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My journey so far, USDA guaranteed

Established Member

My journey so far, USDA guaranteed

Hello everyone,

 I 've never really posted before but I do come here often to read and learn. For anyone interested here is my journey with USDA guaranteed so far.


July 7th contacted loan officer and had credit ran. Discussed options and what program would better it us. Got the preapproval and started looking at homes.


July 14th found a home we liked and put in an offer.


July 17th found out from Realtor selling the home that the offer we put in would have to be approved by the sellers lender. ( I found this very odd) I asked  if the home was short sale because I couldn't understand why else the sellers lender would need to approve this. He assured me that it wasn't and that it shouldn't take too long to hear anything back.


July 25th called Realtor back for an update. He said he still had not heard anything and would call the following day to see what he could find out.

July 27th Still no word from the Realtor. By this time I had a bad feeling about all of this but my husband was in love with the house and thought that we should just wait and see how things went.


Aug 8th I called the Realtor listing the house once again and asked him if he could explain why this was taking so long if we weren't dealing with a short sale. He went into some story about the sellers being on the verge of foreclosure and this being normal procedure to make sure the offer we made on the house was going to be enough to satisfy the balance they owed. Once again everything in me told me to run from this deal but my husband wanted THAT house so we waited it out a little longer


Aug 29th Spoke with the Realtor again. He said he had not yet heard anything and didn't understand why it was taking so long. He said he wouldn't blame us if we wanted to back out of the deal. After speaking with my husband about this and telling him "See I told you so" We started to look at other homes in our area.


Sept 7th  Made an appointment to do a walk through of another home. It wasn't everything my husband wanted but for the most part it fit the bill.


Sept 14th made an offer on the home.


Sept 15th counteroffer was made.


Sept 17th Signed contract on home.


Sept 19th contract sent to loan officer.


Sept 24th Check for deposit given to Realtor.


Oct 6th. Had not heard anything from loan officer so I send him an email just to touch bases. Hes extremely confused and says he didn't think we signed a contract yet, that he thought we were still looking. I explained to him that we had indeed signed a contract and that all that information was emailed to him on Sept 19th. He apologizes for over looking the email and says that they will try their hardest to make up for lost time since the contract has Oct 30th as the day the sale must be executed by. We send updated pay stubs and bank statements.


Oct 7th We get the LOE along with a million other forms to fill out and send back, get that all done and send them back the same day.


Oct 13th appraisal was ordered.


As of today the appraisal is scheduled to be back by Oct 21st and then we will head to underwriting. It seems very unrealistic to me that this will all be done in time for us to close by the end of October. I sent my loan officer a text to see if he thinks we should ask for an extension but haven't heard back from him yet.



Message 1 of 3
Established Contributor

Re: My journey so far, USDA guaranteed

Congrats on your journey so far. A couple musts: must have disclosures 3 full days before closing (Saturday's count, Sunday's don't and neither count if the documents are sent via us mail), USDA has additional turnaround times- it varies by state- mine was 48 hours and this must be approved before the closing disclosures can be sent. So 5 full business days at least.

You are right to be concerned about going out of contract.
Message 2 of 3
Established Member

Re: My journey so far, USDA guaranteed

Text from my lender this morning.


        "We aren't quite ready to submit your file to RD yet as we are still waiting on some employment verifications (for my husband). Ill get with your Realtor and let him know we're most likely going to need an extension"




Message 3 of 3
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