Just closed on my USDA the 20th of last month. From what my realtor said, I had one of the best loan officers in the business. He did a quick pre-qual on my income (74k) and credit (640 at the time) and ran me through GUS when we were under contract.
It literally only took 3 weeks from contract to be approved (2 weeks for bank and USDA underwriting). From what my realtor said it's normally a 6-8 week process. Basically they asked for paychecks and w-2s, tax returns (they did a request for tax returns also). I did the formal application, then they typed it up for me to resign with all the other paperwork (3 days). I signed all the typed up application on a Friday, I received back approval from underwriting the following week on wednesday, and approval from USDA 2 weeks from the app date.
My loan was 3.25% fixed on a 30 year. I rolled the guarantee fee into my loan, seller paid closing costs, and I came out of pocket about $1k.
What other questions do you have?
Starting Score: 630 3/25/13Forgot about the question between the 2:
1. The USDA RD loan is through the federal government. You have to have very minimal income (basically poverty line).
2. The USDA RD guaranteed loan is through a bank. You can only be at 115% of the median income for the area, and it's financed through a bank, but guaranteed by USDA. It's a 100% loan meaning if the seller pays closing costs, you don't have to pay a percentage in out of pocket. There is a 2% guarantee fee (if I remember correctly).