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New Contributor

Please answer

I did the initial eligibility I was approval, then I had to do the application and submitted all types of paperwork I was told it went to the Syracuse office for approval how more approvals after this do I have to go through after this. I went USDA direct  
Message 1 of 5
4 REPLIES 4
Established Contributor

Re: Please answer

There's sort of 3 usually... the initial one is a prequalification. That means as long as you can prove everything you claimed, you will be approved. The you submit documents for preapproval. If that goes through ok and you were able to verify everything you claimed about income, debts, and credit scores you can start shopping for homes. Then it goes to underwriting and they do tend to ask for more documentation and more current documentation (ie. they'll pretty much keep asking for updated bank statements right until closing) throughout the process until closing. It seems as if you're constantly having to provide more and more documents even after you put in an offer, have it accepted, and are "set to close" Smiley Wink
Message 2 of 5
New Contributor

Re: Please answer

Thanks lady,

It's just confusing so when do i get the certificate that I read about on the board,and is that when they give me the number on what I can shop or purchase range

Thanks

Message 3 of 5
Valued Contributor

Re: Please answer

That should come about 2-3 weeks after submitting all your paperwork. They may need something more, but in general figure on about a 2-3 week wait. Once they say you pass, then they should tell you the $$ amount and tell you to go find a home!

 

 

Good luck


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 4 of 5
Regular Contributor

Re: Please answer

Im going through the direct program and it took about 3-4 weeeks to get my eligibilty letter. It said how much you could go up to and also estimated a monthly payment with the taxes and insurance if you max out the loan. I do have another final approval on Monday, but that's basically saying they approve the house and you. She said once I come to the "final" meeting then all is left is inspection, title check, closing! I never did get a preapproval letter because I wasn't approved at first so your waiting time would probably be shorter. Good luck
Celebrate Good Times!! I'm finally a homeowner!
Message 5 of 5
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