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Got word back from my lender today that my application made it through underwriting with only one contingency (a LoE of a large deposit made last month)
The file will be headed to USDA office on Monday morning.
Without knowing how my lender's UW factored in the student loans, could the file end up getting returned by USDA? I would hope that the UW used the USDA guidelines when reviewing my file, but you never know!
I'm especially worried because we were supposed to have closed next week. . . but the USDA turn times in my state are a ridiculous 3 weeks (compared to the majority of state's 48 hrs!) The sellers are already aggravated that we won't be closing next week and will have to wait till the end of the month- last thing I need to happen is for us to wait the 3 weeks and then find out there is an UW issue!
I have a few questions if you don't mind.
1. How long did the process take with them from application to full approval with a closing date?
2. When you say they try to have your student loans at 1% does that mean that they use the 1% for calculations and you can still make income based payments or
do they have you make 1% payments? Is it only for calculations?
Thanks and congrats on your upcoming home.