Wells Fargo USDA in underwriting...

[jerden33]

I am working on my first home purchase (yay!) and am stressed to the max with the whole process. I signed a purchase agreement two weeks ago after being pre approved through Wells Fargo. The loan is a USDA rural development, and I am waiting and waiting to hear ANYTHING! The loan has been "in line" for underwriting since it was submitted last Tuesday according to our mortgage consultant. From what she said it just needs USDA approval. Does anyone have any experience or feedback with Wells and USDA? Our appraisal is already complete. The only thing that caused concern for my LO is property taxes came a little high because of assessments which put my ratios at just under 42%. Any advice would be appreciated!!

[Jaguars28fan]

Just closed on a wells fargo USDA last week.  So they told you they submitted it to USDA last tuesday or it is going through wells fargo underwriters?  If it's already submitted to USDA, you should get the approval soon.  It all depends on the state.   I live in PA and I know I could check the PAs USDA site and it would tell what days they were looking at.  My LO also had a USDA contact who would tell her how close they were to my file.  They submitted my file on the 17th.  USDA approved it on the 29th, I closed on the 30th.  There was a holiday in there, so it made it a day longer than normal. 

[angelic159]

I will be applying for a USDA guaranteed loan next week. Wells Fargo holds both my savings and checking accounts. I can't find anywhere on their website where they offer USDA loans. I am in North Carolina. Do they offer these types of loans all over?

[RaiseMyScoreASAP]

I am in NC too and am looking at a USDA property. I have contact info for my loan officer. PM me and I will give it to you.

[Gnther6]

This thread seems to be a bit old but hopefully this will help someone out in the future who comes across my post.  I applied for an RD loan through Wells Fargo. Underwriting spent about 3 days on the PRE-approval process.  Notice I said PRE-APPROVAL and 3 days.  They pre-approved me for the house that I wanted to buy, well within my income limitations and so on.  After the pre-approval, I spent a countless amount of time and effort on getting Wells Fargo, letters and documentation for everything imaginable and I understand after the housing bust, underwriting is much more difficult.  

We were "suppose" to close on April 30, 2014.  The day before closing, I get a call and emails from the so called loan consultant that I was working with.  She informs me that my income is going to be too high for the RD loan and the number of family members living in the home for the area.  She advised me she was doing everything she could to make my income fit the area.  Just so you all know, it is impossible to make your income under the limits when your income is what it is.  Now this is something that should have been caught in the pre-approval process.  Wells Fargo was a failure in my case and from what I have read on different forums, they have been a failure to many others.  Do yourself a favor and stay local to your area !!  Fortunate for me a local bank was willing to help me on a different loan.