USDA Underwriting Wait Times...

[hazards280]

Moderators...Please Delete

[hazards280]

Anyone?

[2FixMyCredit]

I personally wouldn't spend a large chunk of money until after you close, there are so many things that could happen from now until then. 

[Hevj1119]

We've got 15K in the bank and my LO won't even let me go buy our $500 car seat, and I'm due with our kid on July 30!  My realtor made it very clear that I have to get my LO permission to purchase anything more than $500, and he's said don't even think about touching savings until after we close for anything.

He told us a horror story of a lady who went out and did exactly what you want to do, and lost the deal because of it.

We have some serious shopping sprees planned for the day after close   You too can wait just a bit longer, I promise

[hazards280]

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[206captain]

I believe it's only a big deal if your reserves are a condition of the closing, or are earmarked to pay downpayment or closing costs.  I asked early on and was told I just need to make sure I have funds available needed to close.  You can certainly check with your LO to be safe, but I wouldn't worry about spending money if you can afford to.  It's better than using credit cards and risking them reporting a higher balance and lowering your FICO before closing!

[hazards280]

Understandable. I only had to have $1600 at closing as most of the closing cost was paid by the seller.

I can put the amount back up to or above what it was when the file was reviewed by the lenders underwriters but it will have a withdrawal and deposits in doing so. The USDA has a long wait time in Michigan do I'm waiting the best I can.

[Genkeim]

Just found out today we've cleared UW and will be going to USDA by tomorrow!! In Indiana there's a 28 day wait. We're allowed 1 rate lock extension and we've used it. With that 28 day wait we're going to be cutting it close!

[Hevj1119]

I think our situation is a bit different because if for some reason we can't go USDA, we will have to go FHA. So there's 7.5k we need in reserves. Also the LO said we need to show that we COULD cover closing costs even though the seller agreed to pay so there's another 8.5k...

Depending on where you are in your process though I'm sure it'll be okay. $750 is different than 4k, and as PP said - better cash than on credit and risk a FICO drop.