USDA Direct Loan Eligibility Summary Letter

[MeeMeesStar]

Hello,

We just received a letter from the USDA direct loan office here in New Hampshire,  and are a little confused as to what it means.  The offices were closed when we got this letter so we have to wait until Monday to call and ask about it.  In the meantime I'm hoping that someone here has had a similar situation.   I'll include  part of the letter and will leave out the equal opportunity stuff..    The letter is in bold.

The rural housing application that you submitted to Rural Development on 10/20/11 remains active.

However, resources are currently unavailable to consider your loan request at this time.  The approximate waiting period is undetermined at this time.   We will keep you informed of the funding situation.   I am also enclosing a brochure on the Guaranteed Program which you may fit into depending on the loan amount that your are trying to obtain.   

There wasn't a brochure enclosed about the Guaranteed Program, but we're okay with that.   Attached to the letter was a form to fill out and send back in order to keep the application active for the direct loan.   We mailed that back today.   Also enclosed were two pages stapled together.  The first page is the  Eligibility Summary.   That shows name, address, age, annual income information, repayment income amounts,  ratios, etc.   The second page is called  Program Eligibility Determinations *to be completed by loan approval official or processor 

A list of questions follow and checked off yes or no.      Below that is ..... I certify that all waivers granted in this transaction are documented and all requirements have been met in accordance with 7 CFR part 3550.   Verified by_____________ date______   Both were left blank.

It continues with Eligible for 502 Loan which was checked off....the county, participating lenders ( Rural Housing Service was listed), per cent of loan,  Term(yrs),  loan amount of $183,000,  and monthly payment amount.  

We're hopeful this all points in the right direction even though there wasn't a Certificate of Eligibility included.   It makes it difficult to get really excited about this actually happening until we talk to them on Monday, but I'm so hoping that someone here has had the same experience and could shed some light on what this all means.   Thanks so much for taking the time to read all this and for any help you can offer.    

[Murray12]

I am interested to know what you find out.

I am in the process of applying.  I have been told that the Guaranteed program has been funded, but the direct program has not been funded.  I have been told this by my specialist at the USDA. 

So I am thinking that even though the legislation has passed, the funding has not made its way through the pipeline yet?

[Anonymous]

I was told today USDA garunteed have been approved for funding in the new year this was a direct lender and he said he has had no problems closing them.

[MeeMeesStar]

Hi all......hope everyone had a happy New Year!!

Sorry I've been so long in getting back here but  holidays and all that kept me away.  

We received the Eligibility Summary in place of the Certificate of Eligibility only because there isn't any funding yet.    I was told that once the funding becomes available then the Certificate of Eligibility will be sent out.   That made me feel  so relieved.    My hope is that it happens sooner than later so that they won't have to do another credit check.   The first credit check was done Oct 28 2011 ...around that time frame.

I'm in New Hampshire and the woman I spoke with said in the 14 years she's worked there this is the first time they ever encountered having to wait for funding.   Ah well....all in good time and I hope soon.

 Good luck to everyone going through this process with the USDA Direct home loan.   Can't wait to be in my own house again!