Valued Member
berrios94
Posts: 45
Registered: ‎04-27-2012
Any Issues with USDA FL Funding and Turnaround Time???

Hi everyone! My husband and I are currently in the process of purchasing a new constructed home in St Cloud FL. We have been working with our LO since March 2012 and have had some issues with the LO. We were told on 9/28 that we were approved through the mortgage lender and they were in the process of submitting our file to USDA. It is now 10/02 and we have not heard anything as of yet.

 

I am getting nervous with regards to the 'funding issues" I keep reading as we are now in October and have read ther were going to be issues come September.

 

Is there anyone in here who have been approved with no issues through USDA last month? Anyone else waiting to hear any news with regards to their file status with USDA?? We would love to close on our home sometime this month! We have until the 18th to vacate our apartment since our LO informed us back in August that all was great and that we were okay to give our notice since we were due to close 9/28.

 

Now look where we are, with no knews as of yet........ :smileysad:

New Visitor
azstar
Posts: 1
Registered: ‎10-02-2012
Re: Any Issues with USDA FL Funding and Turnaround Time???

Hi Berrios94,  It's sad to say-you're not alone.  My husband and I have gone through one extension and about to file another.  As of today, we are homeless.

We were hoping for a retirement home here in AZ, but now have nothing to show for all our work.  We are both disabled and still have a 12 year old at home.

Limbo is a terrible place to live.  Good luck. My prayers are with you.

Member
pag41989
Posts: 15
Registered: ‎09-27-2012
Re: Any Issues with USDA FL Funding and Turnaround Time???

Unfortunately we are getting the run around as well. We were supposed to close last wednesday (9/28) and we have yet to hear anything back from USDA. Our file was sent from our bank on 9/19 and we have yet to hear anything. Our LO said he isn't worried but we are and we're ready to have a home! Right now we aren't sure whether to pay rent or give our landlord notice that we are leaving because we have no idea when that is going to be. We are hoping to hear something by this friday though. I checked the website for USDA and it looks like the turnaround time for them reviewing files right now is 10-12 business days and we're now on day 10. :smileysad:

Valued Member
berrios94
Posts: 45
Registered: ‎04-27-2012
Re: Any Issues with USDA FL Funding and Turnaround Time???

Oh wow azstar I am so sorry to hear that! How frustrating it must be!! pag41989 we too are getting that same issue. Except, finally I got an answer today and of course NOT what I wanted to hear!! Apparently out LO has YET to submit our file over to USDA for final approval!!!! I am FURIOUS! Now I defintely know for sure we are NOT closing prior to the 18th of this month! 

 

azstar the only difference here is at lease we have my in-laws we could stay with, ut for how long?? What an inconvenience this will be as we have two kids and its a 3 bedroom home but my sister-in-law still lives with them. How are we all going to fit comfortably in a small home? Apparently the hold up is they have not been able to verify my previous employer. What I do not understand is how can one be "conditionally approved" PRIOR to verification of employement?!?! First we receive our letter that we were conditionally approved and the condition were met with no issues, but we still have to go through ANOTHER in-house underwriting BEFORE having our file go to USDA???

 

This wonderful experience of purchasing a new home is slowly becoming a nightmare!!

 

Could you both please keep us posted? I will continue to do so!

 

Lets ALL hope for the best and pray the good Lord will bless us with a home!! :smileyhappy:

 

Many blessings to you to azstar :smileyhappy:

New Visitor
jmguest1019
Posts: 1
Registered: ‎10-15-2012
Re: Any Issues with USDA FL Funding and Turnaround Time???

My loan has now been with the USDA in Fl since sept 13, as of last tuesday i was 14th in line so to let everyone know  they are taking their sweet time underwriting these loans. I would expect if you submitted after the middle of september to not hear anything for at least 25 to 30 business days even though their website says 10 to 12 day turnaround.

Member
pag41989
Posts: 15
Registered: ‎09-27-2012
Re: Any Issues with USDA FL Funding and Turnaround Time???

Our USDA loan went to USDA Sept 18th so hopefully that means we will be approved soon! Our LO is hoping we will hear news this week :smileyhappy: We did the final walkthrough inspection of our house this past week because our realtor is going out of town for a couple weeks. Actually being in the house and thinking it could be ours soon makes me that much more antsy!