topic Re: USDA DIRECT LOAN in Mortgage Loans

USDA DIRECT LOAN

Anonymous — Wed, 31 Mar 2021 20:20:22 GMT

Timeline:

03/30/21
Dropped my application at USDA service center.

03/31/21

Got a call from USDA office to send in letter of explanation for no rental history. Working on that today.
THEY PULLED MY CREDIT TODAY!!

now waiting for more updates

Re: USDA DIRECT LOAN

Anonymous — Thu, 08 Apr 2021 15:20:45 GMT

UPDATE 04/07/21

Got a call from USDA, requesting LOE for lates and copy of SS card.
Mid score met requirement

Loan application is complete.
The "tech" did mention sending my application to a different office, workload is really heavy.

Re: USDA DIRECT LOAN

805orbust — Fri, 09 Apr 2021 13:08:13 GMT

Congrats on your progress thus far. Looking to do one of those on a farm this year. Any feedback during your journey is appreciated!

Re: USDA DIRECT LOAN

Anonymous — Tue, 20 Apr 2021 17:20:00 GMT

Update 4/19/21

Emailed my tech as USDA for an update. Got a response back that volume is really high and it is still line for processing.

2 hours later, received another email stating that my file was sent to another office for review with contact to 2 ladies at that office,which upon a brief Facebook search at least one is an actual LO

Now we wait. Again. Lol

Re: USDA DIRECT LOAN

Anonymous — Wed, 28 Apr 2021 20:02:44 GMT

Congratulations! It sounds like you are moving along in the process pretty quickly, all things considered. That's a very good thing. I have been working on a USDA RD Direct mortgage since last June, almost a year, and it's still not completed. My situation is a bit different than most as I had to get a construction loan first and that will be converted to a regular mortgage once the final inspection and final closing are completed. Covid has wreaked havoc on the building industry which, in turn, has almost doubled the cost of materials and other things like appliances. That, along with the booming housing market, has slowed everything down to a crawl. Hopefully, I will be finished and ready to move into my new home by my birthday on the 15th! I hope everything goes more smoothly for you than it has for me and I look forward to following your journey. My only advice: try very hard to be patient. I have learned many things throughout this process and among them was that nothing involving the federal government moves very fast.

@Anonymous wrote:
UPDATE 04/07/21
Got a call from USDA, requesting LOE for lates and copy of SS card.
Mid score met requirement
Loan application is complete.
The "tech" did mention sending my application to a different office, workload is really heavy.

Re: USDA DIRECT LOAN

Anonymous — Sat, 29 May 2021 04:14:42 GMT

Any progress?

We submitted an application through a loan packager.

He said as of 5/26/21 our loan is with the USDA awaiting review.

He said once its reviewed they'll request any additional documents and then it will go to underwriting.

Said they quoted him 30 days for COE.

Also said to ask for a 60 day escrow period when we do make an offer.

Re: USDA DIRECT LOAN

Anonymous — Thu, 17 Jun 2021 23:53:03 GMT

Its so nice to know I'm not alone in all this!

I actually withdrew my application and just sent it back out Tuesday, it is supposed to be at the office tomorrow. My mid score was 1 point below auto approval (639) back when I applied end of March, and a lot of things I had paid off weren't reflecting on my credit report yet. So, here we go again!
It maybe would have been approved, but I didn't want to go through all the extra hoops and from what I was told by the tech it would have taken longer to go through.

I was really fortunate to get a tech that wouldn communicate with me directly. It really saved me a lot of headache (or so I hope). Whatever office your loan is submitted to, get a contact there. I would call in a few days after you see your credit score has been pulled. Ask if they need anything else, how your mid score looks, etc. I was able to submit all extra paperwork by email directly to the lady that was handling it. Otherwise, if they need extra documentation they will send you letters in the mail and we know nobody has time for that!

Best of luck to you all with your loans, let us know how it pans out! I'll post updates as soon as I get them.

Re: USDA DIRECT LOAN

Anonymous — Thu, 07 Oct 2021 15:55:25 GMT

UPDATE!!
After many months of waiting..

I received my COE on 09/27

Home inspection scheduled for 10/13!
COST $375

Re: USDA DIRECT LOAN

Anonymous — Thu, 07 Oct 2021 19:37:08 GMT

Congrats! We finally got our COE 8/20/21 - were in contract on 8/27 but fell out of contract on 9/20/21.

found a new house and was about to get into contract on 9/27/21 but now the USDA is out of funding and no one will accept a 90+ day escrow.

we got a 30 day extension to 11/4 and we can get one more 30 day extension after that.