topic Re: Tell us your USDA conditions! in Mortgage Loans

Tell us your USDA conditions!

Anonymous — Fri, 30 Aug 2013 20:38:29 GMT

Usda will be reviewing our file this coming Wednesday! We've cleared the bank underwriting, now I'm wondering what usda might need us to submit. Anyone have conditions from usda?

Re: Tell us your USDA conditions!

Anonymous — Sat, 31 Aug 2013 16:05:21 GMT

I'm in the same boat as you our file will be reviewed by USDA Wednesday too. We have also cleared bank UW. Did you have any UW conditions? All they asked us for was VOE, the appraisal of course and a form signed saying we were applying for the USDA guaranteed loan.

Re: Tell us your USDA conditions!

Anonymous — Sat, 31 Aug 2013 16:16:27 GMT

Uw conditions:

1. Lox for insufficient funds. I provided police report of our acct being stolen.
2. Bank statement showing Earnest money.
3. Lox for another render running us through GUS.
4. Lox for $300 a month being sent to my dad. It's paying for our disney world trip.

That was it! My LO says he's never had a file denied by usda....but I'm still nervous!

Re: Tell us your USDA conditions!

Anonymous — Sat, 31 Aug 2013 17:08:44 GMT

I gave them LOE with everything before hand like why was the credit pulled well we were shopping for the best lenders ect other wise they would have asked for them I'm sure. My lender keeps telling me the same thing that I am worried over nothing ect but I suppose we will know on Wednesday. I'm so nervous!!

Re: Tell us your USDA conditions!

Anonymous — Sun, 01 Sep 2013 00:42:10 GMT

we just recieved initial approval yesterday. there were a few conditions before we're off to USDA.

Explain why the IRS has an old address as our current address

show 1 more week of bank statements

LOE explaining ING ann CAP1 accts-ING switched name to Cap 1 360. in a previous LOE we refrenced our ING acct. They thought we had 2 savings accts.

Re: Tell us your USDA conditions!

Anonymous — Sun, 01 Sep 2013 16:21:03 GMT

Maybe no one is coming on with USDA conditions b/c they weren't set any. (wouldn't that be awesome ) My UW conditions were: 1. I had to give my insurance agency my LO's name and phone number (I am guessing so he could make sure I got enough coverage, and to adjust the numbers) 2. Back/Front copy of earnest money check. 3. Bank statement dated from the last dates they had through the earnest money clearing the bank. I think that's it, but they sent my file to the USDA before I gave them those things. I don't know if that will change anything.

Re: Tell us your USDA conditions!

Anonymous — Tue, 03 Sep 2013 09:57:02 GMT

Your mortgage loan originator completes all the USDA requirements with you before the loan package is forwarded to them. You do NOT deal directly with the USDA. Often times the lendor is approved to direct write for the USDA. If the USDA finds additional information is required they would go back to the mortgage loan originator.

Re: Tell us your USDA conditions!

Anonymous — Tue, 03 Sep 2013 10:44:07 GMT

Good to know wanderer I am a day or two away from them getting to my file and was wondering about all of that myself!

Re: Tell us your USDA conditions!

Genkeim — Tue, 03 Sep 2013 12:33:35 GMT

Almost there lemon got my fingers crossed for you!!!

Everything that I was able to find matched my experience. USDA is just an approve/deny check. They're just checking the loan package that's submitted from the lender to make sure everything matches their (USDA) guidelines. As long as your lender knows USDA loans there shouldn't be any problems. If there are any problems with how the loan is written (lender screwed up paperwork) I believe there's a 72hr window to get things fixed before you have to go to the back of the line again.

Re: Tell us your USDA conditions!

Anonymous — Tue, 03 Sep 2013 12:36:59 GMT

Thanks Genkeim I just feel sick to my stomach now with the waiting!

Re: Tell us your USDA conditions!

WillF360 — Tue, 03 Sep 2013 17:17:39 GMT

My file is going to USDA today!

I almost had a heart attack today when i checked my email and saw a "Bad News" email from my loan officer. A new condition:

Since they had an estimated $700 for Homeowner's Insurance, and the actual coverage costs $1249 annual, I had to bring an additional $1249 to the table at closing

The good news is, I have it, no problem. I just had to submit the most recent bank statement showing that the $$$ was in the account.

Already have it sent, approved, and just got another email stating that the file is gone to the USDA! Wooooo.

Good luck to all in the same phase!

Re: Tell us your USDA conditions!

Anonymous — Wed, 04 Sep 2013 17:57:25 GMT

I hope and pray I do not get those last minute $$ conditions! I still want to be able to buy new funiture.

Re: Tell us your USDA conditions!

newhouse2013 — Wed, 04 Sep 2013 21:55:07 GMT

I'm praying for the same thing!!

Re: Tell us your USDA conditions!

Anonymous — Wed, 04 Sep 2013 21:57:45 GMT

We just got underwriting approval today. USDA next. Our LO says he doesnt see any roadblocks. Says they're mostly looking at income level and property qualifications.

Re: Tell us your USDA conditions!

WillF360 — Wed, 04 Sep 2013 23:22:08 GMT

Congratulations! That's awesome. Hoping for the USDA approval in the next 2 days. They were trying to push for tomorrow, but I don't see it happening THAT quickly. But my loan officer seems to think they'll get it done.

Re: Tell us your USDA conditions!

Anonymous — Thu, 05 Sep 2013 10:58:47 GMT

@WillF360 wrote:
Congratulations! That's awesome. Hoping for the USDA approval in the next 2 days. They were trying to push for tomorrow, but I don't see it happening THAT quickly. But my loan officer seems to think they'll get it done.

Just curious what state are you in WillF360? I know Ohio is 3 weeks behind but NY has a 5 day turn around.

Re: Tell us your USDA conditions!

WillF360 — Thu, 05 Sep 2013 14:47:32 GMT

In the Commonwealth of Kentucky! I've still not heard anything either, so I'm starting to doubt tomorrow, or even Monday for that matter.

Re: Tell us your USDA conditions!

Anonymous — Thu, 05 Sep 2013 15:09:47 GMT

@WillF360 wrote:
In the Commonwealth of Kentucky! I've still not heard anything either, so I'm starting to doubt tomorrow, or even Monday for that matter.

I have a friend who just closed USDA and according to him and a lot of others it can take a day or two after they have your file to hear anything. However your turn around time is much faster so maybe hearing back from them will be too. I don't expect to hear anything until 48 hours before close that seems to be the pattern for all states if it is sooner I would be really very okay with that lol

Re: Tell us your USDA conditions!

Anonymous — Thu, 05 Sep 2013 21:31:32 GMT

My USDA condition was that we had bank approval which we had before it went to USDA!!!

Re: Tell us your USDA conditions!

Anonymous — Thu, 05 Sep 2013 23:19:24 GMT

@Anonymous wrote:
My USDA condition was that we had bank approval which we had before it went to USDA!!!

That's an interesting condition... I hope we had bank approval before they sent it to the usda!