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Hello everyone. We are currently in the final stages of escrow, scheduled to close 07/27.
On Friday we were told our file would be sent to the USDA office for a final review and to receive commitment from them.
Once received we'll be issued our CTC.
LO has advised us that our file is solid and that there should be no issues...still can't help but to feel nervous.
Just wanted to know if anyone has ever heard of or experienced a declination from USDA even after lender has approved?
Sure they can decline to underwrite it, after all they are guaranteeing the loan to the lender. As to how often it happens i am not up on. If the lender says its solid then I would take their word at 99.9%
Processing time greatly differ from state to state. Some states have a hotline with a recorded message that gives the current processing times. while others post them on their websites. Some states are fast, and there are others that are super busy and really slow. So, I always tell my borrowers please call and stay up on their turn times because they can change at any time (specially before an offer is made).
Files submitted with a GUS Approval/Eligible are fast as the file is faxed or emailed by the Underwriter with a skeleton file. Which generally contain the loan app and the apprasial. On the other hand, a file with GUS findings with a Refer/Eligible can take longer as the USDA will underwrite the file itself and if approved, then wthey will issue the loan commitment. There are many reasons why a file gets downgraded to a manually underwritten loan. But I'll address that another day.
If your LO gave you the thumbs up, then sleep like a baby! Just be patient and know we lenders never send a file to the USDA for commitment unless we are CTC (clear to close). Once the commitment comes in better get ready to move!
Best wishes to you and congratulations on your new home.
Thank you for the information. You guys are awesome!