The never-ending wait game with USDA.

[Anonymous]

This is more of a venting of frustrations than anything.

Every aspect of going through USDA's direct program has been a long, painful struggle. Now we are finally at the very, very end of everything - appraisal is back, we renegotiated the price with the sellers, everyone is ready to go - but the person working on our file at USDA is now out of the office long-term for personal issues. Out of everyone's control, yes, but still frustrating. We had our loan orientation meeting almost 2 weeks ago and was told that we could be closing as soon as the 11th. It's the 7th now and we have no information. Now someone has to take over at the very last minute when funding at USDA is tight and we need to be placed on their funding list ASAP, yet everyone is out of the office today. We should have had a closing date set on Friday, but nobody could give me a clear answer because no one knows anything about our file. The lady who is taking over told me on Friday that she had no idea what was going on with our situation and she couldn't really tell me how they were going to handle this. *big, heavy sigh*

USDA is a great program that makes home ownership affordable to people who otherwise couldn't obtain a mortgage, but it requires a great deal of patience. We started this process in August and have encountered nothing but roadblock after roadblock. I always thought buying a home would be exciting and fun, but I'm literally drained and exhausted from every hoop we've had to jump through.

[0errant]

Sorry this has been such a long and stressful process. Hopefully it will all work out for you soon, and then you'll be able to enjoy your new home

[ShanetheMortgageMan]

I hear you, why can't they just assign it to your loan processor's co-worker?  Seems simple enough.  That person is probably just as busy as your processor is.  Just have to understand it'll eventually happen.  Also be happy that you aren't adding a 3.5% USDA fee on your mortgage balance (which is charged if you go the Guaranteed version), so look at it that way and you are savings quite a bit of money by going the Direct route.

[Anonymous]

Thank you, 0errant!

Shane - this office is extremely overworked! I am definitely saving a lot of money by going the Direct loan route - my closing costs are only $343 vs. the $6700 it would have been if we did FHA - but the setbacks get a little discouraging. I know it will probably all be resolved by tomorrow, but we're so close to the end that I can't help but get a little impatient, hehe. Thank you!

[Anonymous]

Niko - I feel your pain.  We went under contract on our home Dec 1. with an original closing date of Dec 30.  Since that time the limited funding they've been receiving has not made it to where I was on the list.  Now I'm told that I'm finally first to receive funding for my state and we should have heard something yesterday or should today.  I'm hoping for the best but expecting the worst after everything else I've gone through for this loan.  I know that it's out of my LO's hands as much of our delays have had to do with government issues, it is just so frustrating. 

Do you (or anyone) know the current status of USDA direct loan funding?  Are funds currently available?

I'm crossing my finger that the money comes through soon since I'm 34 weeks pregnant and would like to be in our new home before the baby arrives.  Good luck to you! 

[Anonymous]

wparker - The funding issue is probably the most frustrating part of this whole process! I called USDA Thursday and was told that they were 100% sure they would get funding on the 4th. I called today to see if anyone could tell me where I stood in this whole process, and the guy told me, "When we get this all sorted out, your name will be on this list for fund obligation, but you do realize we are out of funds, right?" Sooo.. I have no idea. Since Friday of last week, I've asked several different people the status of their funding, and no one can give me a clear answer. Very, very frustrating.

[Anonymous]

wparker - I also forgot to add congratulations on the new baby, and I hope you find yourself in your new house very soon! So exciting!

[Anonymous]

Hello,

I am also waiting for funding.  I emailed USDA yesterday checking on the funding status and this is the response I got:

"Congress passed a two week extension on budget talks.  That means it is not likely that we will receive our appropriations until that period is about to close, which is March 18th.  It may be good to check back as we approach the 18th, if you do not hear from the Agency prior.  "

I completely agree that this is a never-ending waiting game.  I was warned ahead of time that it wasn't going to be a quick process but I really wish that there was more communication between the USDA and all of us waiting for the funding.  The only thing that is keeping me sane is knowing that in the end I will own a house of my own and actually be able to afford it.

If anyone else knows anything about the funding situation please keep us posted!

Thanks,
Erin

[Anonymous]

Niko - I defeinitely agree, its such a great program but the funding issues make it so stressful.  I'm so lucky that my seller is so patient, especially since he has had other interest.  Back in December I was told they would forsure have the funding in January.  Then in January I was told that it would be March 7th/8th -- well I got the bad news call yesterday that funding did not come through for me.  Needless to say I am absolutely heartbroken.  Now my LO is telling me that we may receive funding on March 21.  By this point I've learned to not get my hopes up.  Maybe if I don't expect it, then it will come.  Also, thank you for the congrats, it's a very exciting time and will be even more exciting when we are in our home.  Let me know when you hear something, hopefully it will be soon for you!

Erin - Communication is scare and there really isn't much clear cut information out on the web either.    These boards are where I get the most information.  Good luck to you.

[Anonymous]

I did receive confirmation yesterday that we are 1 of 2 people awaiting funding from our district office for the Direct program, so it's good to know that we are for sure "on the list." They did receive money on the 4th like they said they would, but I was told that went to salaries and people who were in dire need of housing. I was told that funding can come any day - it could come tomorrow, it might not be here til April. They simply do not know until the day they receive it. However, the lady who has taken over my file told me, word from word, that "We need money to keep going. If we do not receive funds within a week or two, we have to shut our offices down, and in the 15 years I've worked here that has never happened, so just remain optomistic!" I couldn't help but tell her that I stopped being optomistic back in December. Hopefully it's soon for all of us!