on May 13th. Appraisal not yet completed.

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Wow so with a gross of 32k and payments of 250$ you qualified for roughly 200k wow. Did you have any negatives on your record? Congrats, enjoy your soon to be new home.

[Anonymous]

No negatives (collections, judgments, etc) on my credit report. I will be getting the payment subsidy since I am in the "very low income" bracket for my area.

[Anonymous]

Just wanted to tell you thanks for replying. I'm so glad I asked. I make about the same as you & have the same debt. So gives me a bit of hope knowing maybe someday I can be in the same position as yourself Congrats on the home!

[Anonymous]

My sister is looking into going this route. We're in Va as well. How hard is the process? how fast is their response time? Have they given you the current interest rate? Sorry for so many questions. She's trying to get closed by June 30th before the student loan pymts of 1% goes into effect.

[Anonymous]

Hey there, is everything going smoothly & closing on time?

[Anonymous]

I have a question and I posted this on different posts here but I am being told that once your application is approved that you have 45 days to find a home AND close on it.  You can also request 2 extensions I am told.  I thought the 45 days/2 extensions referred to finding and house and signing a contract...not completely closing on it.  I am looking at a new construction condo so there is no way it will be done in 45 days if they just started building it right now.  Just confused...