09-27-2012 01:34 PM
My husband and I signed for a loan back in the beginning of August and we have been patiently waiting for everything to be approved and go through. We were told by our LO that we would need to be approved by USDA by the last business day of Sept (tomorrow) in order to not have to wait until November for funding. Now this has turned into a nail biting and anxiety inducing situation and our LO or his assistant will NOT call us back! We have been trying to call since yesterday with no contac.! My husband tried calling our local USDA office and they said they could not advise us that we would need to talk to our LO. So now here we are stuck waiting to hear something. We are currently renting a place that we are not comfortable in and we are so ready to move out and we really do not want to wait another month. We were approved by the underwriter last wednesday 9/19 and it was then sent to USDA. I guess I am just wanting to know if anyone in Florida or who has had a USDA loan has closed recently and how long it took? Also does anyone know if the funding has been approved yet? I guess I just need someone to help assure me and keep me from freaking out!
09-29-2012 01:02 PM
10-01-2012 08:05 AM - edited 10-01-2012 08:12 AM
Hi there! I just came across your comment after doing searches online for USDA turnaround times in FL. We were told by our LO on the 27th that we have been approved; however, we are still waiting from them to inform us if and WHEN our file will be handed over to USDA.
I read some of these comments in which people are having trouble and it is getting me a little nervous. We've been working with our LO since March 1st of this year and have had some moments where we want to switch to someone else. Either he is not "in-tune" when my husband and I ask questions; has mixed our files with other clients (3 times); and usually contradicts himself when we confront him with issues or mistakes he's made! With all that being said, it makes me nervous on how our file is going to be once it is handed over to USDA. Due to his assurance of how our file was coming along, he told us where we stood and that all looked great for us to close on 9/28 the latest 1st week of October. He even told us it was okay to give our notice to our apartment complex which we did and now we have until the 18th of this month to vacate the premises. Luckly we have my in-laws to stay with but for how long? Time is running out! I've read turnaround times as short as 6 busienss days but I've also read some longer than 45 business days! So which one is it??? We're purchasing a home in Osceola County. So does that mean our file is handled in the Gainsville office which could lead to a shorter turnaround time??
This has been some sort of ride I tell you! We were originally building our own home and due to issues (again because of our LO) not being on top of things, we ended up going for another home, same model at least, that buyers back out of their contract. It is still a new constructed home! Luckly the house was up to my liking and with upgrades they were not going include the charges, except give us the house to what our original home price was going for since it was their mistake! With these upgrades we saved at least $6,500!! Anyhow, going back to the USDA topic, I hope to hear back from him sometime today or this week!! I have been a nervous wreck all September and here we are October 1st! Please could you guys keep us posted with your outcome? I will with mine! GOOD LUCK!!
10-02-2012 02:55 PM
Hello great news our file came back from USDA today we are set to close on Thursday 10/4/2012. I too had the worst experience and fired my first lender. The second lender took over in July. I signed the application on July 6. We got the final approval with conditions clearedon 8/31/2012. It was sent to USDA on 8/31/2012 per my loan officer. That following Monday was a holiday so it was with USDA roughly over 20 business days, I had given up because I thought for sure they were giving me the run around. So hang in there I know it can be frustrating but it will all work out. We are in Gainesville, FL
10-03-2012 12:30 PM
Now I'm worried as from what you stated that means you've been waiting for over a month to hear any news. I just found out today that our file has still not been turned over to USDA for underwriting!!! I am furious at how our LO has handled our file.
Since we are knee deep with the whole process, we don't want to back out and try to find another lender. We've been dealing with the purchase of our home since March!! Here we are October 3rd and nothing! Plus, we have until the 18th of this month to vacate our apartment since our LO told us it was okay to do so back in early August! How does a LO say that to a client and not have an actual date of closing set in place?!?! We've been constantly asking for answers to our questions all to no avail.
The happy and excited feeling of purchasing a brand new home is slowly turning into fear and frustration!!!
10-03-2012 12:42 PM
CongratsToyaD! I am still stuck waiting as well.. ugh I could not even imagine waiting since March. I would have done lost it and found a new LO at this point. We signed our contract at the beginning of August and we have been waiting. Our file was sent to USDA exactly two weeks ago and I am dying to hear some news!
10-08-2012 07:20 AM
Any news as of yet?
We've waited this long since we've been back and forth with paperwork and numbers and providing them what was needed, my husband just didn't want to start ALL over again after what we've been going through. So far I've not heard anything from my LO to know if our file has finally been sent to USDA with the exception of last Friday early afternoon, his processor said all they needed from us was to to sign the "USDA Borrower's Certification" to give to their underwriter to determine if our file is FINALLY ready to be submitted over to USDA...
This is just ridiculous.... It is now Oct 8th and on the 18th we will be vacating our apartment and moving in with my in-laws while we wait. It can really be nerve wrecking not knowing where we will stand, espeically with 2 kids! In two weeks we are going to be "homeless"
Hope you'll get your news soon! Look forward to knowing when! Good luck!!
10-08-2012 08:45 AM
11-19-2012 11:29 AM
Are any of you dealing with DR Horton by chance? Some of your stories sound just like my nightmare. I had my home built, signed the contract back in May and was promised to close by Sept 30th. Hahaha!! USDA is very backed up but I blame DR Horton and the finance department. They should have started this process much sooner than they did. My file sat on their desk for 2 weeks, I feel the only reason it was picked up was because I emailed wondering what was goign on. They said that underwriteing should only take 2 weeks but they would try to make it quicker.. they took 4 weeks and my file was not submitted to USDA until 11/02. My house is complete now and waiting for me to close. I need to be out of my current place by 12/01 and USDA is only working on files submitted 10/3-10/8. Better than last week, took them a whole week to move through 1 day of files. I am going to be homeless for the holidays and I am furious with the builder. I feel like it has been nothing but empty promises.. telling me what I want to hear but in all reality the situation is much worse. I have 2 kids, 2 dogs and no Christmas if they can't get me in by then. The whole process sucks and I wished I never decided to go down this road. I had intially put a contract on a different house, but when I found out I could have a new home built I decided to go that route. I truly wish I had just stayed with my intiial decision. I feel so bad for my kids, it isn't their fault and I am really tempted to walk away. Then we have to start over though and I really don't know what is worse.. starting over or just sticking it out.
11-19-2012 01:44 PM
Oh my gosh tay0509!!
YES! I too am dealing with DR Horton!!!! My husband and I are beyond furious with them!
We too feel our loan officer sat on our file for "assuming" USDA was on track when in reality they have been behind for quite sometime! Thankfully for us, we have been able to stay at my in-laws. We were told in mid August that it was fine to let our apartment complex leasing office know that we were terminating our lease. We were being given a proposed closing date of 9/28 no later than the first week of October, but the mistake here was is that it WAS NOT a confirmed closing date! Well here we are 11/19 and still HOMELESS!! Our time was up with our old apartment complex on Oct the 18th so we have been homeless for a month!
We've had a lot of issues with this particular loan officer (I do not want to name names in this forum to avoid any legal issues, just in case) but this person has been incompetent to say the least! Our questions would go unresponsive or the response would be completely irrelevent to what was being asked, they would provide us with inaccurate information and just did not seemed up to par with the whole financing process with USDA. Yet this person has over 20+ years experience with USDA loans?!?! Really??? Hmmmmmmm, during the last 8-9 months my husband and I still lack seeing how well experience they really are! NO ONE seems to want to take the blame for what has been happening with our file! We've been lied to several times and even in our face when we would confront them with issues at hand! Truly, truly unprofessional!!
We too disagree with them solely blaming USDA, when in reality it is THEIR fault!! "Assuming" all was well with USDA's filing process WITHOUT properly confirming is a huge NO! NO! It took ME all on my own, to make contact with someone at the USDA office to get clear answers and turnaround time! How ridiculous is that?! I do not even work within the mortgage industry; however, I had more up-to-date information than our sales AND loan officer had! That is also how I was able to catch them in their own lies a few times!! But again, they just will NOT admit their fault that they literally dropped the ball on our file and THIS is why we are, where we are, HOMELESS!!!
I can go on and on and on about our nightmare, but I would take up way too much of your time! Just know that you are surely NOT alone on this matter!
If you need more details do not hesitate to contact me here! You can say that during this experience, I have been slowly becoming very informed on the whole USDA process!!
Just so you know, our property is in Saint Cloud.
These responses are not provided or commissioned by FICO. Responses have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.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.
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.