cancel
Showing results for 
Search instead for 
Did you mean: 

Found out today my USDA RD loan was an accept through GUS

tag
Anonymous
Not applicable

Found out today my USDA RD loan was an accept through GUS

Now I have to wait for the appraisal to be completed which could take up to 2 weeks. The waiting game really does suck but I can stop wondering the GUS results as my DTI on the back end was at 41% because I didn't plan on applying this soon. I don't know if having a middle score of 700 helped with that but the closing date of March 13th is lookign better every single day.

If anyone reading this is thinking of going USDA RD, make sure to have your paperwork in order because they dig pretty deep. Even with an accept they still questioned 3 small deposits they couldn't verify with ease and I still had to provide some additional documention but it has been worth it. It helps to have an awesome loan officer too who I've known through my bank for 7 years.

8 REPLIES 8
Anonymous
Not applicable

Re: Found out today my USDA RD loan was an accept through GUS

@NotYou007 That's great news! I just started a USDA Direct loan process today and will mail the application with all the initial documentation they are requesting tomorrow. Out of curiosity, how long was it from the time you submitted your app until you got the news that you were approved through GUS? I know I'm going to be on pins and needles waiting to hear something so I'm trying to prepare myself for that.

Message 2 of 9
donkort
Valued Contributor

Re: Found out today my USDA RD loan was an accept through GUS

They usually "dig deep" with all sorts of mortgages....especially in light of what happened just before the Great Recession with subprime mortgages.

 

I wish you luck, and a very small gap between conditional and final approval.

 

Make sure you have a few copies of all your docs.

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 3 of 9
ldkcivilservant
Frequent Contributor

Re: Found out today my USDA RD loan was an accept through GUS

Indeed, I found an RD loan to be no more comprehensive a check than a regular confotming is.

 

You ALWAYS have to have your ducks in a row with a mortgage application, it's the biggest commitment you'll ever make.

NFCU Platinum $50k | Amex Delta Platinum $25k | Elan Financial $19.7k | Chase Freedom Unlimited $16k | Bank Americard $16k | Discover IT $13K | NFCU Flagship Rewards $10k | GS AppleCard $5.5k | Citi Simplicity $3k
Message 4 of 9
Anonymous
Not applicable

Re: Found out today my USDA RD loan was an accept through GUS

Hi! How many months of bank statements did you need? Also, do you need to provide documentation on every account you have?  

Thanks!

Message 5 of 9
donkort
Valued Contributor

Re: Found out today my USDA RD loan was an accept through GUS

They seem to usually ask for two months of bank statements.  Though I believe they asked for more than that back in 2009, when I was going for my co-op mortgage.

 

Yes, I am sure they want documentation on everything.  They are very strict in this sense.  Make sure you have a few copies of every bit of documentation they ask for.  When I was going for my mortgage, I had to submit documentation twice or three times for many things.

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 6 of 9
Anonymous
Not applicable

Re: Found out today my USDA RD loan was an accept through GUS

My husband and  I have 2 separate checking accounts and I have a few overdrafts which I heard can interfer with getting a mortgage. I was thinking of just using his as both our names are on it and putting all of our transactions through that now. If we had 2 -3 months of statements would that be enough with all of our information?

Message 7 of 9
donkort
Valued Contributor

Re: Found out today my USDA RD loan was an accept through GUS

They might very well ask for two months of bank statements.

 

I don't sense that the banks will make a big deal out of overdrafts----as long as you resolved them immediately.

 

 

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 8 of 9
Anonymous
Not applicable

Re: Found out today my USDA RD loan was an accept through GUS

Thank you! I'm reading all these threads and making myself nervous. I just want everything in good shape.

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.