Re: USDA Direct Loan Process
06-09-2012 11:20 AM
Here is my story. We filled out all the paperwork in October 2011 and put our current house on the market. We did not expect to sell our house as quickly as we did, we had an offer in three weeks and closed in January. We are buying a new house that the builder is letting us rent until our USDA Direct loan closes. I put $1000K down and am paying $750.00 a month in rent, since January. I have been told I will get $1000k back at closing since USDA direct is supposed to be a 0 down loan. However I will not get the rent money back that I have paid.
We got our approval letter the end of May and have had the house inspected and appraised, hopefully we will close in early July???
It has been a long process for us because in the state of Indiana there is only one office and I think one person to handle USDA loans for the entire state and of course being a federal employee they get a lot of time off!