usda direct loan

[Anonymous]

I have an interview tomorrow with a USDA loan officer. Could someone fill me in on what happens at the interview?

This is for the USDA direct loan. Thanks

[Anonymous]

I'm new at this, but i had an interview on monday. When i got there i had to show her proof that i had payed off a couple of things on my account. Since my credit was only around 605, i had to show three things that i haave  paid on time for a year. She took a copy of all the things i brought in including my license. She then started explaining different things to me about buying a house and stuff. She told me what price i could afford based on my income. I had to have additional things like child support doc and 1040a tax forms. I had to give her a $25 non refundable check, so that they could check my credit again. They did not let me know whether i was approved or not at that meeting. It's basically explaining the program and things that you would have to do. I was there about an hour, but the lady was very nice and since this is my first time, she had a lot of explaining to do. Hope this helps a little bit

[witchypoo]

May i ask how your interview went?  I'm thinking of applying for a usda loan myself, but not sure if I'll qualify.  What i saw on their web site that makes me think that is the statement "must be without adequate housing", not sure what that means.  Does it mean you have to be homeless?  Or living in a bad area?  Was this discussed at your interview?

I'm in California, if that makes a difference.

[Anonymous]

What she told me that "adequate housing" meant was you were not a current owner of an adequate house. If you rent that is not adequate housing. Trailors and things like that were not adequate. If you are a homeowner and the roof was falling in or bad floors, things like that. I'm in Indiana and that is how she described it to me. Hope this helps

[ficophobic]

I applied for USDA direct loan in Feb.   I just found out( 2 days ago)  that they can't approve me because of repayment ability.  I hope you better luck than I did.

[witchypoo]

I'm so sorry to hear you weren't approved, sure took them a long time to tell you that.  I just got back from meeting with a lender and once he told me I'll still need a minimum of $1,000 for good faith payment, plus $400.00 or so for the appraisal, I decided not to have him attempt to approve me yet.  I figure it'll take me at least a few months to save that money.

[Anonymous]

Wow! Why did it take so long? What state are you in? You would think they could have figured that out long time ago. Sorry to hear that, i hope you have better luck next time and don't give up.

[WannaHouse]

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@witchypoo wrote:
I'm so sorry to hear you weren't approved, sure took them a long time to tell you that.  I just got back from meeting with a lender and once he told me I'll still need a minimum of $1,000 for good faith payment, plus $400.00 or so for the appraisal, I decided not to have him attempt to approve me yet.  I figure it'll take me at least a few months to save that money.

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This sounds like the guaranteed program and not the direct. They are 2 completely different programs.

[Anonymous]

I I have a question. I was wondering how one would now if their application was in "underwriting"? I went with the usda direct program. I had to send in w-2, employee verification, rent verification. Now I'm just waiting. Is this when it is being underwritten?

[WannaHouse]

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@Anonymous wrote:
I I have a question. I was wondering how one would now if their application was in "underwriting"? I went with the usda direct program. I had to send in w-2, employee verification, rent verification. Now I'm just waiting. Is this when it is being underwritten?

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I would call them and ask. All we can really do is guess, and it would probably not be accurate.