Since you have a lender, sounds like you are going for a USDA guaranteed loan. I would suggest asking them about the price. I would also suggest you send your lender any documents they request as soon as humanly possible as this should help speed up the process. I keep everything in a zippered folder because I have read that some times you have to resubmit the same things over. Keep the folder with you at all times. Keep everything they send you in it and everything you send them in it. Keep a list of addresses, phone numbers, fax numbers and email addresses in it. I even take mine to work with me so I can have everything ready at any time. If you can't hand deliver it, fax it, scan it and email it or overnight it if that what it takes, but get it to them as quickly as possible. I would also advise keeping any documents they might ask for ready if you haven't already had to submit those, your last two years tax returns, pay stubs, bank statements, copies of drivers licenses, social security cards because you will be asked for those things and if you have already submitted them, you may be asked to do so again. That's not actually happened to me but I have read of others who have had to do that over. It's a grueling process but when you make it to the end it will be well worth it I'm sure. Once you get all your documents sent in you will (most likely) get your preapproval, then you can start shopping for you new home. Once you find the home, then you will have to await the appraisal, inspections, title searches, etc and finally it will be sent to USDA for their approval. Once you get that approval it will be sent back to the underwriters for final approval. They will check your credit again, or so I'm told and reverify your employment/income. Dont run up any credit charges while waiting. Dont change jobs. Pay off any credit charges you have if possible and whatever you do, dont miss any payments on anything. Dont get overdrawn at the bank either. ( I did that and it may have created a problem for me) If they ask you to write any letters of explanation do so as fast as you can and be honest. If you arent sure what to write ask for help from your loan officer or even here on this forum. The people here are fantastic. The advantages of USDA is that you don't have to come up with any down payment. You can get a great interest rate and the credit qualifications aren't as strict as with a conventional loan. Its a great program if you qualify. You do have to fall within certain income levels. Good luck!
