topic Re: USDA GUS approval in Mortgage Loans

USDA GUS approval

dehabel — Wed, 11 Jul 2012 00:53:00 GMT

Has anyone gotten approval for USDA guaranteed loan through GUS? If so, what was the underwriting process like?

Re: USDA GUS approval

Tpelc23 — Wed, 11 Jul 2012 03:09:00 GMT

I was it was fine they did not ask for anything. Just took 20 business days.

Re: USDA GUS approval

dehabel — Wed, 11 Jul 2012 13:43:43 GMT

Business days or calendar days and what state are you in? Thanks for the reply.

Re: USDA GUS approval

Anonymous — Wed, 11 Jul 2012 14:50:05 GMT

I am on day 28 of waiting (calander days). They should be reviewing the file today!

I also recieved an "Accept/Elligible" from GUS. I will let you know how it goes when I hear back from them today.

Re: USDA GUS approval

Anonymous — Wed, 11 Jul 2012 16:08:04 GMT

I'm waiting for GUS now. My loan just went to the USDA yesterday and I'm due to close on 7/20. My LO said that Maryland was pretty fast so I'm crossing my fingers. Do you happen to know if GUS uses the middle score? If so, then I should get GUS approval, but my lowest score is 631 on the report that they ran so I may have to get kicked over to manual underwriting, which I'm sure takes longer.

Re: USDA GUS approval

dehabel — Wed, 11 Jul 2012 17:34:37 GMT

My loan officer used my middle score. Did you do GUS with USDA or the lender? My loan guy did the GUS thing then it has to go to their UW then USDA. I wish you luck.

Re: USDA GUS approval

dehabel — Wed, 11 Jul 2012 17:35:36 GMT

How long did the UW with the lender take before you went to USDA and did they ask for any additional info. Also, where are you located?

Re: USDA GUS approval

Anonymous — Wed, 11 Jul 2012 17:43:22 GMT

My turntime with my lender was about 10 days. They did the GUS Approval themselves.

The turn time at USDA is 28 days and counting... I live in OH

They sent my file to the USDA the same day all of my conditions where cleared.

Re: USDA GUS approval

Anonymous — Wed, 11 Jul 2012 17:44:42 GMT

GUS uses the middle score if all 3 are avaliable or the lower score if only 2 are avaliable.

Re: USDA GUS approval

Anonymous — Wed, 11 Jul 2012 17:49:12 GMT

That's a relief! I'm not really sure how they're doing it. My LO had me clear all of the conditions from the UW, first before they sent it to the USDA. I'm guessing that as long as the USDA doesn't find any problems it should be good to go since the UW already signed off on the loan, but I may be wrong about that. Good luck to you, too!

Re: USDA GUS approval

Anonymous — Wed, 11 Jul 2012 17:50:27 GMT

That's good to know. I think I'm okay as long as they're using the middle score.

Re: USDA GUS approval

Anonymous — Thu, 12 Jul 2012 00:03:57 GMT

Update.... No response today. On to Day 29 of waiting! I'm going insane! I hope I hear something tomorrow.

Re: USDA GUS approval

Tpelc23 — Thu, 12 Jul 2012 00:26:29 GMT

Ours was 20 business days in the central fl office

Re: USDA GUS approval

Anonymous — Thu, 12 Jul 2012 03:12:01 GMT

Oh, no. I'm so sorry. I really hope you hear something soon. Has your LO said anything? I'm really starting to get worried that I'm not going to make closing at this point. I hope it doesn't go too long. I need to know where to register my son for school next year before it gets to be too late. He's autistic so I have to arrange for special education services and need to know which county to register him in.

Re: USDA GUS approval

Familywantsahouse — Thu, 12 Jul 2012 15:28:51 GMT

Getting an "accept" finding is a requirement of pre-approval by my broker.

Re: USDA GUS approval

Anonymous — Thu, 12 Jul 2012 16:53:09 GMT

My LO is saying 3 to 5 business days in the Western MD office.

*crossing my fingers* -- scheduled to close on 7/20.

Re: USDA GUS approval

Anonymous — Thu, 12 Jul 2012 17:13:07 GMT

They are working on applications recieved 6.18.2012, mine was recieved on 6.14.2012. I have not heard anything and I am really starting to get worried. I already had to move out of my apartment and all of my stuff is sotred waiting for this to close. I really hope they come back with the commitment today so I can close.

Re: USDA GUS approval

Anonymous — Sat, 14 Jul 2012 01:31:45 GMT

My approval just came in this afternoon. I'M APPROVED!!! I was really panicking after reading some of the other posts about how long it was taking, but I guess it really just depends on the office that you're dealing with. My office really does seem to be pretty quick (submitted Tuesday afternoon and approval came in late this afternoon).

Re: USDA GUS approval

dehabel — Mon, 16 Jul 2012 00:47:30 GMT

Where is your office?

Re: USDA GUS approval

dehabel — Mon, 16 Jul 2012 14:25:54 GMT

Got the call this morning. Lender approved, no conditions, off to USDA!