Ok so I just wanted to provide my USDA home loan experience for those of you who are currently in the process or thinking of starting the process of purchasing a home using USDA. I will provide a list below of the step by step process that I endured.
1. Began working with Richard Miller - PrimeLending (Texas) on 12/5/14
2. Found a new community that we were interested in and signed a contract for construction on a new home on 12/10/14
3. Completed final showroom appointment in February 2015
4. In the meantime from December - February, worked on boosting our credit scores. Began at 624 and after paying down credit cards we boosted up to 670 or so. Not super amazing but we knew we wanted to do USDA and the requirement is 640 minimum.
5. Construction on the home started 4/2/2015
6. Underwriting began on 5/7/2015
7. Approval from lender received on 6/1/2015
8. File sent to USDA on 6/2/2015
9. USDA got to our file on 6/15/2015
10. USDA approved on 6/19/2015
11. Closing scheduled for 6/25/2015
I will say that this process was VERY smooth due to lender that I worked with. Everything was explained in the beginning. The team was always available. The best thing to do is to sit back and let them do their jobs. If it happens it happens if it doesn't it doesn't. Stressing won't move one thing forward (although I did sweat bullets when we were in underwriting and called the USDA texas turn time hotline everyday to see when they were going to touch our file hehehe). I am really excited to be closing on our new home next week but I will be jumping for joy when the keys are in my hand. Happy house hunting people!
