Where do I begin, I have been using these forums to help with paying off debts, finding a good lender also definitions to terms that I am unfamiliar with, such as the infamous "whats a short sale". So I got preapproved and prequalified before I went out to look at homes. I found a home put an offer in that was on the 28th of June, it was a short sale but blessedly we didnt wait that long for a response from the bank, our offer was accepted. Now to underwriting. The firs list of conditions went well, it was normal stuff like social security, bank statements, tax forms, etc. The second set came in the middle of July asking for explanation for 3 deposits. Now all this time the closing date was the 24th. At this point the 24th came and went. Then just this past week, my lender had been throwing diferent numbers for the downpayment. I was going with FHA originally. In the process of all this happening my bank loses about 4000 dollars so I start to take the balance and put it in another bank. Well my loan officer was aware before I did the transfer however it came back that I shouldnt have done that. Than we get a gift from a very close friend which then they ask to see his bank statements, I mean come on now, so I tell them no I am not asking him for his bank statements,they need to figure something else out. Now the next step to all of this is my loan now is being switched from FHA to Rural. Okay I dont know what that means but according to my lender this will work better. This has beent he most stressful 2 months of my life. So now according to my lender I need to wait another 2 weeks. At this point I dont have a closing date, I do have an extention to the end of the month and I hope I can finally close by then. Now I have been looking up this USDA Rural Loan I am still confused about it. Any one out there that can explain it to me so that I can understand I will be most aprreciative .
Thank you.
