03-04-2012 05:03 AM - edited 03-29-2012 06:08 AM
I have learned alot from reading other's stories on their progress so I thought I would add mine in hopes to help someone. Here is my timeline so far
1/25 Submitted info for preapproval for USDA guaranteed to see where I stand. Scores were EQ 563, TU 647, EX 611. Had somewhat high CC utilization and was told which cards to pay to what and that they would do RR for EX to get over 640.
2/3 Submitted updated CC balances for rescore.
2/8 CC balances were updated on EX (I only knew this due to monitoring services)
2/10 Received alert for new inquiry and received preapproval from LO. New scores were EQ 585, TU 657, EX 645.
2/12 Submitted offer
2/16 After negotiations, offer was accepted
2/18 Inspection performed (nothing major found)
2/19 Received inspection report - realtor forwarded it to seller's agent/seller
2/20 Received notice seller was fixing everything found during inspection (I didn't even have to ask them to fix the stuff....they just said they would)
2/21 Met with broker - loan application submitted
2/27 Loan approved with conditions
2/28 Appraisal and termite inspection today ; all conditions met and package resubmitted
2/29 Received termite inspection letter
3/5 Received appraisal back
3/6 Received notice of 3 more conditions
3/12 All additional conditions complete/answered
3/15 Approved from lender - file sent to USDA for review
3/29 Approved from USDA - Closing scheduled for 3/30 at 11:00 am
03-05-2012 08:44 AM
so excited to be following this thread. I hope to apply for the USDA Guarenteed in about a month
03-05-2012 09:13 AM
Just an FYI - My lender submitted my file to USDA Thursday evening (3/1) and we got it back this morning (3/5). If you don't count the weekend, it really only took 1 day. Good luck!
03-05-2012 09:52 AM
Thanks for sharing your timeline here. We are waiting for the final approval from USDA too.
Btw, I was wondering if the seller is Fannie Mae? It's always nice to hear when the seller is willing to fix the repairs even though you didn't ask for it. Makes the transaction easy!
Keep us posted.
03-05-2012 09:57 AM
Good luck to you, Annaliese.
How long has your file been with USDA? I love seeing other people's experiences!
My house (I think) was a foreclosure and was purchased by an investor that I am buying from.
But I did just get the appraisal report back. I was thinking it would be a 1 page sheet of paper that says "Your hosue is worth $xxx,xxx." I wasn't expecting it to be a book!
But it appraised for $2,000 more than contract price. Now I wish lender would hurry up and say ok and send to USDA!
03-05-2012 11:02 AM - edited 03-05-2012 11:04 AM
Our LO told us he sent it Thursday and was told that we should hear back from them by Monday, which is today. I've been checking my emails.. but none so far. What State are you from? And thanks for answering my question. Our seller is Fannie Mae and all repairs were made which is nice! Didn't expected them to do it eventhough the contract says 'as is'.
03-05-2012 12:41 PM
The USDA (REO?) system was the last hurdle for me, the only thing I'm now waiting on is the final paperwork to be drafted. I would have been able to close today but the damn title office was closed to move into a new building!!!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO