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01-23-2013 10:59 AM
Good Luck, Hopefully you wont have to wait too long My lender submitted there package to The usda office yesterday and I got my response back today that I was APPROVED.. Yep a one day turn around its amazing!!! I wish yours goes just as fast.. Oh also Im located in arizona. GOOD LUCK!!!
01-23-2013 11:14 AM
MovingForward_2012, we are indeed under a 30-day lease agreement. It requires that we give them 30 days notice. It's really not that bad, but in conjunction with the USDA connundrum it has been tricky trying to predict. I would much rather err on the side of paying for a couple extra weeks rather than risk having to move twice or leave our stuff sitting in a UHaul for a few days. Those things aren't expensive, but a week's worth of renting would add up to two weeks worth of extra rent here plus a lot of extra work. I looked at renting a pod, but I think timing it right could be cheaper for us, and I'm not sure we could fit everything into one of them.
maygirl, that is awesome! Thank you for the date reference. Sounds like it took them about twenty days to make up for the gap that we're looking at right now. That helps a lot.
leppy, I agree with HindSight. I would give them a call. Some states even have a webpage that will list the date they are working on. Unfortunately Virginia does not. We hit a lot of snags with being sent off to USDA, so by the time we went there were two realtors and a couple managers all over the case. LO is sending us daily updates on which files are being reviewed now, but he says they only receive theirs via a daily email. The system here sounds really archaic. If I understood right, all the files sit in an email inbox sorted by date until they're ready to be pulled.
Thanks for the lease clarification. I totally understand the different avenues being explored as we considered putting our stuff in a Pod as well but you are right, renting some intermediate place for a week is more expensive than two weeks rent at your current place and then you would also have to pay to move again. We are in a similar predictament and plan on paying prorated rent for the few days in February that we will still be here. Hoping we will be out by Jan 31st but there is a possibility we won't. We, on the other hand, are facing eviction after Jan 31st because my landlady is furious that we decided not to purchase her home. Never paid her rent late in the 3 1/2 years we have been here. We have been renting month to month since May, so my landlady just had to give 10 days notice, so I had to hire an attorney to protect our status as I work on getting the mortgage closed on and us moved out.
Best of luck to you! :-)
01-23-2013 11:41 AM
01-23-2013 02:00 PM
VenomuRage, that is amazing. Congratulations!
MovingForward, I recall reading your plight. I'm sorry to hear that things went the way that they did, but in the end it worked out. You're still on schedule for your end of the month closing, right?
leppy, you hit the nail on the head. At least it's not as bad as waiting on underwriters! That was a miserable experience for us. I am self employed, and we were with an underwriter who apparently took the entire two weeks between Christmas and New Years off. What a holiday.
01-23-2013 06:24 PM
Waiting really is the hardest part. I say its excurciating! I've not read evey post here so I may be way behind but I've Google and googled plus posting/reading here on my fico forums and I've only ever found one case where the person got denied by USDA after being lender approved. Of course there are those awful stories of where people go out and charge new furniture or buy new cars at the last min and then the lender will (some times) pull the credit on the day of closing only to find out the DTI has changed and the closing gets cancelled or put off but that's not because of USDA. Had it not been for my fico..I wouldn't have known any better myself. Congrats--doing the happy dance for you! Best Wishes on your new home! I love a happy ending!
01-23-2013 06:34 PM
01-24-2013 01:26 PM
lifeafter, you are right. There are stories out there. I think most of them boil down to what you describe. People go out and charge up a bunch of furniture or are borderline and open up new lines of credit thinking it won't hurt them since they're there. Then it does. The other situations seem to be when lenders aren't familiar with USDA and submit the file wrong. This can be bad because I've heard that if documentation is inadequate or incomplete you simply fall back to the bottom of the pile. Not many sellers are willing to wait that long twice!
MovingForward: Great! That is awesome. Will be anxiously watching to see how things come together. You'll be done with it by the end of the month, and that's awesome!
01-24-2013 03:43 PM
01-25-2013 07:41 AM
We have been waiting since the end of December only because our LO said that our application would be submitted that week. Come to find out it never was. I contacted him on two other occasions and he blamed the holidays and the USDA being back logged. Come to find out they still needed a voe. If they had of been upfront we could have taken care of that immediately, like we did. Any how I asked him again on the 23rd about the status and he said it went to the USDA. I called the USDA this morning (3rd call) and the rep that always answers the phone said good news I checked the tracking log this morning for your name just to see; and it is in the system being prepared for the specialist. Turn around time is 3-5 days. So we should know something by next week. We are in NYS.
01-25-2013 07:43 AM
Sorry to hear you went through all that, dricedad. Seems pretty common. I really think some lenders just aren't that familiar with USDA processing or something. Glad to hear you had this forunate turn of events though. You'll probably be in your new home before long!