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I am "almost" through the first time home buying process for a USDA Direct loan in Northeast Louisiana. I am just curious whether they will run my credit again at all (soft or hard) before closing or not. Most of what I've read points to NO or they only re-pull if it's been over 90, 120, or even 180 days since the Tri-Merge was pulled originally. Does anyone have any experience with whether or not the USDA did re-pull credit again before closing? Would love some answers from people who have actually been there.
Thanks!!!
If you don't mind me asking, how long has the USDA Direct process been for you so far and do you know if they count 1% of student loans?
If you don't mind me asking, how long has the USDA Direct process been for you so far and do you know if they count 1 percent of student loans?
I applied on May 23rd. They pulled my credit on June 22 @ and went to underwriting in July and I got a COE on August 1st. I am now waiting on an appraisel which has been a week and a half now. I am not sure about student loan, Sorry! Good Luck!
This was my timeline. I'm not sure about the student loans, I'm sorry, but I hope this helps some.
P.S. I copied and pasted this from one of my other posts, because I could not remember all of this right now. Lol
6/26/17 - Full application taken to local USDA office by my LO
8/1/17 - Received COE
8/5/17 - Signed contract on house
8/7/17 - Inspection done & survey, inspection report, contract, floor plan, & request for appraisal taken to local USDA office by my LO
8/8/17 - Title company says "Title work on this property is good. No judgments/liens found against the buyer. Waiting on title request from USDA."
8/7/17 - 8/14/17 - My USDA specialist is on vacation for a week (my luck)
8/21/17 - I was told appraisal was done, but evidently I was given incorrect info
8/25/17 - Completed homebuyers education course
8/29/17 - USDA specialist ordered appraisal. I signed REQUEST FOR TITLE OPINION AND LEGAL SERVICES & APPLICANT ORIENTATION GUIDE
8/30/17 - The 2 items I signed above were returned to USDA specialist via email by my LO
8/31/17 - Appraisal done!
8/31/17 - Title company says "Prelim fees sent to USDA."
9/5/17 - Title company says "Pending title request."
9/7/17 - Appraisal report is supposed to be ready and emailed to my LO today
9/8/17 - Waitiing on response from usda specialist. My LO (broker) has not heard anything.
9/12/17 - Received word from my LO that appraiser has sent appraisal to USDA specialist.
9/14/17 - Finally received email back from USDA specialist stating he got my appraisal and will be working on it as best he can between now and Monday
9/18/17 - Asked for update from my LO and he says this:
"usda got appraisal back - sent back to appraiser for some technical changes. hope to get back tomorrow." What does this even mean???
9/19/17 - Appraisal turned back into usda.
9/19/17 - Received email from my LO that my loan has funded for this fiscal year. He says funds have been allocated for my loan, so not to worry about funds running out.
He also said "all usda has to do now is schedule closing with attorney and let us know when." C'MON AND DO IT ALREADY!!!
9/21/17 - Finally signed my FUNDING COMMITMENT AND NOTIFICATION OF LOAN CLOSING DOCUMENTS and emailed my usda rep my last 2 paystubs per his request.
9/25/17 - USDA has sent title request to title company!
9/25/17 - Title company sent title docs and title commitment back to USDA.
9/26/17 - CLEAR TO CLOSE!!! (Received word on 10/11/17 that my CTC was actually issued on 9/26/17!!!)
9/27/17 - CLOSING ON 10/16/17!!!! USDA rep emailed me today. She said she will be emailing my closing disclosure soon.
9/27/17 - Pest inspection turned in.
10/5/17 - HUD approved by USDA
10/6/17 - Received closing disclosure from USDA
10/7/17 - Walk-through
10/9/17 - Per title company, received loan docs & saved to file, cued up checks & deposits, & USDA closing package prepared.
10/16/17 - CLOSED!!!! And it was a very pleasant experience.
Wow. It's a lengthy process.
Didn't realize the process could be so long.