USDA Loan question

Anonymous · ‎07-10-2015

My husband and I would like to start the process for USDA Guaranteed Loan possibly next weekend. On average, how long does it take to get an approval letter so I can start looking at houses more seriously? I actually already saw a house that just got on the market yesterday. I would love to call the realitor to schedule an appointment to go tour the home but I don't want to set up tat appointment till I have an official letter from loan officer.

Anonymous · ‎07-17-2015

Hi there!

I was able to provide my lender with my financial stuff (paystubs bank statements, 2 years of W2s and Tax returns) in one day. He then ran credit reports - my median credit score was 656 (scores were 666, 656 and 648). Income level is 80K and my DTI ratio was good. (It was 28%) I got a pre-approval letter that same day for a home up to 250K.

I picked a home, made an offer and we're just waiting for appraisal to come back!

Anonymous · ‎07-19-2015

That's awesome! I called a lender and got everything done over the telehpone. She called me back within a few hours with the amount approved for. I said, what is the next step? She replied, "You go shopping". I contacted a realtor and that same day went to see a houese. Anywho, we made an offer on the first home and didn't get it. A few days later, we saw another home. We toured it and put in an offer. We found out the next day it was accepted. My option period started yesterday. I have emailed her all the docs required. The inspection is scheduled for Wednesday 7/22/15. I guess we will be in the same boat with USDA loan. We will see what our time lines look like.. hopefully everything will go well for the both of us.

Anonymous · ‎08-20-2015

Hi!

I just wanted to give an update on my loan - I closed on my home on 8/7 and have moved in!! My lender helped keep the process from being overly stressful for me. Our appraisal came back on 7/24. The lender sent my file to underwriting immediately and it was approved by them on 7/28. The USDA approved on 8/3.

Hope your process is just as smooth.

babbles · ‎08-21-2015

That's great! Who lender did you use?? My tenant is looking to buy my home possibly but WF has given her the run around. She is rebuilidng her credit and has scores between 650-700. DIR Should be low also. Thanks.