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Flintlockjo,
I have looked everywhere to see what I can find out. Unfortunately, I was supposed to hear back from the person in the RHS office by today, but surprise! of course I did not. My 30 days from application date ends this coming Monday. I hope to hear from someone by then. If not, I guess up the ladder I go, until I find out something....I will let you guys know what I find out
@Anonymous wrote:Hi Myfico,
I have been reading alot of your stories so or good and some are Horror stories and frankly its got me scared! Iam in the process of trying to get a 502 direct loan through USDA my income is low at this point I only bring home 22,000 a year I work part time...Would I even qualify for this loan? My realtor is prettyy sure I would I have to meet up with the USDA office do submit everything... can anybody tell me about this program?? what the least u can make?? I know its for low income and every state is different (live in NC) Iam just scared everything going to go wrong for me..me and the realtor already picked out a house but still iam scared!!!
There is nothing to be scared of. Fill out the application. Your score looks good! As long as your credit report is not showing any late payments and no judgments or tax liens, you should be fine.
If the loan officer says it looks good, then you need to just go and apply. Don't get your hopes up until you hear back from the USDA office.
Good luck and hope you have a new home soon.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
@medicgrrl wrote:
I am in NC also and looking to do a USDA direct loan hopefully this summer. Let me know how they are to deal with after you meet with them. I have some extenuating circumstances and am hoping to kinda backdoor into the program under some special guidelines
Not sure what you mean by backdoor the program, but I seriously doubt that can be done. Either you qualify or you don't.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
@flintlockjo wrote:
Any info is better than none. After sending in my previous batch of required papers, I should have heard something by last week. I finally decided to call the real estate office this week and find out what my status was. the lady there said USDA was waiting for an authorization from my BF, that I had sent in back on March 19th....... along with rest of the papers they wanted... so what happened to them? You would think if they got lost in the mail they would be wanting all of those papers, not just the authorization. The lady at the office said she waiting to hear from USDA as to what was going on,,,, so I'm waiting also. she said once they get that paper it will go to the UW.. then what? They say whether I'm approved or not? The not knowing is driving me crazy!!!!!!
This sounds more like the guaranteed program, not the Direct program. If your real estate office it taking care of it, then it is more than likely the Guaranteed.
Once it goes to underwriting, they will check everything, verify your job, etc, and ask for more paperwork if they need to. Mine took about 2 weeks total. Once they are done, you will know whether you qualify.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Actually it sounds like the Direct program. There are companies out there that will assist buyers with applying for USDA loans.
As far as qualifying for the loan, I have read the USDA manual several times and was in the mortgage industry for over 15 years. USDA is not a black & white program. They are there to benefit the consumer and the government so when both can be benefited at the same time they are more likely to do the loan, even with some credit issues.