:( condition met, will process be quicker now?

[Anonymous]

Well, my closing didn't happen Friday. Our usda approval came in late Thursday. When the lender underwriter reviewed it there was a condition. Apparently someone with our very common names had defaulted on s government loan. According to the usda UW when she ran our full names we came back clean. That.was.one of the reasons she gave for taking so long. Well her condition was that our underwriter prove it wasn't us. This to me makes no sense. She said we came back clean. Wouldn't a SSN be associated with the people who defaulted on the loan? Any way our underwriter took care of the condition in their opinion and sent it back Friday morning. Now we are waiting for usda to sign off on this. So here we wait another weekend.

Our LO said she cringed when she found out the underwriter at usda we was assigned to. The LO said she is always super slow and drags her feet. If questioned she becomes testy. Our friends loan was submitted ten days later than ours, went to a different branch and came back before ours.

Praying the UW doesn't let it languish in her inbox for another week! Our seller is livid and we could lose our dream home.

Anyone know if the process is quicker once you send in a condition? Or will it get shoved to the back again?

[JM-AM]

Reality... It just depends how busy they are.

Should your file be placed in the rear? "No" but it is still placed in an order received.

From my experience, once condition re-submitted it can take 24-72 hours. In your case it was Friday, so be a " little MORE patient".

From your LO experience she is slow and testy, so take that as a warning it may be delayed a little, but shouldnt really be much longer.

[MovingForward_2012]

It seems to me that the process started to move quicker after submitting my final condition...we closed a week after that.

Don't panic. You are not going to lose your dream home. How long does your contract run through?

[Anonymous]

My contract ran out February 1st. That's why I'm so panicky! Our seller wasn't pleased and wouldn't extend the contract until we heard from usda. Now that we have conditional approval I'm hoping we can sign an extension Monday. My LO said we could sign it at closing Friday before we start signing the other docs but we didn't close. Does that sound right? I'm assuming since that wasn't one of usda's conditions, that if our lender UW is.fine with that then it isn't a problem. It just leaves us unprotected with the seller.

[JM-AM]

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@Anonymous wrote:
My contract ran out February 1st. That's why I'm so panicky! Our seller wasn't pleased and wouldn't extend the contract until we heard from usda. Now that we have conditional approval I'm hoping we can sign an extension Monday. My LO said we could sign it at closing Friday before we start signing the other docs but we didn't close. Does that sound right? I'm assuming since that wasn't one of usda's conditions, that if our lender UW is.fine with that then it isn't a problem. It just leaves us unprotected with the seller.

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I have never heard of them letting it go because they are ok with it.

You will probably have that as your final condition. The Lender will not issue the funds on a uncontracted home that I am aware of. Several reasons why, but the 2 most important is it helps protect the Lender and YOU.

Contract extensions are done all the time, and usually even after sellers get annoyed you end up getting Clear to Close and they sign the extension.

[Anonymous]

The lender said we could sign the extension the day of closing which was supposed to have been Friday. I was worried usda wouldn't approve.it without the extension. Hopefully usda will give their approval quickly before the seller walks. Without an extension he can walk! Ugh. I hate this!

[Anonymous]

Argh.  So sorry you have had to go through all this, leppy. 

Keep the faith though.  When it falls together, it will all happen quick.  The seller would still be out a whole lot more time if they decided to start over now.  If they don't know better, their realtor sure will.  It'll all work out!

[JM-AM]

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@Anonymous wrote:

Argh.  So sorry you have had to go through all this, leppy. 

Keep the faith though.  When it falls together, it will all happen quick.  The seller would still be out a whole lot more time if they decided to start over now.  If they don't know better, their realtor sure will.  It'll all work out!

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I agree...

Keep the faith...

[MovingForward_2012]

It's going to all turn out okay in the end...trust me. As here I am in my new home hanging pictures...it seems like just yesterday I was wrestling with the fax machine to satisfy conditions. ;-)

[Anonymous]

Sorry Leppy. I know how you feel.  Our usda came back that a doc wasn't signed and they needed to see my last pay stub.  I sent it to them and received the approval the next day.  The forwarded email from the loan processor said file approved but USDA is asking for pay stub.  I hope you get awesome news today!