Our USDA Direct timeline- closed on 108th day

[StartingOver10]

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@Anonymous wrote:

Whew! Our landlord called today to say we can prorate for July with weekly payments if we want to. That's a huge relief for us! We're still planning to continue loading the storage unit to help us get out of here faster when the time comes though. 

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That is good news! It is stressful enough trying to push this through without having to worry about being homeless

[Anonymous]

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@StartingOver10 wrote:

That is good news! It is stressful enough trying to push this through without having to worry about being homeless

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Indeed! I probably owe it all to my father, who is good friends with our landlord. I told him not to mention it AT ALL to the landlord because it's not cool of him to use his influence on a friend's business like that, but it looks like he didn't listen. Lol-- I guess I'll always be his little girl, even in my 40's. I love that man.

[StartingOver10]

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@Anonymous wrote:

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@StartingOver10 wrote:

That is good news! It is stressful enough trying to push this through without having to worry about being homeless

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Indeed! I probably owe it all to my father, who is good friends with our landlord. I told him not to mention it AT ALL to the landlord because it's not cool of him to use his influence on a friend's business like that, but it looks like he didn't listen. Lol-- I guess I'll always be his little girl, even in my 40's. I love that man.

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This is so nice to see And Father's Day is right around the corner

[Anonymous]

And now we wait. The appraisal was this morning & our USDA loan specialist said she's hoping the report is submitted to her today so she can send it to the closing agent. She (the loan specialist) said she wants to close as soon as possible, all we have left to do is buy the homeowner's insurance, which we have priced out with two vastly different quotes:

$530/year through a small company that the sellers have their policy through. No trampolines are allowed at all & we have one. They were also very uptight about our above ground pool.

$1187/year (we were able to wittle it down to $1066/year) through USAA, who I've been with for 23 years. They don't care about the trampoline or pool & said they'd be covered like any other unattached structures on our property. 

We worry the small company won't provide the security that a major insurer such as USAA can provide. One major disaster could break a small company, leaving us without a check. We've decided to go with USAA.

The sellers signed their closing documents last week, so whenever the USDA gives us the clear to close, things should move quickly.

[Anonymous]

Try a 3rd quote... I got decent quotes from Allstate and Liberty Mutual...then I went to state farm. agent was fantastic, and was able to beat everybody by 175 bucks plus save me almost 100 bucks a year on my already cheap car insurance with the multi policy.

[Anonymous]

Amazing news today! Our realtor texted me this morning to say the appraisal went great. The appraiser was the same one used when the sellers refinanced after the renovations, so she was familiar with the property. She appraised it at $187,000 then (less than 2 years ago) and said off the record that the market has gotten stronger here, so we should end up with a slightly higher number (it appraised at $176,000). Our contract price is $174,900 & we want to roll in closing costs so our $5,000 cash can be used for a riding mower & other things we'll be needing. She also said nothing needs to be repaired, so I'm elated at that news! The report will be submitted to our loan specialist on Friday or Monday. We're hoping to close sometime next week!

After I got the news, I went out to our balcony with my cup of coffee & listened to some mellow music to cry. I had 5 months of stress to get out & I feel much better now. It's actually going to happen!

[Anonymous]

Great news ! I'm happy for you!

[Anonymous]

You guys were due for an easy one. Congrats. Now get that paperwork rollin, you need to be ready on monday

[DaveInAZ]

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@Anonymous wrote:

Amazing news today! Our realtor texted me this morning to say the appraisal went great. The appraiser was the same one used when the sellers refinanced after the renovations, so she was familiar with the property. She appraised it at $187,000 then (less than 2 years ago) and said off the record that the market has gotten stronger here, so we should end up with a slightly higher number. Our contract price is $174,900 & we want to roll in closing costs so our $5,000 cash can be used for a riding mower & other things we'll be needing. She also said nothing needs to be repaired, so I'm elated at that news! The report will be submitted to our loan specialist on Friday or Monday. We're hoping to close sometime next week!

After I got the news, I went out to our balcony with my cup of coffee & listened to some mellow music to cry. I had 5 months of stress to get out & I feel much better now. It's actually going to happen!

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That5's terriffic news, congratulations for all your hard work & determination is finally paying off.

[Anonymous]

Well, here we are, 78 days since going under contract on April 15th & we're still not on the underwriter's desk yet. On Tuesday we signed the Truth in Lending statement & saw a GFE. I was also given the go ahead to buy insurance, which I already had lined up. We weren't sure when to list as the closing date, so I told them to put today (6/2)-- I almost told them Monday June 6th, but that would have REALLY screwed me up. You see, our loan specialist at the USDA wanted a faxed reciept that our insurance was paid in full & she wanted the declaration pages. I was able to have the reciept faxed over (the digital fax method took until the end of the business day to arrive, so keep that in mind for your situation) but the declaration page wasn't arriving. I checked the ins. site, but nothing regarding homeowner's insurance was showing up. Today, the day the policy went into effect, the declaration was finally available on the site, so I emailed those to the USDA & asked when our file would be sent. 

*sigh*

Our specialist is in training & we're her first case. Due to some recent mistakes she made, she's now afraid to send off our packet without the express permission from her supervisor, who may not return to the office until Tuesday. She had been told by the supervisor that all we needed were the insurance documents, so we SHOULD be good to go. On the phone, I told her I understood wanting to wait, but I later reconsidered & emailed her, asking her to please send our packet out today if she can. For good measure, I included our two most recent bank statements, asking her to include them with the file in the hopes it'll reduce our conditions & save a little time. 

Anyway, that's where we are. Sad & sweaty in the corner, watching all the cool kids celebrate their closings & wishing it could be us.