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Good luck! I hope it goes well for you. We submitted our package in August, got approved in October, made an offer in November, and now we're probably going to close in February. It has been tough! I hope it works out, but it still might not because we have to amend the closing later because USDA took so long to do everything on their part and now the sellers are angry and so they might pull out.
Getting a home in a different county shouldn't be a problem as long as you tell your agent/USDA worker that and find out if you can afford that particular house. I really and truly pray that your process goes much more smoothly and easier than ours!
I had previously posted but I wanted to start a new post with a clear timeline.
It is March 30th and we submitted our application 5 weeks ago. Since that time we have submitted many documents...some of them several times. At first it appeared that out loan officer wanted to help us but now we are not so sure. We are self employed and have high mileage so that takes 26k off our income leaving us with 15k or so a year.
we take actual mileage rather than straight line depreciation. The USDA guidebook allows for depreciation but only mentions straight lone depreciation. There is however a simple formula to calculate depreciation from mileage as allowed by the IRS. We were told by our local and state office that the depreciation rate for mileage cannot be added back to income. However, at the Washington D.C. office we were told by a senior loan specialist that it could be added back. A follow up phone call from the state office confirmed the notion that it cannot be added back.... Then I found the paragraph which relates that any cash withdrawals from the business must be added back to income....that too was dismissed. so far.....all in all it seems that the USDA either has no clue how to handle the self employed ....or that they have a culture of discrimination against the self employed. If we are denied or approved for an amount so low as to not afford anything other than a grass hut .... I will call...appeal....write....email.... relentlessly until someone realizes that there has to be an organized game plan to address the self employed applicant.
oh and after the phone call to the national office ...our loan officer was extremely polite but short with us.
today... March 30th ...once again we faxed in documentation....some new...and some we have already sent. I will keep posting updates.
Also if there are any other self employed applicants out there who wish to chat please let me know.
Does the USDA verify income again like when napplying for the loan or just employment at closing? Since they already know income, i know most banks just call to make sure you are still employed so i was just curious if this wil be something to make sure my HR is on top of getting done for e?
They check at application phase and right before closing.