RECIEVED MY CERFITCATE OF ELIGIBILTY

[Anonymous]

I went through the process of trying to get a usda direct loan I submitted my last 2 months bank statements, pay stubs W2 etc etc they also did a Employment verication and rental verfication  also checked my credit report.Today in the mail I recieved my Cerficate of Eligibilty. does this mean I was completely approved or are they going to need more info and check my credit report again before closing? I gotten a house already picked out the apprisal comes out monday

[medicgrrl]

I do believe that means you are good to go credit-wise.  They shouldn't have to update your credit report unless you don't close for some time.  Is there an expiration date on it?

[Anonymous]

Yes the date expires June 12 we are set to close on June 3rd  (hopefully sooner) it says I have 2 extentions on it

[medicgrrl]

You should be fine then.  Even if you had to use your extension you probably still wouldn't need to update much.  I think the expiration date with USDA is more of a mandated issue with them and keeping funds available for applicants.  They basically set the funds aside for you right now.  They have to put an expiration date on it so if you don't close and don't obtain an extension they can then make those funds available for the next applicant. 

[Anonymous]

Could you tell me how long your process was from when you submitted your application and they pulled your credit and did the verifications did you get your eligibility certificate? Did someone call you or did you just get it it the mail? Also, did they tell you that they were verifying with your landlord? I am wondering if that is what is holding me up , they did not tell me they were verifying with my lanlord, they did not have me sign anything but requested that I sign the employment verification which has already been done. Any insight you could give me on this process I would really appreciate.

Thanks,

Kemba

[Anonymous]

The process wansn't long at all it only took me about 1 week to get approved the longest part was actually appersial and inspection to get done well they do a verfication of employment and verfications of rental history I got my cerfitcate by mail  I worked with a great usda loan officer . more than likely they are going to do verfications  on your rental history and work history. Have you got a house picked out yet? Cause you will need to pick out a home so that the usda officer would be able to approve the home once you do that the process is pretty much main stream I hope i answered your questions if anything else ..ask