USDA Mortgage Loan

[Genkeim]

I'm in Indiana. USDA sends a notification each morning to our lender stating what day they're processing. The notice for yesterday 7/10 said they were processing files submitted on 6/12. So that's 28 days back. I wish it was quicker, we're going to be right up on our rate lock expiring so if USDA has any questions/conditions we're screwed.

[cocomadd]

This all sounds so stressful.  I haven't submitted yet to USDA, pending some quick fixes on credit report and on the fence of which lender to go with.  I'm feeling a bit stressed because house will be ready for move-in on October and I am still not sure of how to go about the whole process.  USDA rates here have gone up to 4.75% (North Carolina), FHA has lower rates and not too much hassle, but the life of the loan MI is not appealing to me either.

[Currie30]

It is stressful. Especially when you don't have a good loan officer. I would suggest doing some research on different lenders. You are going to need a good loan officer. Mines sucks! Fha and usda require MI for the life of the loan. Something new they both have started. I would say go ahead and start the process. I had to fix my credit too. Had 2 rapid rescores done and a late removed and it raised my score 30+ points. A good lender will tell you what you can do. So go ahead and start the process because regardless of what your score is on here, they still go by the mid score. At least see where you stand.

[Currie30]

Update- I received my appraisal report in my email. House appraised for more than what I am paying for it- yaaayyy! I'm am currently in underwriting. Expecting to go to USDA no later than Monday per my lender. I'm so excited. Hopefully I will be closing in August. USDA here in Tennessee is abt 16 business days behind. So excited!!

[swtneka]

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@Currie30 wrote:
Update- I received my appraisal report in my email. House appraised for more than what I am paying for it- yaaayyy! I'm am currently in underwriting. Expecting to go to USDA no later than Monday per my lender. I'm so excited. Hopefully I will be closing in August. USDA here in Tennessee is abt 16 business days behind. So excited!!

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YaY!

[cocomadd]

Awesome for you!  I hope and pray all will go smoothly for you here on end!!  I bet it's super exciting!!!!  Thanks for the advice.  I am caontacting the LO tomorrow and hope he doesn't give me the run around...if so I will go with someone else!

Best!

[Currie30]

thanks for the good vibes!!

[Currie30]

Thanks coco! come back and give us an update!

[Currie30]

Update: my my file is out of underwriting. I'm approved with 2 conditions. They need my husbands 2011 tax return and a profit and loss year to date statement. He owns his own business so I typed a profit and loss statement myself. This should be sufficient right? And also, he didnt work so he doesn't have a 2011 tax return. So they wanted a written statement from him saying he did not work. He is not on the loan with me. They just still need to document his income. I should be fine right?

[Currie30]

Update: my file went to USDA today! Yaaayyyyy!!! I'm so excited!