Credit Card Center Advertiser Disclosure†
09-28-2013 02:58 PM
Help! I'm about to go crazy due to my USDA guaranteed approval loan running up against two Monday deadlines. First of all, my area is scheduled to lose eligibility after 9/30. I understand that current eligibility rules will be in effect for all "complete applications" submitted by 9/30, but I'm concerned that the USDA will respond to us after the deadline and say "sorry, we need X and Y, so your application was incomplete and is now in-eligible under the new guidelines."
Making matters worse is the government shutdown that is looking more and more likely to happen after Monday! My loan was actually submitted to the USDA on 9/19. We heard back from them yesterday, 9/27. They said they were suspending the application due to a credit card account that my mother has, on which I am listed as an authorized user. As it turns out, that account had been closed after my credit was pulled by my lender, so we were able to submit poroof of that within a couple hours. I was really hoping to hear back from the USDA again the same day, but no such luck.
So now we're playing the waiting game again, and I am extremely concerned about what will happen if I don't get USDA approval on Monday. Can anyone help ease my concerns? A couple specific questions - when you need to re-submit more information to the USDA, do they typically reconsider your application right away, or do you have to wait in line again? Also, does anyone know how the possible government shutdown will affect the USDA? Per our purchase & sale contract, we are obligated to have a loan commitment by the end of next week, so if the USDA shuts down before I get approval, the entire deal could fall through.
Thanks for reading!
09-30-2013 06:46 AM
We are clear to close! Thankfully we got our approval from the USDA early this morning, and our loan officer is trying to arrange closing for later today to avoid any complications in case the government does shut down. Fingers crossed!
09-30-2013 07:19 AM
Yay for you! USDA has my file now and we are 2 weeks behind here so with no shutdown they won't get to my file until the 8th with our closing scheduled for the 10th. I am a nervous wreck about the shutdown and the new eligibility areas.
09-30-2013 07:52 AM
09-30-2013 08:02 AM
I actually read yesterday on va.gov (we are going through VA loan processing now) that home loan processing will not be impacted by the shutdown. I am not sure about other parts of government backed housing. I posted the link in another thread.
09-30-2013 08:33 AM
09-30-2013 09:19 AM
It looks like our closing is likely to be pushed back to Thursday, since t he seller can't be here until then. Does anyone know for sure if our closing would be affected at all if the government does shut down? I'm hoping we are fine since we already have USDA approval...
09-30-2013 09:43 AM
If you've already cleared USDA the shutdown shouldn't affect you. The lender has to re-submit the file to USDA after closing to get the guarentees signed off on, but that shouldn't have anything to do with you.
I think you're good to go! Congrats!
09-30-2013 09:02 PM
I'm currently in the same process as you guys in Florida, my file was turned over USDA on Sept 2 and they are over a month behind. Furthermore, making matters worse is the government shutdown that just happened. How will this affect all of us?????
10-01-2013 03:34 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.