USDA Approvals this month?

[Anonymous]

Has anyone been approved for a USDA loan this month? I even tried googling and I haven't seen anywhere where someone has been approved for a loan recently. We signed our contract the first week of August and the packet was sent to USDA on Sept 18th for approval and we are STILL waiting.. What gives?! We have been told for the past 3 weeks "any day now" by our LO and its getting frustrating.

[Nati]

My loan(in ohio) was submitted in june and we were told they were on a 6 week turn around. Which turned into a 8 week turn around. My neighbor submitted theirs about 2 weeks later and didnt get theirs approved for around 11-12 weeks 

[hopefulKT]

Where are you all located? Are you doing USDA direct or guaranteed? I'm in Ohio, and my LO tells me that the turnaround time once USDA gets it is currently 11 business days...I sure hope that's the case.

[hopefulKT]

Sorry; just read that you were in Ohio...total bummer! I wonder were my LO is getting the 11 day estimate.

[Anonymous]

I am in Florida. We were told no more than 2 weeks. That was almost 6 weeks ago.. still waiting! :/

[deeblock]

Yes, we close on Oct.31 we started the process in july it took usda four days to underwrite.I am in South Carolina, guarteed loan.

[Anonymous]

Good news! We just got word this afternoon that we were approved by USDA this afternoon and we are scheduled to close friday afternoon! yay!!

[Nati]

Congrats

[Pesdaniel]

Can I please get a quick response anyone? 

I received a lende's underwriting conditions recently, I noticed in the letter the mention of $150K. For example, it says Agreement of Sale and all addeda for the subject property to document sales price of $150K. 

The problem is, the house I want costs 220K, so is there a way to proceed so they can give me the approval for 220K? 

Loan is USDA (I'm not sure if it's Direct or Guaranteed) what's the difference anyway?

Please help.

[Anonymous]

USDA direct is when you apply for the mortgage loan directly with the USDA.  USDA guaranteed is when you apply with a bank  or broker.  You need to contact your lender or the USDA to determine if it is a typo.  Did you get pre-approved at some point? If so  what was that amount?   Re check the sales contract for the purchase price... I'm sure you already know what it is. The bank will only lend you what you are qualified for or what your income allows.