USDA Direct... Day 26 (Business days) [UPDATED]

[Anonymous]

So after a good 30 business days I was finally approved for a USDA Direct mortgage in the State of NY for around $207,000.
3.125% interest for 33 years, but also due to my income I qualify for the 1% subsidized interest... Yippiiieee!

So the house I have been eyeballing since about May had an offer on it the day I went to make my offer.  I was so hurt, but got over that real fast when I got on Zillow and started shopping... (I am a shopaholic) but the part that burns me up is that I have 45 days, and 2 30 day extensions to find what I want have it appraised, and inspected... I don't like being rushed... Anyway going to see a few on Saturday and will update here so if anyone has questions about the USDA Direct process you can leave them, and I will try and help best I can. ^_^

[Anonymous]

and just as fast as I griped I got my call for eligibility today.... (^_^) they said they sent the certificate on Friday...

NOW here is the real dilemma.... I was approved for around $210,000 the home I want to buy is selling for $239,000.

The seller is MOTIVATED... you think she would be sooooo motivated that she would come down to $210k???? thoughts!!

[tooleman694]

I doubt it, could you go FHA maybe.

[Anonymous]

no, I KNOW that my salary wont get me anything fha..

smh... I am gonna try it anyway... its a long sob story... the realtor was born and raised in the house, the father was the last living relative in the home, the brother took care of the father till his death, and they are DESPERATE to sell... they have already reduced the price close to $45,000. But no one is biting at the property.  I would assume because its an old cape cod, only bathroom in the kitchen, one in basement but poorly situated house.  The brother cant stand to live there anymore its too emotional...

[jules0580]

Hey, its worth a shot, plus the house may not appraise for what they are asking for so you may as well try.

[Anonymous]

I missed out... Not TOO sad as now I know what I am working with loan wise, and can shop for what I want. But thanks for the encouragement.