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Established Contributor
Mike14
Posts: 618
Registered: ‎09-16-2008
0

Still waiting on Clear to Close for USDA Guaranteed, 3 days AFTER Settlement Date

Title says it all.  Was supposed to close on 7/31.  Still waiting for Clear to Close.  The lender (Met Life) sat on the docs from our broker for 4 business days before sending to USDA for approval.  The lady at USDA working on the loan went home early last Thursday, was off Friday, and went home even earlier today.  Sellers are charging us $100 per day past 7/31 for expenses incurred, but our MB said he'll make sure we won't be the ones to pay it.

 

DW and I are pissed off (can I say that in the forums?)!  We both took off from work on Friday for settlement, and she took off Sunday and Monday (today) to prep the house before we moved all our stuff in.  We were hoping for a Tuesday close, but that looks impossible now!

 

Is it common to be post-original-settlement date and still not have a Clear to Close?  USDA might be great with no downpayment requirement and no monthly MIP, but if they delay like this for everyone, my advice is to stay away!

Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720
Established Member
ad1das77
Posts: 14
Registered: ‎07-29-2009
0

Re: Still waiting on Clear to Close for USDA Guaranteed, 3 days AFTER Settlement Date

We are coming up on our closing (8/12) and we still have no confirmation from USDA either. This loan has been nothing but a nightmare and I would NEVER recommend this route, especially if you've got the 3.5% and can go FHA....I feel your pain!!
Established Contributor
rmily
Posts: 670
Registered: ‎07-12-2008
0

Re: Still waiting on Clear to Close for USDA Guaranteed, 3 days AFTER Settlement Date


Mike14 wrote:

 

Is it common to be post-original-settlement date and still not have a Clear to Close?  USDA might be great with no downpayment requirement and no monthly MIP, but if they delay like this for everyone, my advice is to stay away!


From what I've seen on the boards it looks like USDA is quite backed up and therefore not uncommon to run over the closing date.  Hope you close soon!

Valued Contributor
WannaHouse
Posts: 1,080
Registered: ‎06-08-2008
0

Re: Still waiting on Clear to Close for USDA Guaranteed, 3 days AFTER Settlement Date


rmily wrote:

Mike14 wrote:

 

Is it common to be post-original-settlement date and still not have a Clear to Close?  USDA might be great with no downpayment requirement and no monthly MIP, but if they delay like this for everyone, my advice is to stay away!


From what I've seen on the boards it looks like USDA is quite backed up and therefore not uncommon to run over the closing date.  Hope you close soon!


This was my thought as well.

 

As far as it being a nightmare (other poster), I honestly don't think that is the norm. We also bought our home with the USDA Guearanteed program, and never had a hint of ANY problems. Are scores are pretty average, and nothing out of the ordinary to make it a pushover. In fact, my hubby is self employed which actually made it tougher.

I just don't want others to run scared of the USDA programs. They really are wonderful.


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.


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