03-15-2013 08:18 AM
Here is the automated email I was given by the USDA in Washington:
Applications: Between February 19th and 27th.
Applications are assigned to numerous processors. The time needed to complete any given application will vary depending on the complexity of the transaction and the number of applications in process at any one time.
Closings /Requests for Loan Note Guarantee (LNG): February 6th.
My question is which are we, are we applicants or closing requests? It would make sense that we would be closing since we are in fact trying to close on our home, but I am not sure. My loan officer really doesn't seem to be any help, or doesn't know herself. When I asked her she said we were closing but can't give me any time frame she said we would just have to wait as long as it take to get approved. So I emailed someone in the GRH department and they said they were 3 weeks out? Anyone have any idea? We submitted our paperwork 2-27!
03-15-2013 10:39 AM - edited 03-15-2013 10:40 AM
What are post closing documents? We are supposed to be closing on our house 3/28. We used a preferred lending so I am just finding it silly the my loan officer would not be able to get us a time frame and she said we are the closing. Maybe she is new at this and others in the bank have done more of these types of loans. Who knows, I just hope everything goes smoothly and we close soon I just want to be in our new house.
03-15-2013 10:51 AM
USDA does whats called a post closing request for gureentee loans, and they do origination. You loan is pending origination, I also went with the preferred lender and i do not have a closing date either. They cant give you a closing date until USDA approves the loan. Once again did teh lenders UW give you a conditional approval????
03-15-2013 10:57 AM
Our lender said we were all approved and passed though GUS without any problems. Our real estate agent made our closing for 3/28 which our LO had said would not be a problem. Initially she had said we would most likely hear back with approval from the USDA 3/19 and could close by 3/25 but now I can't get a straight answer out of her. She told me we were the Closing/ LNG and would be 6 weeks out, but again someone at the USDA office in Washington told me they are only 3 weeks out. It is starting me make me a little frustrated that she should know this stuff but instead I am left to troll the internet looking for answers.
03-15-2013 05:26 PM
Ok. I understand what were your conditions of approval you should have received a letter stating your mortgage was approved and had a list of condition attached. If you got that letter the only thing you can do to ruin your chances is to do soemthign stupid like buy a car. Other then that i would celebrate.
03-16-2013 07:02 AM
We have not received any letters from the bank, everything has been done electronically. We have good faith estimates and loan disclosure statements, but nothing saying we have any conditions. When we were preapproved in November our LO had told us we would need to have an inspection, appraisal and septic inspection and of course live in a rural area defined by the USDA to get the loan could those be the conditions? What typically are conditions? I am not worried about the loan going though I am just wondering if there is any chance we are going to close by our current close date, 3/28, or if we are going to need to ask for an extension.
I asked my loan officer for a time frame on Thursday and she said she didn't know and we might want to ask for an extension just in case. Not much help.
03-17-2013 09:09 PM
03-18-2013 12:13 PM
Will do. Just got an update from my LO that says Closings /Requests for Loan Note Guarantee (LNG): February 6th.
I really wish they made this easier to understand. I have had several email conversations with people in the guarenteed loan division at the usda and they all seem to say they are 3 weeks behind and that our loan would be under applicatants and then to refer to my LO who says we are closing requests, super frustrating. I guess if we go with Feb 6 we are now 3 weeks out for a total time of 6 weeks since application was submitted.
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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.