My USDA Guaranteed Timeline

[Lemontwist4]

Genkeim my fingers are crossed for you too. I too have heard that USDA just basically double checks the banks underwriting and that is it. Now that I know it takes 48 hours for the lender to get the paperwork processed it makes sense why the USDA comes back with their approvals 2 days before close. Please keep us up to date on every step you can so we know what we might expect and thanks for sharing and CONGRATS!!!!

[Genkeim]

Well it's my lenders policy to wait 48hrs before closing, there are others who close on the same day they get the clear to close from USDA. It'll depend on your lender how they handle it.

[Lemontwist4]

Oh I see. I think my lender said something about it being 48 hours too but I think if they need to do it faster they can.

[Boldilocks]

Yes, Genkeim - please do keep us updated on how it pans out for you!

[Boldilocks]

So the seller called me late this afternoon to let me know that the appraiser had just left.

Said he was a nice guy, and couldn't give anything away obviously, but gave the impression that things looked fine.  It helped that the seller was there - he knew to have the paperwork handy - showing the new roof, new windows, the fact that the heating system and central AC is new and under warranty for 11 more years, etc.

He also said that the appraiser was holding the list of comps that *I* had sent to the lender to give him.  Because there were no realtors involved, I spent quite a while compiling a comps list.  There just aren't that many properties that sell in the vicinity - it's the best street in the best neighbourhood in that village and people hold on to those houses for 15-20 years.  I didn't want to run the risk of the appraiser not knowing the area very well - I'm glad he used it!

He told the seller that the bank should have the report by Friday.  My LO's assistant said she thought they'd have it in 48 hours, and told me not to stress.  If I'm worried, call her and she'll do the worrying for me.  Easy for her to say - but she is a sweetheart.

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Also got some positive news surrounding the whole flood fiasco we had here last month (which precipitated us wanting to get the hell out of here when the landlord showed her true colours).  It looks like July's rent that we had to spend on a generator and pump might be reimbursed to us.  FEMA declared it a disaster but aren't paying out to individuals - but the State has come through with aid earmarked for each of the counties impacted.

Our landlord continues to fume about not getting rent for July.  Never a day late in 4.5 years - she really doesn't realise that she's lucky to have us.  I usually leave the rent in the garage for her on the 1st of the month, and she was here at 7am on Aug 1st to see if I'd left it.  I think she was half hoping we wouldn't pay so she could say that we'd planned this all along and were trying to stiff her - but I had left the rent for August as usual, along with the water bill payment. 

Then she spent the rest of the day prowling around the vicinity - her elderly mother lives next door so she is around a lot.  She cut our grass, then brought a friend over to be her witness while she told me that she'd had to cut it because it was a code violation (what?!) and we owed her money for doing it, and our lease says we have to keep the grass mowed.  Told her it had been mowed 2 days before and the neighbours could verify that as I'd talked to them while doing it, and that we haven't had  signed lease with her since April 2010.  Knowing my luck she'll call the police on us again for talking back to her, or forgetting to tug my forelock, or something.

I WILL BE SO GLAD TO FINALLY BE RID OF LANDLORD CRAZINESS AND NOT HAVE SOMEONE BOSSING ME AROUND!!

Our contract states the closing date as Sept 15th, and if it all goes through in a timely manner, she will be getting stiffed for September's rent!  We'll tell her to use the deposit, becasue there's no way she'll ever give it back to us, and I have put so much money into this place.  Might even do up an itemised bill for her - from the curtain poles and blinds, to the stove, fridge, toilet, flooring and customised storm windows - all of which we paid for.  Just to keep her on the back foot.

[Lemontwist4]

Wow You for sure have one crazy landlord!!!! 

We got our appraisal  back yesterday but I am a bit disappointed it appraised at 103 but the loan amount is for 105  however I was reading on it last night and because the guaranteed loan fee is in that amount (from what I read) USDA will allow 102% of the appraised amount in which case it's a $40 difference. I emailed the loan officer back about it cause she seemed rather happy about it because it came back clean with no repairs needed. So right now I am just waiting to hear back from her and the next step is for it to go to the banks underwriting so I figure that's a weeks wait from the time she sends it. I honestly don't see us closing on September 12th I would be really shocked if we did.

BTW if your landlord mowed the grass because of "city code violations" tell her to show you the notice the city left. Bet she doesn't have one. I really hope you can get out of there fast. I know when our lease came due this time I refused it so we are month to month and paying more each month because of it but I don't have to give notice and I am not stuck with having to fight to get out of a lease. I can't wait to no have to give them $1000 a month for this 2 bedroom POS anymore!!

So let me know how it goes when your report comes back and I will let you know what my LO has to say about the difference in the loan amount and the appraisal amount.

[Lemontwist4]

Okay here is my update this is from the email my LO sent me.

Your purchase price is $103,000 and that is all we need it to appraise for.  Guarantee/usda funding fee, always gets financed on top of purchase price.

She also said my husbands work didn't send back the form yet so I called his HR office who said they never received it but gave me their fax number and said if the bank faxed it over to her she would get it back to her today. So I called the LO and let her know she said she just needed that and the title for our file to be cleared to send to USDA she said she called the hotline yesterday and USDA was on 7/17 so they are running about three weeks behind. So if his work the title company and the bank all get their act together we may be sending everything to USDA next week and we could indeed close on time.

[Lemontwist4]

Newest update the title info came in today all we need is the employment verification the LO expects everything to be through final underwriting and cleared to send to USDA by Friday then 3-4 weeks and hopefully we will be done!!!! 

[Gracie15]

I love reading all this. I am going through it in Texas. My file is almost ready to go to the USDA. I will be freaking out til I close.

[Lemontwist4]

Good Luck Gracie I know just how you feel I will be freaking out until close too lol! The nice thing is we can all freak out together lol. But really this is a great board because some of the things that might put us in a panic have put others before us in the same panic and we can see how it was resolved for them or if it was really anything we should panic over. And sometimes it helps to just post on here to get it out of your head and know the people you are talking to really know and care about what you are going through.