My USDA RD loan process has officially begun!

[750orbust]

You can get a pre-approval letter without finding a house first. The whole point of pre-approval is to find out what price range of houses you can even look at.

[750orbust]

Besides, a lender who knows what they're doing should be able to tell you what areas qualify for USDA.

[750orbust]

Had appraisal done and appraiser required a few repairs to be made. So now we're waiting on the seller to decide how they're going to get the repairs made since they're broke. I made the offer in our contract to donate any labor that may be needed for such repairs since I work in construction and can easily do this myself. BUT! If I do, I hope they're willing to adjust the sales price since I will be doing them a big favor.

Loan officer hasn't been very forthcoming with status information but I'm assuming since the appraisal has been done that my application is off to USDA.

I'm in Arkansas, does anyone else here in Ar have any idea as to how long my app will be at USDA?

[Erinkkelly]

I work for a mortgage company and it just depends on your area how long it take USDA to review the loan. Typically we don't send the files to USDA until the bank underwriters have pretty much cleared all condition on our minus the final USDA Approval. We work with Ohio and West Virginia USDA. WV USDA is quick, takes 24-48 hours, but Ohio take a lot longer like sometime 2-3 weeks..I'm guessing because they are busier than other offices.

[750orbust]

I cleared UW with no conditions. My file is off to USDA now and LO said they are about three weeks behind but he's expecting my file back by the 15Th. Just in time for closing on the 19th.

[Lasardo]

So jealous, can't find a house..😩

[750orbust]

Sorry I haven't been very punctual about keeping everyone up to date but here's an update.

So for the last month I've been waiting on USDA and final underwriting. Three weeks ago my loan officer quits the bank and doesn't bother to tell me. Thankfully my application had already made it into final underwriting and had been approved. Anyways, Monday the 19th is my closing date and it looks like everything is going to be fine. To my amazement I didn't receive any conditions throughout this entire process except for a couple of LOE's. I'm so ready to have this headache over with. Can't wait until Monday.

[750orbust]

Yay! Title company called me this morning and told me that I don't need to bring ANY money to closing!

[sleauxmeaux]

Congrats! I'm going to be going this route with a new construction in a few months!