Hello My Forum Friends,
I am new to posting, but have read quite a bit of material and was wondering if I can get any further assistance...
So I am in New York and have just applied to get a usda direct loan and I did my prequal on 12/01/15 called the office on 12/03/2015 after receiving a soft pull on my equifax and my LO told me everything looked pretty good, no baddies on my report, judgements etc he said my income looked good for a fam of 4 and that my payment history is strong but that my score showed a 624 which is about 16 pts below what they usually want but said he would mail me an application so I could proceed anyways because everything else seemed to be fine. It took quite a while for me to receive it idk if it was because of the holiday or what but I had to call back and ask that he email it instead. I received it got all my payment and paperwork together (an excessive amount lol) and then mail it out on 01/06/16 and got confirmation from the office they received it on 01/08/2016, I was kind of nervous that something was wrong or missing off the application but 2 days ago I got an alert for my hard pulls for each credit bureau. So I hope everything is peachy, I shot my LO an email asking what kind of turnaround time I can expect to be looking at but got no response... Eh, hes a pretty nice guy and has been very helpful and I know its very early so I dont feel too bad about that. But me being me I did call the state office to ask some specific details about the turn around time.
The very nice gentlemen I spoke with told me there are only 4 UW that handle direct loans for the entire state so I was probably looking at a minimum wait of 60, possibly 90 days before I know anything...?? and then says I will PROBABLY hear something back in 2 - 3 weeks... which is quite confusing not sure exactly sure what I'd hear back in the 2 - 3 weeks. Does any one knowhow long the cert of eligibility letter takes? which is what I hope he is referring to, so atleast I know... the statement about 60 - 90 day wait is really throwing me off a bit tho.... I am already nervous because of his statement about my 16 pts below credit expectations and I really am looking to move as soon as possible so I was hoping for it to be a lil faster than that but I guess I have to be as patient as possible now.
I couldn't believe he said 4 UW's though, sheesh! I'm totally thrown now, PLEASE tell me someone here has experience with this or NY USDA and if he was exaggerating or not? I will sit rocking and reading all these lovely USDA stories (which most seemed to move pretty fast in a lot of ppls timelines) and just pray I get approved.
