Loan Officer dragging..... maybe?

[Anonymous]

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@Lemmus wrote:

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@Anonymous wrote:

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We can't get USDA because of the judgement. It has to be paid off 12 months prior to being pre-approved. So we are going FHA. And yes to the income question. We have $3k ourselves to put down right now, but hubby's parents will contribute whatever else we need on top of that.

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...where did you see that it has to be paid off 12 months before? ...afaik it cant have occurred in the past 12 mt but you can pay it any time prior to closing, even at closing

...and damn ...you are a walking ad for USDA if I ever saw one

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The woman at the USDA told me that. She said we would qualify if it wasn't for that judgement, and I told her that I had the cash to pay it off but didn't want to do anything that changed our credit before consulting with a lender, and she said that one of their hard and fast rules is that if you have a judgement, there is a 12 month waiting period after you pay it off befor eyou can get pre-approved. The only way we could get it pre-approved was if we could get it removed OFF of our credit report as if it was an error. I did some research, talked the guy who put the judgement against us, and he said he would vacate it, but then we found out you have to do it within a year of it being filed, so we were screwed and couldn't go the USDA route.

[Lemmus]

http://www.rd.usda.gov/files/CA-SFHUnderwritingGuide.pdf

...your judgement is not outstanding and did not occur within the past 12 months ...you're dealing with a lender overlay imnsho ...hth

[Lemmus]

...you need to talk to someone else at USDA

http://ficoforums.myfico.com/t5/Mortgage-Loans/The-truth-about-judgments-and-USDA/td-p/2555931

[Anonymous]

What we applied for was USDA direct. Our LO said we might still be able to qualify for the other type of USDA loan (I can't remember what it's called) but said an FHA loan would probably be better for us if we could get that.

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@Lemmus wrote:

http://www.rd.usda.gov/files/CA-SFHUnderwritingGuide.pdf

...your judgement is not outstanding and did not occur within the past 12 months ...you're dealing with a lender overlay imnsho ...hth

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[Anonymous]

Of course, I'm not sure if that matters or not. At this point, I don't even know what to do. I just need more steps forward and less waiting. I want to be somewhere else like, NOW... lol.

[Anonymous]

And of course, it's now almost 9 PM on on Friday, and I'm sure he still hasn't submitted everything for the rapid rescore to get going, and most likely won't until Monday, so there goes another week of the time we have left.

[Anonymous]

So I read this as you emailed some docs to the LO on Friday, May 24th. He doesn't respond saturday, sunday, or monday (a holiday), responds promptly on tuesday and from that, you felt he was dragging his feet.

Did he give you some reason to expect he works weekends or holidays or was there something I missed in the original post?

You went in for a pre-approval at a 620 score and apparently, their minimum is 640. I'm pretty sure your scores won't change that fast. It seems like he's moving you along. Do you have a way to reach him by phone? I suspect talking to him would give you a better sense of how he views your file and be the remaining push to move you to either stick it through or jump ship.

[Anonymous]

I would not recommend usda to someone on such a short/strict timeframe anyway. In my experience, it's a wonderful but slow process.
I'd stop emailing your lo and start calling, starting with first thing Monday morning.

[Anonymous]

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@Anonymous wrote:

So I read this as you emailed some docs to the LO on Friday, May 24th. He doesn't respond saturday, sunday, or monday (a holiday), responds promptly on tuesday and from that, you felt he was dragging his feet.

Did he give you some reason to expect he works weekends or holidays or was there something I missed in the original post?

You went in for a pre-approval at a 620 score and apparently, their minimum is 640. I'm pretty sure your scores won't change that fast. It seems like he's moving you along. Do you have a way to reach him by phone? I suspect talking to him would give you a better sense of how he views your file and be the remaining push to move you to either stick it through or jump ship.

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He basically said that getting our scores up would make for an easier, faster time down the road. He's doing a rapid rescore, so they should be updated by the end of next week, provided that he submits everything on Monday. 

I don't particularly mean that the last part took long... I know it was a holiday weekend. I just meant the entire process in general, just to get preapproved. Like, when I submitted screenshots to show our new credit card balances, rather than wait, why not tell me he needed other documentation right then, instead of replying with 'Great! Just get the judgement paid off and we're good to go!' 

Like I said... I've never been through this process before, so I have no idea if this process SHOULD take this long? Or if it's normal to deal with a loan officer takes at least a day to get back to you, no matter how simple the question. 

[Lemmus]

...ideally your landlord would give you a 30-60 day extension for "consideration" ...you've got 60 days now and while a USDA Guaranteed can be completed in that time frame, going Direct will definitely require more time 

...otoh, USDA allows you to keep your dp, roll your closing costs into the loan, and especially with Direct offers lower apr and pmi than fha does ...thats a lot of money ...the fha is going to cost you dp plus prepaids plus closing costs which can run several k more ...but fha will normally get done in 30-45 days for most loans

...the pp made a good point about your LO ...those were his days off so I'd say hes been pretty responsive