Mortgage Loans

[dehabel]

Has anyone gotten approval for USDA guaranteed loan through GUS?  If so, what was the underwriting process like?

[Tpelc23]

I was it was fine they did not ask for anything. Just took 20 business days.

[dehabel]

Business days or calendar days and what state are you in?  Thanks for the reply.

[Hammer23]

I am on day 28 of waiting (calander days). They should be reviewing the file today!

I also recieved an "Accept/Elligible" from GUS. I will let you know how it goes when I hear back from them today.

[rhiannasilel]

I'm waiting for GUS now.  My loan just went to the USDA yesterday and I'm due to close on 7/20.  My LO said that Maryland was pretty fast so I'm crossing my fingers.  Do you happen to know if GUS uses the middle score?  If so, then I should get GUS approval, but my lowest score is 631 on the report that they ran so I may have to get kicked over to manual underwriting, which I'm sure takes longer.

[dehabel]

My loan officer used my middle score.  Did you do GUS with USDA or the lender?  My loan guy did the GUS thing then it has to go to their UW then USDA.  I wish you luck.

[dehabel]

How long did the UW with the lender take before you went to USDA and did they ask for any additional info.  Also, where are you located?

[Hammer23]

My turntime with my lender was about 10 days. They did the GUS Approval themselves.

The turn time at USDA is 28 days and counting... I live in OH

They sent my file to the USDA the same day all of my conditions where cleared.

[Hammer23]

GUS uses the middle score if all 3 are avaliable or the lower score if only 2 are avaliable.

[rhiannasilel]

That's a relief!  I'm not really sure how they're doing it.  My LO had me clear all of the conditions from the UW, first before they sent it to the USDA.  I'm guessing that as long as the USDA doesn't find any problems it should be good to go since the UW already signed off on the loan, but I may be wrong about that.  Good luck to you, too!