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Can I get a back up loan?

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Contributor

Can I get a back up loan?

USDA (direct loan) is totally messing around with me at this point and I have a feeling my loan is not going to get funded.  USDA told me last week they are getting low on funding.  Can I get a back up loan?  Can I get the process going for the guarenteed loan while Im waiting to see if anything comes of the direct loan?

 

I went into contract 2.5 weeks ago and USDA hasnt done anything.  The USDA guy was suppose to do our appraisal last week and never did.  Now they arent answering when I call and are not returning my phone calls.  Awesome.

Message 1 of 5
4 REPLIES 4
Regular Contributor

Re: Can I get a back up loan?

We started a USDA guaranteed loan on July 26th and closed on our home on August 31st.  I honestly don't know if you can apply for both though....we went through a bank that was very familier with USDA loans.


Starting Score: EQ: 540 TU: 606 EX: 605 (all from lender on 7/26/11)
Current Score: EQ: 601 TU: 648 EX: 642 (from lender on 8/4/11)
Closed on our home on 8/31/11!!!!
Goal Score: 620-650 to start

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Message 2 of 5
New Contributor

Re: Can I get a back up loan?

Doesn't the new fiscal year (and therefore more funding) for USDA start October 1st?

 

What state is this in?

Message 3 of 5
Contributor

Re: Can I get a back up loan?

lamwhoiam- Yeah, their fiscal year starts Oct. 1st, but that doesnt mean thats when funding comes in (straight from USDA rep's mouth).  If you read old posts you'll find that USDA didnt get funds for their Oct. 2010 fiscal year until the end of March 2011.  Im in Ohio.

Message 4 of 5
Contributor

Re: Can I get a back up loan?

veggs2000-  That is awesome!  Im ready to throw in the towel with the direct loan.  The amount of stress Ive been in the past couple months is unreal.  This loan doesnt seem worth it to me anymore.

Message 5 of 5
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