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So our packet left UW and was sent to USDA today......

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Anonymous
Not applicable

So our packet left UW and was sent to USDA today......

What can we expect, besides another long week of anxiety?

 

To clarify, the loan was approved by our lender, but now has to go to USDA to get the guarantee. Our LO told us that it was submitted and came up with "refer", but that's typical because of a 2 yo discharged BK7.

 

How much more scrutiny does it get? Are they likely to do more bank verifications, another credit pull, etc? Or do they work strictly with what they get from the lender?

 

Should I relax now? What are the odds of it being approved by our (very conservative) lender and then getting denied at USDA?

 

I know there is/was one concern and our LO delayed sending the packet on in order to try to rectify it. The current owner added a room above the garage with an exterior door. It has a kitchen on one side and living area on the other. It was used by their daughter and we intend to just treat it as a rec room for our kids - a place for them to hang out with their friends just like you would with a finished basement. Unfortunately any hint of an "apartment" or "in-law suite" is apparently a kiss of death with USDA - it has to be a single family home. The LO explained the situation to the appraiser who said "oh no, it's not an apartment." LO said "but it reads like it is." So the appraiser revised her report.

Message 1 of 21
20 REPLIES 20
granny031350
Established Contributor

Re: So our packet left UW and was sent to USDA today......

When I received my pre approval from USDA the letter specifically stated that the bank  I was working with also had to approve the loan.  IMO, if your bank has approved your loan, then USDA will also approve it.  I am not sure about the "apartment" issue but it sounds like your LO had the appraiser fix it.  I had issues with a well and septic "water test".  I have community water and sewer.  However there is a "pipe" in my front yard that looks like a well.  So it confused the appraiser and he ordered a "water test"  It took about a week to get that all straightened out but it all worked out in the end.    If your bank has signed off on your loan and said that you would be approved by them, then I think you will be ok.  USDA will follow suit.  GL
Message 2 of 21
Anonymous
Not applicable

Re: So our packet left UW and was sent to USDA today......

I am going thru what u are now with the Lender then USDA. but it will be about 2 weeks she say b4 we know anything. She said with hubbycredit score we should get approve. she said if they ( the Lender) approved us then we shouldnt have a problem with USDA so i am hoping she is right. Smiley Happy

 

i hope it all goes well with you!! good luck!!!

Message 3 of 21
ShanetheMortgageMan
Super Contributor

Re: So our packet left UW and was sent to USDA today......

USDA reviews the file from the lender within 24-48 hours usually... 2 weeks?  Where are you buying?
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 21
Anonymous
Not applicable

Re: So our packet left UW and was sent to USDA today......

We're in Ohio. Our LO told us it usually takes 2-3 days but is running a good six days right now. Actually she told us six days when we got started but that was right before they revised the income limits and she said it's gotten a bit worse since then.
Message 5 of 21
Anonymous
Not applicable

Re: So our packet left UW and was sent to USDA today......

Oh, and are they likely to recheck bank balances and credit, or just review the file from the lender?

 

(I'm worried that I might have an HSBC balance show up on a card I've been keeping at 0, just because I wasn't paying attention. It wasn't late, but their schedule is so screwy it's hard to keep track of. Also, I've got a big insurance payment due and don't want to raise any issues with the bank balance if they do another VOD.)

Message 6 of 21
Anonymous
Not applicable

Re: So our packet left UW and was sent to USDA today......

We were originally planning to close today, but lost time due to other issues. Unfortunately we told our landlord we'd be out by the end of the month. It sounds like the best scenario gives us USDA response next Friday, maybe not even until Tuesday with the holiday, and then we still have to schedule closing. It's getting really close there and if things went south with USDA we could be sleeping in a tent June 1!
Message 7 of 21
Anonymous
Not applicable

Re: So our packet left UW and was sent to USDA today......

heyy Shane i live in FL she told me two weeks because she hasn't completed everything she need to to send to them yet. her excate words were her underwriting people need up to 10days then USDA need a few days so thats why i said 2 weeks. We just  fed ex her all our paper work today that she requested.
Message 8 of 21
ShanetheMortgageMan
Super Contributor

Re: So our packet left UW and was sent to USDA today......

Oh I see, the topic of this tread made it sound like your package left UW and was sent to USDA today.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 9 of 21
Anonymous
Not applicable

Re: So our packet left UW and was sent to USDA today......

Does it make a difference that it came up "refer"? (Actually, I thought all USDA was manual?)

 

This is a rehab mortgage, like a 203k. I didn't get the impression that that was the cause of the slow turnaround at USDA, but it is definitely a more complicated loan.

Message 10 of 21
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