Reply
Regular Contributor
Posts: 144
Registered: ‎09-25-2007
0

Re: USDA RD loan approval and timeframe

be careful, new fha guidelines as of April 5,2010 limits the amount of seller contribution closing costs to 3% which might spoil your plan so you better pick an option quick if so.

New Visitor
Posts: 3
Registered: ‎03-28-2010
0

Re: USDA RD loan approval and timeframe

That's not so bad.  We found our house in the beginning of November.  Our original close date was December 21st.  It's a short sale so we knew that wasn't going to happen.  The next closing date we has was February 4th.  Then they finally accepted our offer and out close date was March 11th.  Then a lien showed up on the title search and we weren't getting the house at all so we were scrambling to find other options.  Then they resolved the lien and our closing date was April 1st.  And here we are now, 2 days from closing and the lender said she should be getting the appraisal papers tonight and will submit them to UW tomorrow.

 

We talked to her today and she gave answers and didn't contradict herself in the next sentence so I'm feeling a little better.  She said the UW will take 2-3 business days (longer if we have to pay off our car, but only as long as we make it).  Then it gets sent to the local USDA office and their current turn around time is 15 business days.  She stressed *business* days... so we're looking at 3-4 weeks total.  That puts us at the last week of April... so she said on or before April 29th.  We'll probably extend till May 3rd so that we don't have to make our first payment till July 1st.  2 and a half months rent free will make all this waiting seem worth it, considering the month-to-month charge we've been paying to this awful apartment makes rent the same price as our mortgage (with taxes and insurance included!) and living with my uncle for the last bit of April will give us some wriggle room if there's another *short* delay.

 

But for this house?  As long as nothing epic happens, the whole experience will be totally worth it.  The seller paid 44% more for the house 3 years ago than we are getting it for - that's almost *double*!!

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.