USDA 502 Direct loan through an approved application packager

[Lemmus]

...I hope you have a realtor and lender who are familiar with USDA loans ...USDA is different from most loans in that there is no limit on seller contributions ...that means you can have the seller pay all of your closing costs and prepaids ...and USDA will approve the loan up to the full appraisal price regardless of the contract price ,,,so if your appraisal comes in $5k higher than the contract price, you can add that 5k to the loan to cover closing costs ...or you can offer the seller more than the list if he will pay your closing ...the difference being what you need to close ...or escrow for repairs ...its truly a great loan if you and the property qualify 

...assuming the bank eventually signs off in writing on the short sale (we have a verbal) and there are no oops along the way, I will get the keys to our new home with less than 1k of my own money ...loan fee and appraisal ...that's pretty damn hard to beat with any other loan type today ...the reason you see me harping USDA loans so often  

[Anonymous]

I am now waiting for the appraisal to come back and it's been about 2 weeks.  I e-mailed my loan originator snd asked if i could go ahead and order the inspection and survey, she said to wait for the appraisal because if it doesn't go through i would be responsible for those charges.  I appreciate this but please tell me at this point what are the reasons that i should be concerned about?

[Anonymous]

---

@Anonymous wrote:

I am now waiting for the appraisal to come back and it's been about 2 weeks.  I e-mailed my loan originator snd asked if i could go ahead and order the inspection and survey, she said to wait for the appraisal because if it doesn't go through i would be responsible for those charges.  

---

That's odd because here in Virginia, our USDA Direct loan specialist made us complete the inspection & survey before she'd consider ordering the appraisal. We submitted everything to her on Friday & she ordered the appraisal that same day. We have no idea when it'll be, but she said she'd call the office in Richmond (where the appraiser works) & would get back to me when she finds out something. 

[Anonymous]

i'm  in north carolina and she will not let me order any inspections until the appraisal comes back.  she said that if it falls through I would be responsible for those charges, I am pretty confident about the appraisal but now i AM PARANOID AGAIN.  so much keeps happening that i am afraid that to get excited.

[Anonymous]

but my question is If the appraisal is ok and should be I am getting the house below market value and it is a fannie mae homepath foreclosure which was totally  renovated and is move in ready.  what could I expect to go wrong with the loan?

[Anonymous]

Whoa...you make 29K, have over 300 in monthly debt and were approved for 157,000? I make 33,000 a year, have 298 in monthly debt. Im not approved yet but all the calculators I use say its going to be less than that. Can I expect to be pre-qualified for a USDA direct loan for more?