09-28-2010 01:11 PM
I'm looking for feedback on the USDA Direct Loan process. I submitted an application a month ago and 3 days later received a letter stating that I was chosen for further processing and they asked for a few more items of information (more bank statements, money for the credit check, etc). I sent the information to them the following week (9/3) and haven't heard a word back from them. Does anyone know how long this typically takes? I'm starting to go crazy! I rush home every day to check the mail but there's never anything there!! I hear that it varies from state to state...I am in Massachusetts.
Thanks for any replies,
10-19-2010 07:50 AM
I got word that we've been approved but I've been waiting for the letter in the mail stating how much we're approved for. If anyone who has experience with USDA Direct loans could let me know how the process worked for them I would greatly appreciate it. Any pointers?? How long did the whole process take? Any feedback at all would be awesome!!
10-19-2010 08:12 AM
This USDA Direct loan process is about killing me - I'm in the same boat as you. We submitted our initial loan application on August 26th. I sent with about an inch thick worth of documents with my loan application knowing that they would need this information later down the road. On September 2nd, we received a letter saying we had been pre-qualified, but they needed one of my children's social security number and the credit report fee. I didn't send these documents off until around September 10th. I didn't hear a word back, but I noticed the check for the credit report fee cleared my bank account on September 14th. We waited... waited... and finally received a letter requesting my husband's signature for his student loans so they could receive additional information about his loans on October 1st, and we faxed that back on October 4th. I spoke with my loan officer (who has been incredibly helpful throughout this entire process despite it being a slow process, I must say) on October 7th about the status of the loan, and she said they were still waiting on information about the student loans. I can't tell if this is a good sign or a bad sign!
10-19-2010 11:34 AM
I feel your pain!! So many emotions going on...excited, nervous, anxious!!! From the sounds of it we both sent our paperwork in at the same time. What state are you in? I was told almost 2 weeks ago that my application is in the final stages and they were just figuring out how much I qualify for. They said I would have news in a week but still nothing. I rush home everyday to check the mail only to be let down. Maybe today will be the day (I say that everyday)!! I hope the rest of the process goes smoothly for you...keep me posted!
10-19-2010 12:53 PM
I'm in north eastern ND. When I sent in my paperwork, the loan officer at USDA said she received 8 other applications on the same day. She said that never happens, and they are usually not very busy and the process doesn't take nearly this long! At this point, my husband and I are so anxious, I'm usually waiting at the mailbox for the mailman! I am still unsure if we've been completely approved, so I will be crushed if I get a letter of denial, especially after this much anticipation.
10-27-2010 06:59 PM
I just wanted to update and say that I did receive my eligibility letter, and I'm approved! After no word from USDA for so many weeks, I called them and I was told my loan was "in limbo" because my husband's student loan company wasn't giving them the documents they needed. I called the student loan company, and it was an error on USDA's part, but I had the document faxed to them that very same day. I received my eligibility letter today - 2 weeks earlier than what I was told - and we made our offer this afternoon. So exciting! Hope you're having the same luck!
We've made it through the first hurdle, now we need our offer accepted, the house inspected, USDA's assessment, appraisal, underwriting... oi!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.