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I did the USDA Guaranteed with a MB the application process was quick and simple. I tried the USDA Direct with the local office in Alabama and they sent me the longest application that I had to fill in the blanks. I dont know it it is similar in other states but Congrautlations.
I am in the process of one now... I get direct/guaranteed mixed up. So I wont even guess, but I am in NY and called my local office, they sent me some pre qualification jargon, and then a letter in the mail. An application in the mail, and a request for documents. I returned all the info 5/24/2012, got a letter 05/28/2012 advising me that my documents have been received in Syracuse (where the UW's are). Today 06/05/2012, I received salary verification at my job. That's about it this far.
Waiting is the hardest part! ugggghhh!! lease on current apartment is up on :::cue the scary music::: 08/15/2012 :0/
Depends, direct goes through the USDA office and guranteed is through a broker or bank. We actually applied for both types of loans since we were trying to deicde which state to live in and in one we qualified for direct, and in the other we were qualified for guaranteed.
If it's the guaranteed loan, I'd just go ahead and go directly through the broker. Other than a stamp of approval, the USDA really isn't overly involved in the process of that loan program. It's all through traditional channels.
I would play with the income and property links on the USDA webpage to see what loan you qualify for. We are in the process of doing a USDA loan guaranteed and it was sent to USDA today. If you are doing direct in September they maybe out of funds or the process may take longer as that is year for them. If you need a broker in FL I would be happy to pass along mine.
USDA in Central FL currently has a 15 turnaround time for reviewing loan applications for guaranteed.
USDA doe not have min. socre requirement lenders do though. My broker can work with a Mid 620...I will PM you her details.
We have a Tampa area broker and my husband's middle score is a 643. This particular guy lends his own money too...so it's a less complicated process than going through a broker who matches you with a lender. Let me know if you'd like his name.