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Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

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Anonymous
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Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

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!!! Smiley Happy

Message 1 of 20
19 REPLIES 19
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Did they pull your credit at closing?
Message 2 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

No, they did not. Smiley Happy
Message 3 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Thank you!!
Message 4 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

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?

Message 5 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

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?

Message 6 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

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! Smiley Happy

Message 7 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

This was my timeline. I'm not sure about the student loans, I'm sorry, but I hope this helps some. Smiley Happy

P.S. I copied and pasted this from one of my other posts, because I could not remember all of this right now. Lol Smiley Wink

 

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. Smiley Sad

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!!! Smiley Sad

 

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. Smiley Happy

Message 8 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Wow. It's a lengthy process.

Message 9 of 20
Anonymous
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Re: Does anyone know if USDA Direct will do another credit check (hard or soft) before closing???

Didn't realize the process could be so long.

Message 10 of 20
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