topic Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing??? in Mortgage Loans

Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Tue, 29 Aug 2017 20:34:06 GMT

I am "almost" through the first time home buying process for a USDA Direct loan in Northeast Louisiana. I am just curious whether they will run my credit again at all (soft or hard) before closing or not. Most of what I've read points to NO or they only re-pull if it's been over 90, 120, or even 180 days since the Tri-Merge was pulled originally. Does anyone have any experience with whether or not the USDA did re-pull credit again before closing? Would love some answers from people who have actually been there.

Thanks!!!

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 10:56:20 GMT

Did they pull your credit at closing?

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 11:11:14 GMT

No, they did not.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 11:32:38 GMT

Thank you!!

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 13:23:42 GMT

If you don't mind me asking, how long has the USDA Direct process been for you so far and do you know if they count 1% of student loans?

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 13:24:14 GMT

If you don't mind me asking, how long has the USDA Direct process been for you so far and do you know if they count 1 percent of student loans?

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 13:50:07 GMT

I applied on May 23rd. They pulled my credit on June 22 @ and went to underwriting in July and I got a COE on August 1st. I am now waiting on an appraisel which has been a week and a half now. I am not sure about student loan, Sorry! Good Luck!

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 14:48:29 GMT

This was my timeline. I'm not sure about the student loans, I'm sorry, but I hope this helps some.

P.S. I copied and pasted this from one of my other posts, because I could not remember all of this right now. Lol

6/26/17 - Full application taken to local USDA office by my LO

8/1/17 - Received COE

8/5/17 - Signed contract on house

8/7/17 - Inspection done & survey, inspection report, contract, floor plan, & request for appraisal taken to local USDA office by my LO

8/8/17 - Title company says "Title work on this property is good. No judgments/liens found against the buyer. Waiting on title request from USDA."

8/7/17 - 8/14/17 - My USDA specialist is on vacation for a week (my luck)

8/21/17 - I was told appraisal was done, but evidently I was given incorrect info

8/25/17 - Completed homebuyers education course

8/29/17 - USDA specialist ordered appraisal. I signed REQUEST FOR TITLE OPINION AND LEGAL SERVICES & APPLICANT ORIENTATION GUIDE

8/30/17 - The 2 items I signed above were returned to USDA specialist via email by my LO

8/31/17 - Appraisal done!

8/31/17 - Title company says "Prelim fees sent to USDA."

9/5/17 - Title company says "Pending title request."

9/7/17 - Appraisal report is supposed to be ready and emailed to my LO today

9/8/17 - Waitiing on response from usda specialist. My LO (broker) has not heard anything.

9/12/17 - Received word from my LO that appraiser has sent appraisal to USDA specialist.

9/14/17 - Finally received email back from USDA specialist stating he got my appraisal and will be working on it as best he can between now and Monday

9/18/17 - Asked for update from my LO and he says this:

"usda got appraisal back - sent back to appraiser for some technical changes. hope to get back tomorrow." What does this even mean???

9/19/17 - Appraisal turned back into usda.

9/19/17 - Received email from my LO that my loan has funded for this fiscal year. He says funds have been allocated for my loan, so not to worry about funds running out.

He also said "all usda has to do now is schedule closing with attorney and let us know when." C'MON AND DO IT ALREADY!!!

9/21/17 - Finally signed my FUNDING COMMITMENT AND NOTIFICATION OF LOAN CLOSING DOCUMENTS and emailed my usda rep my last 2 paystubs per his request.

9/25/17 - USDA has sent title request to title company!

9/25/17 - Title company sent title docs and title commitment back to USDA.

9/26/17 - CLEAR TO CLOSE!!! (Received word on 10/11/17 that my CTC was actually issued on 9/26/17!!!)

9/27/17 - CLOSING ON 10/16/17!!!! USDA rep emailed me today. She said she will be emailing my closing disclosure soon.

9/27/17 - Pest inspection turned in.

10/5/17 - HUD approved by USDA

10/6/17 - Received closing disclosure from USDA

10/7/17 - Walk-through

10/9/17 - Per title company, received loan docs & saved to file, cued up checks & deposits, & USDA closing package prepared.

10/16/17 - CLOSED!!!! And it was a very pleasant experience.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 18:13:30 GMT

Wow. It's a lengthy process.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 18:14:03 GMT

Didn't realize the process could be so long.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 18:25:48 GMT

Yes, I was stressing EVERY SINGLE DAY!!! I don't think it ALWAYS takes this long, I was just one of the lucky ones. Ha Ha

And my landlord was selling the house I was renting at the time, so I needed everything to go through ASAP!!! And it ended up taking forever! I thought we were going to be out on our butts with nowhere to go and ALL our cats with us! Lol It all seemed to work out though. I'm not sure how, but it did.

But it usually is at least 2 to 3 months from start to close. It's worth it though for the low interest rate, no down payment, and little or no closing cost.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 19:18:24 GMT

OH WOW Tammy! We have the same exact sanario. I am trying to buy the house I am renting. Mine is taking forever and I have ran into every hick up possible. I stress DAILY. Do you have a FB where I can private message you?

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Thu, 23 Aug 2018 19:34:44 GMT

Yes! I actually did not buy the house I was renting, because my landlord already had someone interested in buying it, while we were living there and she needed the money, also, we needed something bigger, but the struggle was probably VERY similar for us.

Look up Tammy Ronquille

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

stinastina — Sat, 25 Aug 2018 01:14:50 GMT

Tammy, thanks so much for posting your timeline ! It is super helpful. I am just starting. I haven't even turned in my app yet because I have so many questions ! My rep said he would probably not pull my report again but he might. I did a pre-app a month ago but he said my dti was too high so I brought it down a lot and them last week he pre-approved me. I'm going to try to mail it the first of next week to get things going.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Sat, 25 Aug 2018 01:51:55 GMT

You're welcome! I'm so glad you found it helpful. It is a very stressful experience but worth it.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

stinastina — Sat, 25 Aug 2018 02:14:52 GMT

I printed out your timeline and posted it on my wall so I have a realistic guideline to go by. You also listed the processes which is awesome in case a step is missed - I will know to ask about it and when to follow up.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Wed, 05 Sep 2018 21:02:05 GMT

okay so, I just signed my Funding Commitment & Notification of loan closing, what do yall think my chances are of my credit being pulled again?

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

stinastina — Fri, 26 Oct 2018 02:57:56 GMT

@Anonymous wrote:
You're welcome! I'm so glad you found it helpful. It is a very stressful experience but worth it.

Hey, Tammy,

How did you figure out the square footage of a house to stay under 2000 ? Some of the listings I'm looking at can't possibly be accurate. I see a 5 bedroom house at 1200 sq feet and a bedroom at 3800. I know USDA does not count the garage, but where do they get the info from ? I just don't want to get a house under contract and they say no because it's too big.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Anonymous — Fri, 26 Oct 2018 03:23:04 GMT

I used a mortgage broker who basically only deals in USDA loans so his listings were all homes that the USDA would approve. If you don't have a broker, I would maybe get with a realtor and have them let you know exactly what the square footage is before going under contract.

Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

stinastina — Fri, 26 Oct 2018 03:39:20 GMT

@Anonymous wrote:
I used a mortgage broker who basically only deals in USDA loans so his listings were all homes that the USDA would approve. If you don't have a broker, I would maybe get with a realtor and have them let you know exactly what the square footage is before going under contract.

I have talked to 3 reators but there is something squirelly going on with the property listings. One house I looked at was a 5 br and listed as 1200 square feet and another was a 3 br at 3800 sq ft (it had a basement). None of the realtors have a clue.