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usda gauranteed

New Contributor

usda gauranteed

Hey was suppose to close august 31 but thats not going to happen because the appraisal took so long. But as of august 21 my lender said my file has been sent to usda they are currently reviewing apps from august 7 so I have a few weeks befor they look at mine. I guess my question is what do they look for that the banks dont. There was no problems geting approved through the bank and the bank underwriter had no issues besides waiting for the appraisal.so if the bank approved it should I be good to go or does usds do things differently. This loan is in Ohio
Message 1 of 10
9 REPLIES
Frequent Contributor

Re: usda gauranteed


noncontrol wrote:
Hey was suppose to close august 31 but thats not going to happen because the appraisal took so long. But as of august 21 my lender said my file has been sent to usda they are currently reviewing apps from august 7 so I have a few weeks befor they look at mine. I guess my question is what do they look for that the banks dont. There was no problems geting approved through the bank and the bank underwriter had no issues besides waiting for the appraisal.so if the bank approved it should I be good to go or does usds do things differently. This loan is in Ohio

I just closed on my USDA loan in OH on 7.19.2012.

 

From what I was told your bank underwrites to USDA guidelines, USDA then verifies all of the underwriting that your UW did (Income calculation for the program, loacation elligibility) Then they issue their "conditional commitment" which may contain additional conditions you have to meet before closing. 

 

They aren't really looking for anything different than the bank, just verifying that the bank did their job correctly. 

 

 

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Message 2 of 10
New Contributor

Re: usda gauranteed

Thanks hammer makes me feel Alil more at ease.. that I'm so close. These usda loans take awhile. Wonder why they are so backed up but other loans aren't
Message 3 of 10
Frequent Contributor

Re: usda gauranteed

I waited 28 days on USDA... They don't move very fast

 

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Message 4 of 10
New Contributor

Re: usda gauranteed

Yea I call the hotline everyday just to see what day there working on.
Message 5 of 10
Frequent Contributor

Re: usda gauranteed


noncontrol wrote:
Yea I call the hotline everyday just to see what day there working on.

LOL... I did the same thing! It almost sounds like we worked with the same LO

 

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Message 6 of 10
New Contributor

Re: usda gauranteed

I'm just ready for it now lol its been past 60 days for the whole process and have had to sign a 45 day extension through Oct 1. They are now about 8 days away from looking at mine.
Message 7 of 10
New Contributor

Re: usda gauranteed

Do you mind sending me the automated number for USDA in Ohio? Our app was submitted to the lender yesterday; just want to see what the timeline will be like once USDA gets it. Thanks!

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home Smiley Happy
Message 8 of 10
New Contributor

Re: usda gauranteed

bump

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home Smiley Happy
Message 9 of 10
New Contributor

Re: usda gauranteed

So sorry it took so long. The hotline number for USDA Ohio guarenteed loans is 614.255.2571. It will tell you their turn time
Message 10 of 10