USDA isn't running out of funds as quickly as they thought

[conjur]

Me, too!

Lease ends June 26. Tax credit deadline is June 30.

I just want a closing date and start moving in!

[Anonymous]

This is an e-mail straight from the horses mouth.

Here is the absolute latest update from North Carolina regarding USDA funds.  Based on this USDA in North Carolina is still not underwriting UNTIL they hear from the National office. 

---

From: xxxxxxxxx@usda.gov
Sent: Tuesday, June 01, 2010 10:42 AM
To: xxxxxxxxxx
Subject: RE: USDA update

The comment we have received from our State Office is “ The NC State office is seeking additional guidance from the National Office prior to distribution of further instructions to us in the field”.

[Anonymous]

OK. I just found out through USDA in Washington that my lender (BOA) is NOT doing USDA loans until the bill is final. News to me, as I have sat and waited all these weeks for BOA to process my loan. I need to find a lender that will process and close the loan. I got a few names off this list, but I would appreciate any lenders out there who can process and CLOSE a USDA loan based on the USDA's issuance of conditional commitments. THANKS!!!!!!

[Anonymous]

Hey mike call my lo her name is [edited!] she has been very professional and has had all the answers. We have been dealing with a shortsale for over 4 months and she has kept us positive the whole time. I have sent emails at 8 on a Sunday night thinking she will get them Monday morning and I get a call a few minutes later with answers. Call or email and see what she can do for you. She is located in Everett at metropolitan mortgage they have a+++ better business rating. I am absolutely pleased with the service I have gotten

[Posting of personal information, including full names, email addresses, and telephone numbers is not permitted on the FICO Forums.]

[Anonymous]

Thanks!! I just left her a message. How about ENG Lending. Has anyone worked with that group? I am finding that many brokers/lenders have no idea what has been going on with USDA and are not up to speed with the May26th statement and current activity with 4899.

[Anonymous]

Ok so now I know that my file is not at the Usda office as my LO had me think. Its still in underwriting and now I'm being asked for all this paper work Again,ugh.

Does anyone know how long underwriting normally takes? I feel like I've in been in UW for about 2 or 3 weeks! How much longer could it take!

[Anonymous]

Thanks all!! Finally found a lender to process (and close) my USDA loan after discovering that BOA was NO LONGER processing these loans (no, the lender did not tell me this but kept stringing me along hoping BOA would change its position). I hear that USDA should only take a day or two once it gets the loan, so closing on June 30th may actually happen.

[Anonymous]

Just got a called from my LO, my file was sent to USDA on 5/20/10, got committement on yesterday.  I am in NC. So maybe USDA does have some funding left.

[conjur]

You should have gotten a Conditional Commitment and your lender is apparently willing to close on a Conditional Commitment.

My app originally hit my local USDA office (FL) on May 17 (after funds ran out).  Updated docs should have arrived on June 3 and I'm still waiting for the Conditional Commitment.

[Anonymous]

I haven't received anything from USDA.  I will call them to see if they are issuing a conditional commitment....