Mortgage Loans

[Antiques]

Blacky77.... Hi yes we did finally did get funded. We applied in Feb of 2011 and finally got funded in Oct of 2011 and by the graces of God finally closed on our house in Jan of 2012. It was a roller coaster ride but well worth it. I'm not sure what you are talking about being the 19th nation wide because for me it was done by state. So when funds were allocated to our sate then whoever had their application in was first in line. And it is done by low and middle income. When we first applied there were little to no funds available and we were told that we wouldn't be funded until the funds were allocated by the government. So months and months went by and we got that phone call we so patiently waited for. They told us to move quickly and find a house fast that the money would be gone soon. So we found a house that weekend put a contract on it and waited. Then once it was all said and done the lender ( USDA had to wait for our funds. Then it was closing time. But if the funds are not there you could be waiting months. And if you already have a house and ware waiting to close your funding will come first before anyone elses applications get pulled. It is so worth the wait and it is very stressful but if you are in a situation that you can wait it out then do so. If you havent taken your first time home owners work shop class do it now you have to have it to close.!!! Gosh there is so much I could tell you about this. If you have any more questions please ask. I will try to answer any questions you may have or find you an answer. I hope this helps and good luck to you.

[Hammer23]

Any chance to go Guarenteed in your situation? Then you dont have to wait for funding.

[blacky77]

Thanks for the helpful input!  The way I was told by our local field office is that when funds are low appications go from local to state then to a national pool where all states throw what they have available into the pot.  Then loans are funded from that pool by number, hence our being # 19.  We cannot go guaranteed because of a credit glitch.  Since guaranteed loans go through a lender, no lender would work with us so the direct loan is the only 1 we can get.

[Antiques]

Ok, yes I understand now what you are talking about 19th in line..once everyone that has applied that is under contract or ready to close gets their funds then each state that has any left over funds goes into a big pool and then whoever is left will then get funded until they run out of funds..like I said with us we waited months for our funding to become available. We never thought it was going to happen but we got funded as soon as the goverment released the money for the fiscal yr of 2012..so in 2 months the new fiscal yr of 2013 will start and money should be allocated then. So don't give up and call every now and then to see if your application has been pulled..good luck to you

[Kg1977]

Antiques, if you don't mind me asking, how much did you have to bring to closing and how much all together did you spend on inspections, etc? I'm going thru the process right now and I will be getting my "certificate of "eligabilty by the end week. Which I was told was my " green light" to sign a contract.

[Antiques]

Kg1977,
Well first it all depends on what the closing cost are and how much you are asking the seller or for us the bank since we bought a foreclosure to give to you. I think our total closing cost were about 6,000 and the seller gave us what we asked for and that was 4,000 and then some where along the line another 1,500.00 got knocked off so we only had to bring about 500.00 to closing. Now if you ask the seller to pay all of your closing and they agree then you bring nothing. As for inspection call around they range between
300.00/ 500.00. Then you also have to get the termite inspection which is between 75.00/ 200.00 and then if you are buying a house with a well you will have to get the well inspection. Try to buy a move in ready house that way you won't have to worry to much with things going wrong with the inspection. They will make you fix everything that is wrong before you can close. So with all inspections let's say about 400.00 and then an extra 200.00 to fix the problems. Then it was smooth sailing from there and we closed about a week later. Good luck to you it is by far the best thing that ever happened for us !!