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Ok so we are supposed to close 7/13 (This friday) file went through underwriting a few weeks ago, went to USDA came back less then 2 days later that we needed to pay the difference between the value of the inground pool and the house, so no problem price of house was lowered. I guess there were some other conditions that needed to be filled by the mortgage co. because I was told once they got the info back together theyd send it back to USDA for final approval and it should be quicker this time. It went back to USDA last monday evening, and was told 3 to 5 business days. Still no word yet for final approval. I feel like we are cutting it very close. Should I be panicked? My rate is only locked until this Sunday. Should I be worried about USDA denying after everything?
I assume you are going USDA Indirect since you are dealing with a mortgage company. It sounds like you're getting the runaround to me...you always need to be wary when the mortgage company is using terms like 'should' when they really have no idea, and the term 'business days' to make the anticipated wait time seem shorter. Ask your Mortgage Loan Originator and/or his/her Processor to get one of the mortgage lender's Operations Managers or Underwriting Managers involved and have him/her make direct contact with the USDA. That's the only way you're probably going to get some real answers and get things done in at least a semi-timely fashion.
Also, the lender should pay for any interest rate extensions, if needed because these delays were thrown at you in the 11th hour and I'm assuming you've been cooperative throught the process. The rates today are probably lower than they were when you 1st locked in your rate, which should make it easier for them to foot the bill for any necessary rate extensions.
One more thing you may want to check on is if any of your documents are about to expire (pay stubs, bank stmts, appraisal). Any documents which are about to expire may further delay things. just when you think your file is about to be issued a Final Approval and a Clear-to-Close status. Hopefully you're working with a Bank and not a Mortgage Broker. Mortgage banks can get things done more quickly and more effeciently...I've worked for each for many years. Good luck - Andy
I am curious as to why you had to pay the difference in the pool? When my file went to UW I was given wonderful comps like front load wahser and dryer, gas grill, and wall mounted TV and etc. listed in the contract. Well the sellers had to cross those out on the contract because they considered as added value to the house and I kinda was disappointed that it brought in the possibilities of me not getting those items. Lucky for me the Sellers were nice enough and left them any way because really did need a new washer.
I think you should remain as positive as you can and stay busy and try to get through the weekend with the least amount of angst. I remember that the weekends were THE WORST during this process because there is no hope of an answer.
I worked with a broker, not a bank, and had a wonderful experience.
There is no reason for negativity. No news is GOOD news!
You will hear something on Monday, and if not, then do what the OP said and have a manager get involved. But no worrying right now. It won't do you any good. Send out positive engery vibes to the Universe.