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lender approval, odds of rejection with usda?

Contributor

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!
Message 1 of 8
7 REPLIES
Valued Contributor

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!
Message 2 of 8
New Contributor

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.  Smiley Happy

Message 3 of 8
Valued Member

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.


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Message 4 of 8
Contributor

Re: lender approval, odds of rejection with usda?

Thanks guys. I'm going to just relax...Smiley Happy
Message 5 of 8
Contributor

Re: lender approval, odds of rejection with usda?

Congrats Jessica! I know you must be super excited.
Message 6 of 8
Valued Member

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....

Message 7 of 8
Valued Contributor

Re: lender approval, odds of rejection with usda?

Sounds like a little confusion, but they should work it out. Smiley Happy
Good Luck
May all your dreams and wishes become a reality!
Message 8 of 8