Reply
Established Contributor
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
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
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
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%.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.