topic Re: USDA direct - pennsylvania in Mortgage Loans

USDA direct - pennsylvania

Anonymous — Thu, 17 Sep 2015 18:24:06 GMT

I've been working on a usda direct for a little while now and wanted to share my experience as well as ask some questions.

5/16 - sent my prequal back to state for review

5/24- received email that I appeared to qualify and copy of full app was attached

6/5 - snail mailed my app back. Sent it 2 day so I had tracking. Also included my 32.00 credit report fee

6/8 - usda rcvd my application

6/15 - rcvd call asking for additional info. My middle score was only a 623 so I provided additional credit from non reported sources (utilities, directv and cell phone) they also contacted my job to verify employment.

6/26 - rcvd confirmation my file was sent to loan specialist for review.

7/2 - followed up with loan specialist. Confirmed she had my package but she was going on vacation the next week.

7/13 - folowed up with loan specialist. While she was out I made an offer and had it accepted on a great house. Made approval for financing a contingency. Also signed my agreement. Scheduled closing for 60 days out to give time. (Sept 14)

7/16 - PREAPPROVED!! Received COE via email.

7/21 - emailed addtl info.

7/23 - emailed SAME addtl info

7/27 - rcvd email that info was rcvd and appraisal was ordered last week

7/27 - appraisal scheduled for 7/29!!

7/29 - Appraisal completed

7/30 - Rcvd Orientation Packet, TILA, GFE and other docs via FedEx. Will be sending these back later today after work.

7/31 - Scheduled homeowners class for 8/12. Found out my LO will be out of the office from 8/8-8/19

8/5 - Still waiting on appraisal results. Got the standard "don't call us, we'll call you" return email from LO. Not too impressed considering she will be gone for 12 days and i can't even order the inspections that USDA is REQUIRING until i have the results of the appraisal.

8/12 - Took 1st Time Homebuyers course, was able to find a local organization offering them for FREE!!! WHOO HOO!! Still waiting on the appraisal results. I've decided to hold off on ordering the inspections till i have the numbers. Something in my gut is telling me to wait. I don't want to lose out on the money if the house doesn't appraise for enough. Closing is 1 month from tomorrow, so close yet so far.

8/20 - Received appraisal results!!!! 5k above offer!!! (a whole 23 days after completed)

8/21 - Scheduled inspections for 9/1 (first available date). Seller agreed to cure ALL appraisal conditions!!! Should have them completed by mid-week next week!! then we can get the appraiser back out to verify all is well. **Side Note - LO is out of the office....AGAIN today. 1 day of working this week. no wonder the woman is always swamped.

8/26 - Rcvd email from realtor that all appraisal contingencies were cured PLUS more......I wonder what else the seller did?! Realtor was to contact LO to have 2nd look by appraiser scheduled. Hopefully we can get her out the first of the week since she's only a 5 minute drive away from the property. Inspector wasn't able to squeeze me in so those are still set for Tuesday 9/1. 17 days and counting!!!! Fingers crossed we don't run into any major fixes with the inspections and we don't have to push out closing....

8/31 - Inspections complete! Sent report and pics to LO to review.

9/3 - Rcvd funding obligation letter!! And file was mailed to closing team with USDA!

9/4 - signed the appraisal addendum, signing off on all the appraisal contingencies. Emailed to LO and closers. Also spoke with Title Co to verify info.

9/9 - rcvd email saying the 14th wasn't going to be possible. Hopefully the 18th?!

9/10 - scheduled closing for 9/18 at 10 AM. Purchased HOI and sent in receipt and dec page to LO and title company. Also called all the utilites and scheduled services!!

9/15 - received email from Closing agent....CLEAR TO CLOSE!!! Told me all i have left to do is sign!!! 2 days 18.5 hours!!!!!

9/17 - rcvd final HUD. Will be getting check for $60.15 back TOMORROW at closing! Almost there!!!

I'll update as I go!!

Re: USDA direct - pennsylvania

Anonymous — Mon, 27 Jul 2015 17:06:09 GMT

Well I got my answer during my lunch break! My appraisal was ordered last Thursday and is scheduled for this Wednesday 7/29!! Heres hoping it appraises for enough that I can wrap in all my closing costs!!

Another question. Any one know if an inspection is REQUIRED? please don't start with the "inspections are the best money you could spend" arguments. The property I'm looking at has brand new heating, wiring and hot water and city services that the seller has to pay to inspect per city guidelines and my mom was a contractor and feels the roof and structure is sound and strong.

I'm just trying to find out if I can waive the inspections if I choose.

Thank you!!

Re: USDA direct - pennsylvania

Anonymous — Tue, 28 Jul 2015 01:12:20 GMT

I started the pre-qual in January & I swear, if you close before me, I'll lose it.

Regarding the inspection, this is what the handbook says:

Re: USDA direct - pennsylvania

Anonymous — Tue, 28 Jul 2015 01:19:25 GMT

*sorry to sound so crappy-- I spent all day riding roller coasters, so I'm wiped out. I am happy that you're doing so well with the timeline. How about throwing some of that good juju my way?

Re: USDA direct - pennsylvania

Anonymous — Tue, 28 Jul 2015 12:31:15 GMT

Oh no problem at all Leaving the City! I've been following your posts to learn more about the program and find myself getting frustrated and upset right along with you!!! I will probably go insane if it takes me that long. Moved in with my mom, dad and brother following a split with by BF. So now it's me, my 2 year old and my 2 dogs in my childhood bedroom. I'm appreciative don't get me wrong but it's rubbing everyones nerves raw.

Thank you for the info on the inspection. I thought I had read that somewhere but I couldn't find it again. I guess I will just have to cross that bridge when I get to it!

Sending TONS of good JUJU!!!!!

Re: USDA direct - pennsylvania

Anonymous — Tue, 28 Jul 2015 12:38:33 GMT

@Anonymous wrote:
Oh no problem at all Leaving the City! I've been following your posts to learn more about the program and find myself getting frustrated and upset right along with you!!! I will probably go insane if it takes me that long. Moved in with my mom, dad and brother following a split with by BF. So now it's me, my 2 year old and my 2 dogs in my childhood bedroom. I'm appreciative don't get me wrong but it's rubbing everyones nerves raw. OUCH. I can imagine!

Thank you for the info on the inspection. I thought I had read that somewhere but I couldn't find it again. I guess I will just have to cross that bridge when I get to it!

Sending TONS of good JUJU!!!!! Thank you!

Re: USDA direct - pennsylvania

Anonymous — Thu, 30 Jul 2015 17:22:17 GMT

Ok, Next question to those that have gone through this process.....

How long after the appraisal is done should I expect to wait to find out the results? I swear I'm like a kid at Christmas!!! I just want to know if this HUGE hurdle is cleared or not. I know I have a way to go but this is one of the things I'm most nervous about. If it doesn't appraise for enough to cover closings I'm pretty much up the creek without a paddle.

Anyone know the typical turn around? I know it will vary depending on state/company but any estimates? PLEASE?!

Re: USDA direct - pennsylvania

Anonymous — Thu, 30 Jul 2015 21:13:01 GMT

@Anonymous wrote:
Ok, Next question to those that have gone through this process.....

How long after the appraisal is done should I expect to wait to find out the results? I swear I'm like a kid at Christmas!!! I just want to know if this HUGE hurdle is cleared or not. I know I have a way to go but this is one of the things I'm most nervous about. If it doesn't appraise for enough to cover closings I'm pretty much up the creek without a paddle.

Anyone know the typical turn around? I know it will vary depending on state/company but any estimates? PLEASE?!

I'd say a week or less would be typical from what I've read around here. I think we were told the appraisal amount by the USDA after 5 days.

Re: USDA direct - pennsylvania

Anonymous — Wed, 05 Aug 2015 16:00:51 GMT

A week out and I'm still waiting on the appraisal results. Emailed my LO since she will be out of the office (3rd vaca since she received my file at the end of June!!) and was informed that she would "appreciate it" if i didn't email her "all the time" that she will process the appraisal when it comes in and if that's AFTER she gets back (august 20th) then so be it.

UMMMM.....sorry but i have emailed her ONCE about the appraisal and only after a week! Pretty sure that wouldn't be considered "all the time". My COE is only good through 8/31 and my closing date is FAST approaching at 9/14 and this woman has take a total of 18 "out of office" days so far. Lord only knows how many more she has scheduled. I work for a mortgage servicer and TOTALLY understand being swamped and appreciate the fact that it's summer and people have lives but when I send ONE very kindly worded email asking if there is any chance we can get the results before end of week when she leaves I would appreciate a little proffessional demeanor and a kind response/unsderstanding back.

I am happy that this is the first little "bump" in the road but it's still frustrating.

Ok, end of rant.

Re: USDA direct - pennsylvania

lmh6 — Wed, 05 Aug 2015 16:30:53 GMT

UGH! My response would be (**IN MY HEAD**)... ok fine. I will call your supervisor instead.

Re: USDA direct - pennsylvania

Jess21 — Wed, 05 Aug 2015 17:45:52 GMT

@Anonymous wrote:
A week out and I'm still waiting on the appraisal results. Emailed my LO since she will be out of the office (3rd vaca since she received my file at the end of June!!) and was informed that she would "appreciate it" if i didn't email her "all the time" that she will process the appraisal when it comes in and if that's AFTER she gets back (august 20th) then so be it.

UMMMM.....sorry but i have emailed her ONCE about the appraisal and only after a week! Pretty sure that wouldn't be considered "all the time". My COE is only good through 8/31 and my closing date is FAST approaching at 9/14 and this woman has take a total of 18 "out of office" days so far. Lord only knows how many more she has scheduled. I work for a mortgage servicer and TOTALLY understand being swamped and appreciate the fact that it's summer and people have lives but when I send ONE very kindly worded email asking if there is any chance we can get the results before end of week when she leaves I would appreciate a little proffessional demeanor and a kind response/unsderstanding back.

I am happy that this is the first little "bump" in the road but it's still frustrating.

Ok, end of rant.

Im sorry but that an unacceptable response, how rude! Im sorry you have to deal with this

Re: USDA direct - pennsylvania

Anonymous — Wed, 05 Aug 2015 20:05:32 GMT

Thank you! It felt good to rant and rave for a minute. I decided to kill her with kindness, like my momma always told me (considering she has total control on my future for the time being) and simply replied "My apologies, Have a great day".

I'm going to give it till lunch tomorrow and then I'll be calling the appraiser to see if she can help me.

Re: USDA direct - pennsylvania

Anonymous — Mon, 10 Aug 2015 13:24:56 GMT

Well, i STILL haven't heard the results of the appraisal and my LO is now out of the office till the 20th.

It's going to be a LONG 10 days!!!!

I'm now at a stand still until she comes back and has the "time" to look it over. The only thing I'll get accomplished while she's out is my homebuyers course that's happening this Wednesday. At least it's something I guess....

Re: USDA direct - pennsylvania

Anonymous — Tue, 11 Aug 2015 18:25:43 GMT

Glad things are moving ahead for you! Did you have to pay for your homeowners course?

Re: USDA direct - pennsylvania

Anonymous — Thu, 13 Aug 2015 13:33:36 GMT

@Anonymous wrote:
Glad things are moving ahead for you! Did you have to pay for your homeowners course?

Fortunately NO!! I was able to take it through a County Organization about 25 minutes away and it was absolutely FREE!!! I was very happy to not have to pay 75-150 dollars for something I do on a daily basis (i work for a mtg servicer).

Re: USDA direct - pennsylvania

Anonymous — Thu, 13 Aug 2015 15:38:36 GMT

OH! I also think I found out why my LO was so salty towards me when I emailed for an update on the appraisal....

Apparently the realtor had already called her 3 times and emailed her 4x's when I checked in last Wednesday. Still no excuse to take it out on me but it makes her response a LITTLE more understandable.....but just a little.

Hope everyone is making some headway!! Keep your heads up!!! "Just keep swimming" as my son would say.

Re: USDA direct - pennsylvania

Anonymous — Thu, 13 Aug 2015 20:19:09 GMT

Awesome! Hopefully I can find a free one. I'm supposed to call back regarding my application Monday. Can't wait !

Re: USDA direct - pennsylvania

Anonymous — Thu, 20 Aug 2015 18:14:08 GMT

FINALLY!!!!

The appraisal came through at 55k (offer is 50k). It would have been higher but they weren't able to include one of the bedrooms as it didn't have large enough windows to meet egress and no built in closet.....still above offer is above offer!!! I"M SO EXCITED I COULD SCREAM!!!

Now, the question is, there are some minor "improvements" they are requiring. A couple outlet covers, a junction box, cleaning the "junk" from the basement, a vapor barrier in the basement and POSSIBLE asbestos wrap on the furnace pipes in the basement, how do i move forward from here?

The outlet covers, junction box and cleaning are easy peasy....i can do that myself if the seller will give me access. The vapor barrier and possible asbestos are the tricky ones. I don't have the cash flow (on top of the closing costs and prepaids right now with only 1 more paycheck between now and scheduled closing. I asked my LO if I could escrow them into the loan and she said no...i thought i read you could? or is that only the inspection repairs?

Baby steps, baby steps...

Re: USDA direct - pennsylvania

Anonymous — Fri, 21 Aug 2015 12:04:57 GMT

Well, inspections are scheduled for 9/1, the first opening they had. the inspector promised he would call if he has any earlier cancellations. Said the reports will be done same day so that will give us 2 weeks till the scheduled closing date to cure anything he finds and wrap it all up....

Anyone have any experience? Is this enough time? I know it depends on a number of things but do you think it's doable or am i looking at pushing the closing date out?

Thanks!

Re: USDA direct - pennsylvania

Anonymous — Tue, 01 Sep 2015 12:53:17 GMT

Inspections were done a day early!!! The inspector wasn't able to get into the house he was supposed to do yesterday so he did mine instead!

Sent the report and pictures to the LO as soon as I received them last night!!

Got a call VERY early this AM from the LO asking if I knew what I was getting myself into...lol....it's an old house 115 years, and does need SOME things (roof is 12 years old, masonite exterior, squeeky floors, broken basement door window, etc). I basically put my salesman hat on and sold the LO on the house. It's THE ONE, I knew it from the moment I walked in, it's perfect, the character, the charm. it's amazing! After all was said and done she said ok, if you're sure....and that she would review the report to see if there is anything they will REQUIRE be done in order to fund.

Have to get the Appraisal addendum sent back to prove the items were addressed and HOPEFULLY will get everything in place so we still close in TWO WEEKS!!!! EEEEKKKK!!!