09-16-2012 07:34 PM
Part of the delay was waiting on funding but the biggest problem was lack of staffing for the state office (Indiana) there are only 1 or 2 people processing applications for the whole state! We got our certificate sometime in June about 7 months from the start of the process. Then the appraisal came in lower then the seller was asking for the house (a NEW build). Ok with us though, but there was a further delay waiting on the builder to resubmit the new selling price. We finally closed on July 9th this year. Our builder was very nice he let us move in, in January and pay rent till we closed.
09-20-2012 10:03 AM
I haven't been back since closing 4/9/12!!
Fixinit2009-is any of that square footage in the basement? She insisted they would not overlook it either-but they would do a verification that I could afford it based on utility bills. I insisted that only living area counted, basements do not (even though some of it was finished). She insisted not. I insisted she double check. I was correct and she wasted 2 weeks of my time. Grrrr...
11-15-2012 09:32 AM
I eventually let that house go. Not because of the 47 square feet but because come to find out the property COULD be divided (at 2.8 acres) and USDA wont allow that.
NOW... I have found a house that falls below program limits in square footage as well as acrage, have had it inspected, and am currently waiting on completion of appraisal that they have ordered, AND signing of contracts.
Can you tell me what happens next?? Any more credit checks or pay verifications?
01-22-2013 10:10 AM
I wish that I could give you some insight as to what to expect, but Im in the same boat. I applied for and direct loan about 2mths ago and Ive submitted every document that was requested of me. I waited about two weeks or so called just to make sure they had everything necessary to complete the app, and was told that there were some ppl ahead of me and they'd call me if they needed anything. The lady I spoke with sounded as though I was a bother to her and I dont want my persuing after the loan to be the determining factor as to if Im approved or not. Aiken,SC
03-08-2013 09:10 AM
Wow. You all should count yourselves lucky with your USDA experience.
I am in Central MA, have been working with the USDA on a Direct Loan since March of 2011, and STILL have not closed on my property and it's now March 2012. I have had NOTHING but problems with the USDA office in Holden with my lovely mortgage representative who refuses to acknowledge or return a single phone call from me and I literally have to call six times a day and hope, by chance, he picks up his line (that you can't dial direclty, because he won't answer).
I submitted my prequalification last March and I did not receive prequalification until May of 2011. By the time I received my prequalification, I was notified I had 30 days to submit all of the information to apply for the Direct Loan. Submitted all information within 3 weeks and was then notified, "sorry, funding is now put on hold" you can be put on a waitlist.
Finally released funding in September, I get a call telling me I should have 'never been approved for prequalification because I have too much monthly debt'. Went over my monthly liabilities with them, and they had multiple student loans listed twice. You'd think they'd realize this when they were going over everything. So fast forward another 3 weeks with me getting copies of every statement from every debt past and current that I had so that they could complare. I get my approval amount just prior to Thanksgiving.
Found a home the end of December. Submitted my offer the beginning of January, which was accepted and have been going back and fourth with the USDA and the attorneys since January. The sellers attorney now won't accept the USDA's letter of approval (with condiitions) post appraisal, because they clearly state that it's not a guarantee of loan funding. The seller's attorney is requiring that the USDA guarantee loan funding, which was supposed to be done by March 2 per the purchase and sales, and still has not been done. Of course, I cannot get a return call from the USDA representative to save my life.
When any of you have gotten this far, how long did it take from the appraisal for them to secure your funding and issue the notice of final approval for funding? The sellers need to replace the septic tank of the home I'm purchasing, which they have agreed to do upon notice of final mortgage approval, in order to sell the home. I agree with them 100% that they do not want to spend $3500 for this repair not knowing if the funding is 100% guaranteed because the notice of funds I received post appraisal states the appraisal amount and clearly notes that it is NOT a final approval.
Also, has anyone out there had the displeasure of dealing with the Holden, MA USDA office? I've already told my real estate agent that I am at my ropes end and if I can't get this straightened out by the initial close date of 3/27 I'm going to explore the option of the USDA Guaranteed Loan directly through a bank. I can't imagine that if you qualify for the Direct Loan you wouldn't qualify for the Guaranteed Loan. I also can't imagine that the process is NEARLY as difficult and frustrating working with a bank as it is with the USDA directly.
I can honestly say, with 100% conviction, I would never do it again through the USDA. It's just not worth the stress and being made to feel like a p.o.s. whenever you call their office and can't get anywhere with your mortgage representative.
03-08-2013 09:59 AM
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