My USDA Direct loan experience so far.[ Edited ]
06-14-2012 06:28 PM - edited 06-14-2012 06:52 PM
We applied April 9th, never had to do a pre app or anything, our office you just do the whole application, nothing has been by the book.
About a month later I got a request for our current earnings for this year Jan 1 - Apr 30 , ( we are self employed) turned it in the same day. Waited about two weeks and I called to find out about our application and the LO was kind of rude and said next week she'd get to our file.She finally called a few days shy of day 60 needing some help with our numbers and needed me to come in , I agreed to be there the next day.
We crunched some numbers together. She still didn't add back a mileage deduction that should have been. She had a very vague help manual in front of her that only said depletion and depreciation could be added back .She obviously had never dealt with a self employed borrower.
Anyway , two days later I got my Certificate of Eligibility in the mail and it was almost the max amount.
We went house shopping the same day .After seeing a few 4 bedroom houses we decided to go to the USDA office to ask some questions about the max square footage. The max on our application package said 1800. We wondered about wiggle room. We were told they may give 1850 but anything over is shot down right away.(We have 4 children , 2000 sqft is modest for us)
We found a decent newer house , only 1440 sqft, on almost 5 acres and 6 thousand under our max amount on the certificate.Really hoping we can build an addition right after we buy. Anyone know if we can build on right after?
Turned in our purchase contract today , 6/14/2012.Projected closing is Aug 16th.
Hope I made sense.