I haven't been able to find much info about USDA Direct online. I did read some of the posts on here and this seems to be the only forum with info on this program. My husband and I were approved for USDA Direct and finally received our Certificate of Eligibility today (we applied in August of 2011). We spoke to the Loan Officer and she told us that we need to put an offer on a house, get an appraisal, and then when we have a contract we would be put on a list to get funding. She said that we need to do all of that to just be on the waiting list, otherwiise we can't get a loan. The problem is that she said there could be a waiting time of 9-20 months for funding to arrive! How is it possible to put a contract on a house when USDA says they're out of funds and won't get them for so long? Has anyone done this before? ? Please, if anyone has any advice it will be greatly appreciated. We cannot afford the Guaranteed loan so the Direct is the only way to go for us.
That's a tough one. Maybe you could find a new construction/builder that would have a house becoming available around that time? Builder's have more flexibility to schedule purchases months in advance. That's the only thing I can think of. Most sellers don't want to wait for an indefinite period of time to close, but I guess you will have to abide by USDA's rules and hope for the best.
I wish you the best of luck!
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