topic Re: USDA Direct - Preliminary loan paper signing in Mortgage Loans

USDA Direct - Preliminary loan paper signing

Anonymous — Thu, 09 Jun 2011 19:23:26 GMT

Hello,

I have my preliminary loan paper signing with the USDA on Monday and was just wondering if anyone knows what to expect.

This has been such a long process but I finally close on June 27th!!!

Thanks for any info!

Erin

Re: USDA Direct - Preliminary loan paper signing

ShanetheMortgageMan — Sun, 12 Jun 2011 09:24:19 GMT

I'm not 100% sure, but I imagine it's where you sign the application for the specific home you are buying.

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 14 Jun 2011 13:24:52 GMT

I met with the USDA yesterday and they went over the whole loan with me and had me sign many sheets. I also received the Funding Commitment and Notification of Loan Closing. We're hoping to close on the 27th and it looks like it is going to happen. They will now be sending my Real Estate Attorney a list of things to do for closing.

This has been a LONG process but definitely worth it in the long run. I mailed them my application on 8/18/10, got approval letter on 10/15/10...which also informed me that there was no funding. Got notification of funding on 4/1/11, put offer on house 4/18/11 and am closing 6/27/11. For anyone going thru a USDA Direct loan, if you can handle A LOT of waiting definitely hang in there...it will happen. It is not a quick process at all but worth it in the end. It still seems unreal that I'm going to be a homeowner in a couple weeks!!

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 14 Jun 2011 15:17:59 GMT

First of all congrats! Second I wanted to ask you if you had to go into the rural office more than one time? We had a appointment yesterday as well with our person at the USDA office before she sent the paperwork to the state office to be originated. There were more items she needed like our home insurance quote and our closing attorney information. Did you have to go in for something like this? We've been on this road since November and would love to know that it's about to end!

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 14 Jun 2011 16:00:00 GMT

Hi glsgrl - I only met with rural development once throughout the whole process (yesterday). They also gave me a list of things that still need to be done...they need the smoke/carbon certificate, need to do a final walk-thru to be sure all the necessary repairs have been completed, etc. I believe that after we met he was going to be sending the paperwork to the state office to be originated. They didn't ask about home insurance but it's in the works.

Good luck and feel free to ask more questions...the only way I learned anything about this whole USDA Direct process was through this message board!

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 14 Jun 2011 17:58:05 GMT

Congrats, very cool! Im actually new to these boards and have been lurking the past few weeks trying to find as much info as I can about the USDA direct loans. Im in the middle of the loan approval process now. So far, they've moved fairly quickly. Thanks for posting. I love reading as much as I can about this process. We'll be first time home buyers if our loan gets approved.

Re: USDA Direct - Preliminary loan paper signing

ShanetheMortgageMan — Tue, 14 Jun 2011 18:53:01 GMT

Well that is awesome, much better than just signing the initial paperwork. Congrats on the progress!

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 14 Jun 2011 19:40:14 GMT

Good luck, rbenson! This message board has been SOO helpful to me. If you have any questions at all don't hesitate to ask!

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 28 Jun 2011 12:11:27 GMT

how many credit pulls did the usda do? is there one right before closing?.and congrats on your new house!

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Wed, 29 Jun 2011 23:08:36 GMT

Thanks Erin! I feel like Im going to grow a beard while waiting for our loan approval (Im anxious to start looking). Then again, I see how long you had to wait and hope that wont be our case. Eek!

I know it'll be worth it in the end and Im trying to keep myself busy. Speaking of, is there anything you did while waiting for your loan approval/ loan funding? I have a list to find a realtor (landlord is a realtor so ill use her recommendations), look for 1st time home buying grants, and shop for insurance. I've already been scoping out the area and went to a home buying class.

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Thu, 30 Jun 2011 02:24:45 GMT

Would you mind disclosing what state you live in? I am curious if different states experience different time frames. We're trying to do a guaranteed loan, but are also considering direct. We're in Nebraska.

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Thu, 30 Jun 2011 09:25:33 GMT

We filled a appication out on june 2nd and yesterday we recived are eligbility letter....so far its been very smooth and quick..and we r doing the direct loan in ny state..

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Thu, 30 Jun 2011 10:47:43 GMT

You're so lucky, razzkazz! Im in Ohio doing the direct loan. Our pre-qual was quick. They received our loan application around May 31st. Over a week later, they sent for more paperwork. They received our bank statements, w2s, etc. around June 10th. I called the 24th to make sure they got all of our paperwork (thick envelopes) and lady (LO?) said she was still waiting for some paperwork via employment verification, etc. Im trying to be patient...

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Fri, 01 Jul 2011 16:32:06 GMT

razzkazz-any advice? I am in NY considering a direct USDA. What were your scores? Was the process smooth? ETc.

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Fri, 01 Jul 2011 17:45:55 GMT

yes very smooth for us we had are certifacate in 23 days....we sent ALL paper work with the app....they didnt need anything from us..my scores they pulled....ex..649 eq..683..tu...639 ..the problem we r finding some agents dont wanna sell a house to a person with a usda loan...we went to put a bid in and they wouldnt except it...

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 12 Jul 2011 22:55:02 GMT

I'm in NY doing a Direct and while the initial process of loan qualifying was pretty smooth and painless, the actual house-buying process has been a nightmare.

We've been under contract since early April (certificate of eligibility issued right after we went under contract...we knew it was coming) and we're still not even close to a closing.

It's a nightmare...it really is. I hope it's worth it in the end.

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Tue, 12 Jul 2011 22:56:59 GMT

Razz...yes, you will absolutely find certain agents will refuse to accept an offer if they know that you're using USDA Direct. My suggestion would be to not tell them until you're under contract. They'll ask if you are preapproved...tell them you are. If they ask for more, than disclose that it's USDA Direct...but again, because of the ridiculous process of getting one of these blasted loans to closing, a lot of agents will push their sellers away from you.

Honestly, if I were a seller, unless the house had been sitting on the market forever, I'd run from a USDA offer too.

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Thu, 14 Jul 2011 03:09:52 GMT

Well, 2 weeks later so a total of 6 weeks has passed and we still have not gotten any word of our loan being approved. I called USDA to tell them about us getting a small car loan and she said she was still waiting on the same papers. I called my work & landlord to find out what the problem was and USDA never sent them the paperwork. A tip for anyone waiting on the loan approval, stay on top of them!

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Thu, 14 Jul 2011 03:33:45 GMT

well in our case we lit a fire on a daily basis.. under everyones asses. we handed in everything they needed and our approval was fast. we are now under contract on a home and waiting for the attorney to schedule closing. the biggest thing is have all of your paperwork..all your ducks in a row. and light a fire under everyones asses. please let us know how you make out and we will update how we are doing. it is a very long process but i think at the end everything will be worth it. good luck. i just want to tell you we applied for the loan june 2nd and we had our certificate of eligibility june 26th. now it is up to the lawyers and usda. we are waitng for closing.

Re: USDA Direct - Preliminary loan paper signing

Anonymous — Thu, 14 Jul 2011 03:36:47 GMT

Yes, you really do have to be up your LOs rear end.

Honestly...I think my underwriter has a near nervous breakdown everytime she sees my email pop into her inbox.

Unfortunately, our underwriter keeps setting these ridiculous hoops we have to jump through. Right now, she's refusing to order the title work until a signed addendum is provided that states the seller is taking care of the septic issues.

At the last minute, she threw up this requirement for a risk assessment.

While doing our appraisal, USDA's computers went down for almost a week. Just ridiculous stuff.