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I applied for a 502 direct loan from USDA ..Iam soooo nervous!

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msnabs
Valued Member

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!

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

Experience is the best teacher........sometimes you have to pay for it with your youth.
Message 11 of 31
flintlockjo
New Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!

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!!!!!!Smiley Happy
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TransUnion670Date: 4/16/2009
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Message 12 of 31
WannaHouse
Valued Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!


@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!!!Smiley Sad


 

 

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.    Smiley Happy


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 13 of 31
WannaHouse
Valued Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!


@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 Smiley Happy

 

Not sure what you mean by backdoor the program, but I seriously doubt that can be done. Either you qualify or you don't.


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 14 of 31
WannaHouse
Valued Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!


@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!!!!!!Smiley Happy

 

 

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.

 

 


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 15 of 31
medicgrrl
Valued Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!

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.



EQ 778 EXP 782 TU 729
Message 16 of 31
flintlockjo
New Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!

My real estate office helps with both programs. I was told they were going to try and get me the Direct loan, because of the payment help. So the application was sent in March 9th or 10th. On the 18th I received a few more papers to sign and my BF had to fill out a Landlord ver. and signed an authorization. They are now saying they didnt get the authorization and that is what is holding everything up. But all three of those papers were sent in together.Maybe it is actually something else, like his employment ver., which they may never get. He was hurt on the job almost 2 yrs ago, and is in a battle with them. He isnt even on the loan, he will just be living in the house Well anyways, I will have to wait until next week now to hear anything. This is just so stressful.
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TransUnion670Date: 4/16/2009
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Message 17 of 31
medicgrrl
Valued Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!

Have you talked with USDA directly or are you letting your agent handle that?  Maybe you should call them yourself just so you have a better understanding of what they need and the timeframe once they receive it.


EQ 778 EXP 782 TU 729
Message 18 of 31
Anonymous
Not applicable

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!

Well i turned everything into the loan officer for the usda he pulled a resdiental credit report and he fax a employment verficatiom and rental verfication so just waiting to hear back from him ..Iam more nervous than I was before I went there!!!!Smiley Sad SO please keep your fingers crossed, but the funny thing is he told me he will be my loan officer, underwritter, and closer..lol he told me he does all 3 he knows I put in a offer for the house so he trying to move quickly...iam sweatin bullets!
Message 19 of 31
flintlockjo
New Contributor

Re: I applied for a 502 direct loan from USDA ..Iam soooo nervous!

So far I have been letting them handle it, it is what they specialize in, and I trust them. But If I dont hear something the beginning of the week, I think I may call my self.
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TransUnion670Date: 4/16/2009
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Message 20 of 31
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