Mortgage Loans

[jb1095]

my LO emailed me this morning and said the appraiser is goingout this weekend and will have the report back to teh bank by wednesday the latest.

[harmstrong523]

My closing is supposed to be in 4 days and file is still with USDA. Going on 8 days since submitted to them.

[jb1095]

Harmstrong,

I know what you are going through.  My co-worker went thru teh exact same thing and didnt get formal approval from USDA until a day before his closing date.  He was sweating bullets the entire time.  I kept telling him not to worru but he worried anyway.  Either way though, everything went thru without a hitch and he closed on time as scheduled.  I am willing to bet the same thing happens with you.

Make sure you keep us updated all week and on Friday, i look forward to seeing a **Closed** thread by you!  Good luck!!!  :-)

[Annaliese]

Harmstrong:

USDA approved us 2 days before closing date. We were going to submit for another extension with Fannie Mae but USDA gave us the approval. Also here in Wisconsin, my LO told us that USDA closes on Wednesdays which is rather odd.  

I'll keep checking this thread.

[harmstrong523]

I am trying to have hope. Thanks to both of you.

I still haven't heard from MB but I did hear from insurance agent (home & car....car going to expire Friday) and he said "I have your home policy closing on 3-28 for you" but I don't know where he got that date from. Maybe he knows something I don't.

Probably wishful thinking, but who knows!!

[jb1095]

Wednesdays are when USDA usually closes their loans.

[needahome79]

Not using USDA but my loan is/was suppose to close tomorrow 3/27. I am being delay (possible) because the title company just relized/informed WF that my house does not have groud rent. A fact I have know for about 6 weeks. So b/c of this the appraisel has to be re-assest to give me an additional 2000 but everything has to match. I hope closing can really happen tomorrow but because they need 24hrs to get the signed paperwork to the title company I don't think its going to happen tomorrow  uggh. But at least the hold up is not on my end

[01mommy]

Hi all! I was initially pre-approved FHA back in November, but will be reapplying USDA in July or August...wanted to ask, is "earnest money" on a zero down program like USDA the standard $500 under 50K or $1000 over 50K?  Thanks!

[harmstrong523]

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01mommy wrote:

Hi all! I was initially pre-approved FHA back in November, but will be reapplying USDA in July or August...wanted to ask, is "earnest money" on a zero down program like USDA the standard $500 under 50K or $1000 over 50K?  Thanks!

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I am not aware of any requirement that USDA requires as to how much you have to put down as earnest money, but in my situation, my realtor told me seller was requesting $500 earnest money and a preapproval letter. My purchase price is $168K.

[harmstrong523]

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jb1095 wrote:

Wednesdays are when USDA usually closes their loans.

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I just got off the phone with the insurance agent and he specifically told me he talked to MB this morning and he told him closing on the 26th. I don't understand why he would tell him, but not me....but regardless.....to think that in 2 days I could possibly be a homeowner is just.....unreal.