Mortgage Loans

[harmstrong523]

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

[Skinnyminnie]

Thanks, Harm, that's a wonderful breakdown.  The 30th is just around the corner too, how exciting!

[cracksmeup]

so excited to be following this thread.  I hope to apply for the USDA Guarenteed in about a month

[Strut]

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!

[harmstrong523]

Strut-

You said you just got your file back from USDA this morning. What is your next step? Going back to lender for final and clear to close? What is your closing date?

[Annaliese]

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.

[harmstrong523]

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!

[Annaliese]

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'.

[harmstrong523]

SC.

Here's to hoping you receive good news today!!

[Strut]

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!!!