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