My USDA guaranteed thread

[Anonymous]

@Harmstrong, I am in nearly the same boat as you. I was pre-approved for a USDA loan and found my dream house. Offer made and accepted on March 4th, 2012. Went into formal purchase & Sales on 3/7/2012(Close date set for 4/13/2012) Home Inspection went well on 3/10/12 formal application submitted on 3/13/12 "Conditional approval" offered by bank on 3/15 with 4 conditions 1: Letter of explanation for address on my drivers license is different than where I live - This seems easy to explain as I was active duty military and can register my car anywhere(letter of explanation sent today) 2: Home owners insurance quote(quote sent today) 3: Letter of explanation for collections account from 2006(letter sent today, no idea what this is, its been sold off to so many different collection companies that they can not tell me where or when it actually originated) 4: Appraisal comes in at or above selling price(ordered and scheduled for 3/20/2012 and LO thinks it will come in much higher than list price) I am so unbelievably nervous right now. My LO says I am fine and not to worry and that the original close date of 4/13/2012 will more than likely be moved up to 4/05/2012.. I was actually pre-approved by the same mortgage company in July of last year but it took me about 10 months to find a house I want, My median FICO is 687(TU). My high is 721(EQF) and my low is 671(EXP). just seeing others with as much anxiety as me is making me feel better. My LO seems totally on the ball with everything going on and has been extremely proactive with all information needed. Its all in the underwriters hands now.... fingers crossed. As far as your situation, my buddy at work went through the exact same thing. He was waiting on the formal USDA approval up to 2 days before his original closing date before they FINALLY came back approved and he closed on time. He sweating bullets for 3 weeks before closing while waiting on the USDA folks...

[Anonymous]

Bump.... My nerves are killing me and want to see someone in my boat, or someone that is about to close or just closed commenct here. C'mon folks, you know how nerve racking this can be....

[Anonymous]

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@Anonymous wrote:
Bump.... My nerves are killing me and want to see someone in my boat, or someone that is about to close or just closed commenct here. C'mon folks, you know how nerve racking this can be....

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I am sure you will be fine! I know you say it's in the underwriters hands now....did you answer all of the conditions?

[Anonymous]

yeah I did, but I have not heard anything back since last Wednesday or so. Any idea why my spacing isn't working here? I am not writing a journal with no spaces yet its appearing that way on the thread.

[Anonymous]

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@Anonymous wrote:
yeah I did, but I have not heard anything back since last Wednesday or so. Any idea why my spacing isn't working here? I am not writing a journal with no spaces yet its appearing that way on the thread.

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Are you on an ipad? I remember seeing something about it doing that when writing on an ipad on here.

[Anonymous]

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@Anonymous wrote:
yeah I did, but I have not heard anything back since last Wednesday or so. Any idea why my spacing isn't working here? I am not writing a journal with no spaces yet its appearing that way on the thread.

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I just updated my first post with added dates.

For me/mine, it took 3 days after they received the completed/answered conditions before approving and sending to USDA. So hopefully you will be hearing something soon. Going by memory, I am thinking your closing was scheduled for the middle of April so I am sure you will be fine!

[Anonymous]

nope, I am using a regular windows 7 PC with Firefox. So I read in another thread on another board that you were set to close on 3/30 and that your packet was finally sent to USDA for approval. I also noticed you had to write a LOE for an old collections account. Do you mind sharing details about that with me? I have not gotten anything back regarding my LOEs and for the only scary one(for me). I was asked to explain why I have not paid a Collections account from 2006. I responded that I have no knowledge what it actually is and that when I called the CA, They could only tell me the balance and that they purchased it from another CA who also purchased it from a CA before that, so no one can tell me where the original debt came from and I have simply never paid it. Its so scary waiting to hear back from the U/W...

[Anonymous]

Also, last week, my LO said my closing will more than likely be moved up a week and a half, so he thinks April 4th or 5th. We'll see though. I need to schedule time off from work, and so does my GF, but we need to give them notice. We gave notice with our landlord last monday, so we might be homeless if we don't close on time...

[Anonymous]

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@Anonymous wrote:
nope, I am using a regular windows 7 PC with Firefox. So I read in another thread on another board that you were set to close on 3/30 and that your packet was finally sent to USDA for approval. I also noticed you had to write a LOE for an old collections account. Do you mind sharing details about that with me? I have not gotten anything back regarding my LOEs and for the only scary one(for me). I was asked to explain why I have not paid a Collections account from 2006. I responded that I have no knowledge what it actually is and that when I called the CA, They could only tell me the balance and that they purchased it from another CA who also purchased it from a CA before that, so no one can tell me where the original debt came from and I have simply never paid it. Its so scary waiting to hear back from the U/W...

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Yes, I am set to close on the30th. At one point my insurance agent told me my MB told him (sounds confusing!) that closing would be 3/23 (this Friday!) so that kind of gave me false hope. So while I am crossing my fingers hoping for this week, I am assuming it will happen next week. Well, hopefully. I am kind of worried about what USDA will say, even though I haven't read even one story of something being denied from USDA after being approved by lender (but not saying that this won't happen to me....I know it's possible).

I actually have several old collection accounts that I had to write LOE for. Some explanations were short one liners and some were paragraphs. I was just completely honest with the reason I didn't pay them (or the reason they went to collections before I paid them).

It sounds to me like your explanation is great. It makes sense...why pay something if you don't even know why you are paying it!

[Anonymous]

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@Anonymous wrote:
Also, last week, my LO said my closing will more than likely be moved up a week and a half, so he thinks April 4th or 5th. We'll see though. I need to schedule time off from work, and so does my GF, but we need to give them notice. We gave notice with our landlord last monday, so we might be homeless if we don't close on time...

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Did your LO tell you what the USDA turn around time currently was for your area? Mine said they (our office) lists it on their website but I have looked and looked and never found anything. But when I first started, it was taking 10 days and as of last Friday, 7 days.

So he told me waiting on USDA was the longest part of the entire process.

This not knowing really is the worst. I realize people need to schedule off work and schedule movers, utilities, etc so I kind of wish they would just set one date far enough away and leave it at that...no bumping it up earlier....simply for this reason. I am such a "planner" and I don't like the "not-knowing-for sure"