topic Re: My USDA guaranteed thread in Mortgage Loans

My USDA guaranteed thread

Anonymous — Thu, 29 Mar 2012 13:08:56 GMT

I have learned alot from reading other's stories on their progress so I thought I would add mine in hopes to help someone. Here is my timeline so far

1/25 Submitted info for preapproval for USDA guaranteed to see where I stand. Scores were EQ 563, TU 647, EX 611. Had somewhat high CC utilization and was told which cards to pay to what and that they would do RR for EX to get over 640.

2/3 Submitted updated CC balances for rescore.

2/8 CC balances were updated on EX (I only knew this due to monitoring services)

2/10 Received alert for new inquiry and received preapproval from LO. New scores were EQ 585, TU 657, EX 645.

2/12 Submitted offer

2/16 After negotiations, offer was accepted

2/18 Inspection performed (nothing major found)

2/19 Received inspection report - realtor forwarded it to seller's agent/seller

2/20 Received notice seller was fixing everything found during inspection (I didn't even have to ask them to fix the stuff....they just said they would)

2/21 Met with broker - loan application submitted

2/27 Loan approved with conditions

2/28 Appraisal and termite inspection today ; all conditions met and package resubmitted

2/29 Received termite inspection letter

3/5 Received appraisal back

3/6 Received notice of 3 more conditions

3/12 All additional conditions complete/answered

3/15 Approved from lender - file sent to USDA for review

3/29 Approved from USDA - Closing scheduled for 3/30 at 11:00 am

Re: My USDA guaranteed thread

Skinnyminnie — Sun, 04 Mar 2012 16:10:34 GMT

Thanks, Harm, that's a wonderful breakdown. The 30th is just around the corner too, how exciting!

Re: My USDA guaranteed thread

cracksmeup — Mon, 05 Mar 2012 16:44:46 GMT

so excited to be following this thread. I hope to apply for the USDA Guarenteed in about a month

Re: My USDA guaranteed thread

Anonymous — Mon, 05 Mar 2012 17:13:15 GMT

Just an FYI - My lender submitted my file to USDA Thursday evening (3/1) and we got it back this morning (3/5). If you don't count the weekend, it really only took 1 day. Good luck!

Re: My USDA guaranteed thread

Anonymous — Mon, 05 Mar 2012 17:22:13 GMT

Strut-

You said you just got your file back from USDA this morning. What is your next step? Going back to lender for final and clear to close? What is your closing date?

Re: My USDA guaranteed thread

Annaliese — Mon, 05 Mar 2012 17:52:31 GMT

Thanks for sharing your timeline here. We are waiting for the final approval from USDA too.

Btw, I was wondering if the seller is Fannie Mae? It's always nice to hear when the seller is willing to fix the repairs even though you didn't ask for it. Makes the transaction easy!

Keep us posted.

Re: My USDA guaranteed thread

Anonymous — Mon, 05 Mar 2012 17:57:53 GMT

Good luck to you, Annaliese.

How long has your file been with USDA? I love seeing other people's experiences!

My house (I think) was a foreclosure and was purchased by an investor that I am buying from.

But I did just get the appraisal report back. I was thinking it would be a 1 page sheet of paper that says "Your hosue is worth $xxx,xxx." I wasn't expecting it to be a book!

But it appraised for $2,000 more than contract price. Now I wish lender would hurry up and say ok and send to USDA!

Re: My USDA guaranteed thread

Annaliese — Mon, 05 Mar 2012 19:04:03 GMT

Our LO told us he sent it Thursday and was told that we should hear back from them by Monday, which is today. I've been checking my emails.. but none so far. What State are you from? And thanks for answering my question. Our seller is Fannie Mae and all repairs were made which is nice! Didn't expected them to do it eventhough the contract says 'as is'.

Re: My USDA guaranteed thread

Anonymous — Mon, 05 Mar 2012 19:04:04 GMT

SC.

Here's to hoping you receive good news today!!

Re: My USDA guaranteed thread

Anonymous — Mon, 05 Mar 2012 20:41:53 GMT

The USDA (REO?) system was the last hurdle for me, the only thing I'm now waiting on is the final paperwork to be drafted. I would have been able to close today but the damn title office was closed to move into a new building!!!

Re: My USDA guaranteed thread

Annaliese — Tue, 06 Mar 2012 04:10:55 GMT

Well, no approval tonight but LO told us that USDA wants to know the Landlord's phone/name (they want to see rental history) and they want to know if we are paying the '$100' medical bill in full prior to closing.

We were going to pay this medical collection in full despite the fact that the clinic made an error but LO told us not to pay it off because it can affect credit scores. Aren't these type of stuff are usually conditions by the UW from the lender? Is this typical for USDA to ask these conditions? I'm not thrilled because we may need to delay the closing again.. for the 2nd time

Re: My USDA guaranteed thread

Anonymous — Tue, 06 Mar 2012 01:43:10 GMT

I haven't made it to USDA's desk yet, but I thought the same as you....that USDA pretty much just verifies all of the info submitted and the lender is the to request all of the stuff. But then again, I don't know much! Are they going to allow you to pay it at closing?

Re: My USDA guaranteed thread

Annaliese — Tue, 06 Mar 2012 04:22:16 GMT

We are not certain if they will required to have it 'paid in full' before closing. We will find out tomorrow. LO said that we will still close this Friday but I'm debating if we will just start processing the addendum extension to Fannie Mae in case it will not happen again this week. I'm just concern that the seller won't extend it again.

Re: My USDA guaranteed thread

Anonymous — Tue, 06 Mar 2012 20:25:40 GMT

Annaliese, Any update? If your LO is confident that you will still close this Friday, I am sure everything will be fine!

I spoke with my MB today and he said everything is fine (as far as my conditions) and today he will have all of the homeowner's insurance info and the attorney said the title work stuff should be in tomorrow and that is all lender is waiting on to submit file to USDA.

Re: My USDA guaranteed thread

Anonymous — Tue, 06 Mar 2012 20:27:12 GMT

Strut - Any updates with you?

Re: My USDA guaranteed thread

Annaliese — Tue, 06 Mar 2012 22:12:23 GMT

No updates yet. We are waiting to hear from our LO and our realtor isn't happy about the 'we should be ok' answer from the LO. We are likely going to ask the seller for another week extension. I am hoping Fannie Mae will accept the extension for the '2nd time'. *sigh*

Re: My USDA guaranteed thread

Anonymous — Wed, 07 Mar 2012 00:00:53 GMT

OK, I would like to retract my earlier statement that lender is ok with all conditions.

I received 3 more today. One was easy - show relationship between myself and the person who I receive SS for (my daughter...different last name) I addressed this one and emailed MB a letter.

Second was needing bank statement showing check for earnest money cleared. I had already sent a copy of cleared check but now they need the actual statement. Not sure how to accomplish this because the check just cleared on the 21st and my next statement won't close for another week. I have emailed MB to see what I need to do (hopefully not wait a week+ for new statement)

Third condition was needing a structural damage report due to something on the termite inspection letter. There was a leak in the crawl space under washing machine...seller is fixing. I have an email into realtor to find out about this, as I have no clue what a structural damage report is or who does it.

On a good note, while getting home owners insurance quotes, I was able to cut my car insurance in half monthly !

Re: My USDA guaranteed thread

Annaliese — Wed, 07 Mar 2012 17:19:09 GMT

Update:

We are set to close. LO told us USDA approved the loan. We are hoping to close this week but I won't get my hopes high until we have the keys!

And it's nice to hear you were able to reduced your car insurance payment while shopping for HO!

Re: My USDA guaranteed thread

Anonymous — Wed, 07 Mar 2012 18:07:25 GMT

That is awesome!! So excited for you!! You are getting soooo close!! What did they say about the medical collection?

Re: My USDA guaranteed thread

Annaliese — Wed, 07 Mar 2012 19:21:37 GMT

USDA wants to know if we are going to pay it off before closing. We had to signed a letter stating that we will pay it off when we get the OK from the insurance company. Insurance people are trying to figure out why we were sent to collections etc. I'm glad it didn't stop USDA to approved the loan.