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I live in NC and my file went to USDA April 19 - Asheboro office. My LO was told by the underwriter that they will not be abl to look at my file until early to mid next week. They said they have never been backed up this far but then again the demand for USDA loans is higher than it has ever been around here.
If you want to subscribe to USDA notices so that you can find out what's going on and get those emails/memos that the lenders receive, go to:
http://www.rdlist.sc.egov.usda.gov and enter your email address and click on the appropriate e-mail list(s) to which you wish to subscribe and then click on the "Subscribe" button.
They will send you the memos that Shane has kindly been posting for us. I received that notice today at around 3:00 p.m. EST.
Take care.
Hi Shane-
I have a question. We have been approved (according to my LO) Our file has been to UW and all USDA is waiting for is my 1st paystub for my new job. I will get this paystub next Thursday. My new employer filled out the employment verification. The appraisal has come back fine and all other documentation has been submitted, reviewed and approved. Our we at risk for there to be no funding for USDA? We live in Wisconsin, if that makes a difference. We don't currently have a closing date, due to waiting for my check stub. I'm starting to get worried!
It is my impression that if it has been to USDA and approved (even with conditions) that your funding is guaranteed (provided you meet those within a reasonable amount of time).
Shane - thanks for your response. Regarding the review time of 48-72 hours for California: this is good news because our loan is going to USDA today. I did however find that USDA has stated in California current "process" time is 8-10 business days. See this link: http://www.rurdev.usda.gov/ca/sfh/grh%20index.htm
Is "process" time different from "review" time..or is it the same thing? If our file goes to USDA today and they typically review and "freeze" our funds 48-72 hours - we are good, but 8-10 business days, not looking so good! Our underwritter also stated it should just take a "couple days", but when I found the 8-10 business days statement on USDA's website, got pretty worried.
Will you please clarify? Thanks.
@Anonymous wrote:Shane - thanks for your response. Regarding the review time of 48-72 hours for California: this is good news because our loan is going to USDA today. I did however find that USDA has stated in California current "process" time is 8-10 business days. See this link: http://www.rurdev.usda.gov/ca/sfh/grh%20index.htm
Is "process" time different from "review" time..or is it the same thing? If our file goes to USDA today and they typically review and "freeze" our funds 48-72 hours - we are good, but 8-10 business days, not looking so good! Our underwritter also stated it should just take a "couple days", but when I found the 8-10 business days statement on USDA's website, got pretty worried.
Will you please clarify? Thanks.
I am not Shane, and this is not expert advice by any means - but I think the 8-10 days statement is a CYA type thing. You know, kind of like when credit card companies tell you to wait 7-10 days for your response in the mail. MAILING it doens't take that long, but they tell you that so that you don't get mad after 3 days. IMO
The coordinators I've spoken with have all quoted 48-72 hours as recently as a couple weeks back, however I didn't know that all California offices took last week off. Makes sense they'd be a little behind at this point. Salinas is the office I normally correspond with. Cruthis is right, once it's been reviewed and the conditional commitment issued, it holds the funds for 60 days (at least) from that date.
Shane, we are trying to get a USDA loan currently. Our ratios are a bit off though. they are 37:37. do you think they would qualify us at these ratios? my husband and I both have over 700 credit scores?
any recent updates on the money with USDA running out?
As of the 29th there was $900 million left, so at this rate, looks like May 11th may be the last day they'd have funds available. HR 5017 has passed the House and is on to the Senate, so there is still time for it to be passed by the time the current funds deplete. If the current funds deplete, but HR 5017 has passed/just hasn't been implemented (I have a feeling there will be a few day lag time), we may see USDA issue their conditional commitments "subject to funds" (how they normally have done it in the past when funding was dwindling) and then lenders will start the USDA program up again.
With debt ratios over 29/41% USDA needs a debt ratio waiver, however if you have a 660 score then no debt ratio waiver is needed and you just typically need a GUS approval. With 700 scores I've seen people get approved with a housing ratio up to 39%, so 37% is pushing it, but should still be possible.
Thanks Shane, we have a loan commitment date of Friday, and the underwriter is looking at info today, and hope to get it to USDA in morning. ANy chance you think we will have a commitment letter by Friday? We have already gotten a week extension from last week, and I am not sure the sellers will give us another week come Friday.
I do have a mortgage with the USDA and does anyone know why they only report to Transunion and Innovis? Is there a way to get them to report to ex and eq also?