topic Re: USDA LNG in Mortgage Loans

USDA LNG

Anonymous — Fri, 15 Mar 2013 15:18:55 GMT

Here is the automated email I was given by the USDA in Washington:

Processing dates:

Applications: Between February 19th and 27th.

Applications are assigned to numerous processors. The time needed to complete any given application will vary depending on the complexity of the transaction and the number of applications in process at any one time.

Closings /Requests for Loan Note Guarantee (LNG): February 6th.

My question is which are we, are we applicants or closing requests? It would make sense that we would be closing since we are in fact trying to close on our home, but I am not sure. My loan officer really doesn't seem to be any help, or doesn't know herself. When I asked her she said we were closing but can't give me any time frame she said we would just have to wait as long as it take to get approved. So I emailed someone in the GRH department and they said they were 3 weeks out? Anyone have any idea? We submitted our paperwork 2-27!

Thanks

Re: USDA LNG

Anonymous — Fri, 15 Mar 2013 16:57:13 GMT

Anyone?

Re: USDA LNG

Anonymous — Fri, 15 Mar 2013 17:06:43 GMT

Im waiting just like you, you are an applicant. The Feb 6 date for for poost closing documents.

Re: USDA LNG

Anonymous — Fri, 15 Mar 2013 17:40:03 GMT

What are post closing documents? We are supposed to be closing on our house 3/28. We used a preferred lending so I am just finding it silly the my loan officer would not be able to get us a time frame and she said we are the closing. Maybe she is new at this and others in the bank have done more of these types of loans. Who knows, I just hope everything goes smoothly and we close soon I just want to be in our new house.

Thanks

Re: USDA LNG

Anonymous — Fri, 15 Mar 2013 17:51:28 GMT

USDA does whats called a post closing request for gureentee loans, and they do origination. You loan is pending origination, I also went with the preferred lender and i do not have a closing date either. They cant give you a closing date until USDA approves the loan. Once again did teh lenders UW give you a conditional approval????

Re: USDA LNG

Anonymous — Fri, 15 Mar 2013 17:57:55 GMT

Our lender said we were all approved and passed though GUS without any problems. Our real estate agent made our closing for 3/28 which our LO had said would not be a problem. Initially she had said we would most likely hear back with approval from the USDA 3/19 and could close by 3/25 but now I can't get a straight answer out of her. She told me we were the Closing/ LNG and would be 6 weeks out, but again someone at the USDA office in Washington told me they are only 3 weeks out. It is starting me make me a little frustrated that she should know this stuff but instead I am left to troll the internet looking for answers.

Re: USDA LNG

Anonymous — Sat, 16 Mar 2013 00:26:27 GMT

Ok. I understand what were your conditions of approval you should have received a letter stating your mortgage was approved and had a list of condition attached. If you got that letter the only thing you can do to ruin your chances is to do soemthign stupid like buy a car. Other then that i would celebrate.

Re: USDA LNG

Anonymous — Sat, 16 Mar 2013 14:02:30 GMT

We have not received any letters from the bank, everything has been done electronically. We have good faith estimates and loan disclosure statements, but nothing saying we have any conditions. When we were preapproved in November our LO had told us we would need to have an inspection, appraisal and septic inspection and of course live in a rural area defined by the USDA to get the loan could those be the conditions? What typically are conditions? I am not worried about the loan going though I am just wondering if there is any chance we are going to close by our current close date, 3/28, or if we are going to need to ask for an extension.

I asked my loan officer for a time frame on Thursday and she said she didn't know and we might want to ask for an extension just in case. Not much help.

Re: USDA LNG

Anonymous — Mon, 18 Mar 2013 04:09:53 GMT

Oh my gosh!!! Same question!!! Exactly the same. We submitted, well out LO submitted our loan to USDA on 3/7. I want to know exactly which group we are in. I'm so anxious I could scream. That email response almost causes more confusion. Ash, when you know something, let me know. We are right behind you in line!

Re: USDA LNG

Anonymous — Mon, 18 Mar 2013 19:13:59 GMT

Will do. Just got an update from my LO that says Closings /Requests for Loan Note Guarantee (LNG): February 6th.

I really wish they made this easier to understand. I have had several email conversations with people in the guarenteed loan division at the usda and they all seem to say they are 3 weeks behind and that our loan would be under applicatants and then to refer to my LO who says we are closing requests, super frustrating. I guess if we go with Feb 6 we are now 3 weeks out for a total time of 6 weeks since application was submitted.

Re: USDA LNG

MissLindsayP — Wed, 20 Mar 2013 17:08:45 GMT

Hey Ash- It's LindsayP from the post above. We just got word that the office is MOVING? My fiance got info from them, that they are actually up to roughly the 16th of Feb for the LNG's. Any new info on your end?

Re: USDA LNG

Anonymous — Wed, 20 Mar 2013 17:16:16 GMT

Our LO emailed Monday night and said she got an email that we should get our approval today or tomorrow. I am going to keep my fingers crossed. We are supposed to close 3/28 I hope it will happen.

Re: USDA LNG

MissLindsayP — Thu, 21 Mar 2013 03:53:02 GMT

ARE YOU SERIOUS????

We are 1 week behind you! SO let's recap. You are in the Guaranteed Loan group right? NOT the direct loans ? I'm dying here! We are 1 week behnd you, and are BESIDE ourselves with nervousness!!!!

Re: USDA LNG

Anonymous — Thu, 21 Mar 2013 13:36:19 GMT

Yes we are using a Guaranteed loan. LO emailed last night and said we are first in line to go to purchaceing and escorw when it comes in, which she thinks will be today sometime. They update the system on Fridays, so my guess would be you should hear something tomorrow.

Re: USDA LNG

Anonymous — Thu, 21 Mar 2013 15:54:24 GMT

wow!!! thats a long wait..turnaround here in Mississippi is actually within 48hrs. my file was sent to USDA on tuesday 3/19/13 and received back on the next day 3/20/13 with approval. I couldn't imagine that wait, I have barely slept since we went on contract 2/25/13 this is a very stressful process...

Re: USDA LNG

Anonymous — Thu, 21 Mar 2013 16:04:00 GMT

Sure is. We put an offer on our house, which was a short sale, Nov.12 we got the clear from the Bank Feb.7, sent to the USDA Feb. 27th almost a month later hopefully we will close. Have not slept much since our offer was accepted can't wait to get some much needed rest.

Re: USDA LNG

MissLindsayP — Thu, 21 Mar 2013 17:10:36 GMT

Thanks for the update! We are anxiously awaiting OUR turn! This has been one of the MORE stressful things I've been through! (and I've been through a divorce)

So- when you're closed...update us! We are planning our move, with no end in sight.

Lindsay

Re: USDA LNG

Anonymous — Thu, 21 Mar 2013 17:37:39 GMT

closing is scheduled for Monday @3:30 pm and I will be rushing this weekend by to get to monday....just recieved my HUD-1 from my LO!!!!

Re: USDA LNG

MissLindsayP — Thu, 21 Mar 2013 17:50:20 GMT

I'm SO excited for you!!!! That's SO amazingly exciting. We are absolutely on the edge of our seats right now. The office move didn't seem to be an issue.

Lindsay

Re: USDA LNG

Anonymous — Fri, 22 Mar 2013 15:04:22 GMT

UPDATE TIME FRAME: We still haven't gotten approval and since we are 2/27 hopefully today or Monday.

Applications: Between February 27th and March 7th.

Closings /Requests for Loan Note Guarantee (LNG): February 6th.