Tell Us how much $$$ you had in the bank when you applied for USDA-Guarenteed??

[cocomadd]

Awesome thanks!  I hope my credit union will do that for me quickly as you say...they are a bit behind the ball sometimes...but good to know!!!!

Thanks!

[Boldilocks]

Ours is a local credit union too - only 3 branches total.  They did it in minutes.  I'm sure you won't be the first to ask.

[jadeite788]

Rule of thumb have at least 5% of closing costs already in your account.  If I had only known.  Me and my hubby are on borderline.  about $5K by the time closing hits.

[WillF360]

When I applied, I had approximately $1800 in the bank account. On the 2 months of statements, the "balance" showed $781, which was because my pay went in the following day. 

Was notified today that I needed to show $1249 in the account, which I pulled up my statement and sent it over.  We have it in there.  She said we may not need that much, but since my homeowner's quote was more than what we were hoping it'd be, I had to have more $$$ down. 

Regardless, USDA has my file now, and hopefully we'll be getting the clear to close within a few days!

[cocomadd]

Interesting, looks like it is a case by case basis, but definately the cash needs to be there.  I will have it when I apply.  Same scenario I do not get paid until a couple of day prior to applying so my account shows less $$. 

[Lemontwist4]

Keep in mind the type of loan you get determines what you need in the bank. USDA is no money down and no reserves and if you can get the seller to pay closing you need even less, I have had people on the board who closed recently say not only did they not have to come up with ANY money but they got $444 back at close! I have also heard people with 20% of the purchase price in reserves was denied by USDA because they had the funds to go FHA (which my LO said is 3.5% down) or conventional. So USDA is they way to go if you don't have much in reserves and you can find a house within their qualifying areas! Good Luck

[jadeite788]

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@Lemontwist4 wrote:

Keep in mind the type of loan you get determines what you need in the bank. USDA is no money down and no reserves and if you can get the seller to pay closing you need even less, I have had people on the board who closed recently say not only did they not have to come up with ANY money but they got $444 back at close! I have also heard people with 20% of the purchase price in reserves was denied by USDA because they had the funds to go FHA (which my LO said is 3.5% down) or conventional. So USDA is they way to go if you don't have much in reserves and you can find a house within their qualifying areas! Good Luck

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Thats the thing, we got our seller to pay 3% closing costs, and we were still short.  I thought I had closing costs paid, and nothing coming out of pocket., but I also didnt anticipate prepaid expenses. 

[Lemontwist4]

We have our sellers paying 4% and have it worded to include prepaids our First years insurance is rolled into the loan I know this varies by state but USDA does allow it. If you don't word it to include prepaids you can't use it for any prepaid expenses.