Hey guys it’s been a good while but I had something’s to take care of since my last post.
I thought it was very cool of my fellow USDA home loan folks to post here; the stories really helped me make my decision to do the same so here’s where I am.
10/03 contacted L/O
10/05 Pulled Credit Reports
10/11 informed I was USDA Qualified
Started looking at homes in the qualified areas
10/26 made first offer on a home – offer countered
10/28 final offer accepted
11/03 scheduled appraisal and home inspection
11/14 appraised above asking price
11/16 home inspection completed (minor fixes nothing major)
11/19 finished up app for underwriters via L/O
11/20 Send app to USDA for final word
11/23 word from underwriter (need a couple letters of ex) sent them to L/O
11/27 Underwriter is complete and ready (just waiting on USDA)
Now I wait…. And wait Loll (tentative closing on 12/20) hopefully.
I will keep you posted.
Soooooo found out today that the Underwriters didn't send the pkg in to USDA as planned .... have to be out by the end of the month and no word yet on a closing date...
Oh well... now we wait.... and hopefully good news tomorrow or Monday.
12/21 Got the conditional commitment from USDA today 'YES'!
So it should be any day now for the final Clear. I'll keep you all posted... Hopefully we'll be in before the New Year since Under Writing is already good.
12/24 Those wonderful three words.... Clear To Close!
12/27 Closed on my new home!!! USDA is one heck of a program 'two speeds' slow and slower but overall Its an exciting and worth while experience. Locked in a super rate and learned a lot in the process.
Now I'm looking forward to hearing more closings!
Thanks so much,
leppy2 yes it feels GREAT Loll its been a situation let me tell you! The hard part is not waiting but 'not knowing' WHEN USDA is going to be finished with your file. USDA has been about 30 days behind so it took about a month for them to clear us with the conditional commitment.
Our app went to the Underwriters as the same time it went to USDA so we were cleared by underwriting before USDA even finished. So its just up to everyone getting together in the same room with documents and pens agents etc. Loll and I'm ready!!!! Hopefully I will have some closing news for you soon.
It went smoothly! In and out within an hour and some change - the USDA program is really a very sweet way to go 'especially with rates as low as they are now'.