Mortgage Loans

[joelo0]

So hoping someone can chime in who can give me an idea on the loan process for the USDA program (guaranteed loan).

Looking at new construction for a USDA loan.    Currently fiancee and myself are under the income limits by about 10k based on our hourly incomes.  The issue that is coming up is I just accepted a job offer that would put us over the income limits but requires a lot of security clearances (government position) which I was told can take quite some time (several months).  When would the income be checked in regards to eligibility for a new construction home?  Does it happen at completion of the house or before or multiple times?   I would not want to agree to a contract on the home and find out because of the new job that I'm ineligible for USDA.  I'll be at my current job until I found out about the other job.   

[tooleman694]

When you are going thru underwriting they will check with your current employer.

[joelo0]

I see and the underwriting is done before construction or is that done at closing of the house (end of construction)?

[tooleman694]

It depends on your builder, my builder made me get pre-approval and go thru underwriting before we started building. When we are close to finishing the build we have to go thru the same process all over again.

When I built my first home, they didnt require a thing. We just did all the loan stuff right before the home was done.