Reply
Contributor
Posts: 127
Registered: ‎12-11-2012
0

lender approval, odds of rejection with usda?

Ok y'all on to the next worry...

My file is being sent over to usda today. How many stories out there where lender approval was granted and then denied in usda? I'm scared that for some reason in the 11th hour I will be heart broken. This process is brutal!
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: lender approval, odds of rejection with usda?

While anything can always happen, if you have followed procedure and no changes in qualifications there should be no worries.

Good Luck
May all your dreams and wishes become a reality!
New Contributor
Posts: 167
Registered: ‎12-04-2012
0

Re: lender approval, odds of rejection with usda?

Yes, for what it's worth, our lender said they have never had a USDA guaranteed application rejected.  I saw awhile back where someone quoted a local office rep as saying that the applications they reject are the ones which come in incomplete from lenders.  Part of their job in approving you is making sure you meet all the guidelines as well as providing all the proper paperwork.  If your lender processes a lot of USDA applications, I would treat the next few weeks as the final countdown.  :smileyhappy:

Valued Member
Posts: 34
Registered: ‎07-02-2012
0

Re: lender approval, odds of rejection with usda?

Oh, I felt the EXACT same way....and I was fine and in fact, I am closing today!!! You'll be fine.


Starting Score: 674 8/2010
Current Score: Your TransUnion FICO® score:
703
On November 17, 2012

Goal Score: 720+


Take the FICO Fitness Challenge

Contributor
Posts: 127
Registered: ‎12-11-2012
0

Re: lender approval, odds of rejection with usda?

Thanks guys. I'm going to just relax...:smileyhappy:
Contributor
Posts: 127
Registered: ‎12-11-2012
0

Re: lender approval, odds of rejection with usda?

Congrats Jessica! I know you must be super excited.
Valued Member
Posts: 42
Registered: ‎04-06-2010
0

Re: lender approval, odds of rejection with usda?

Just verify that your lender has sent the file to USDA.  I was told that mine was being sent 12/28.  I contacted the USDA office on 12/31 and they hadn't received it.  I contacted the LO  on 1/4 and again was told that we were waiting on USDA.  My attorney called me on 1/9 and said that he and the bank attorney were all cleared and ready to close. I emailed my LO and called the USDA once again and was told that they have only received the initial docs and have not gotten my file to secure funding.  I then got an email from my LO and he said USDA is backed up from the holidays and he will contact the processor to get an ETA from USDA....

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: lender approval, odds of rejection with usda?

Sounds like a little confusion, but they should work it out. :smileyhappy:
Good Luck
May all your dreams and wishes become a reality!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.