USDA Direct Loan Question

[ejshort79]

I applied for a USDA Direct Loan about a month ago. At the time, I was just under the maximum income to still be eligible for the loan. Everything looked great (bank accounts, credit, etc.) and the agent said I should have no problem and should have my Certificate of Eligibility in approximately 30 days. Since then we have been working on getting some former employers to respond in a timely manner, and have had success with that now. The problem is that since we applied, my job notified me that I was being downsized. I started looking for a new job and was just offered and accepted a new position. The new position is great, but the income is more than I was making and would put me over the limit. We should be receiving the Certificate of Eligibility in the next week or two. I'm afraid that if we go through the process of making an offer on a home and get to closing, this change in employment/income will come up and ruin the entire thing for us. Does it just matter what our situation is when we applied, or would a change in income/employer make us ineligible at closing (is that something they check up on after the initial application)? 

[BrianB_The_Loan_Professor]

It matters what the situation is when you close the loan - this is true for every program - in fact, expect a last second verification of employment from them to make sure you are still with the employer you were with when you started -

Contact them now - give them the info and hear what can and cant be done from those that make the calls

it will take all of the stress out of this - worst case you go guaranteed instead of direct - 

Good Luck

Brian

[ivillarreal39]

Sorry but I'm in a similar situation and I just obtain the eligibility certificate and just this week I also got a job promotion and now I'm worry also that I won't qualify !, so stress ful I apply since last year but funding we're not there and now that I qualify this happens wow!  I don't think it's fair because I was already approve :-(. what happens if I get denied ? Do they offer other programs ?  Thanks again