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USDA Direct Loan - Pennsylvania ** CLOSED**

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Valued Member

USDA Direct Loan - Pennsylvania ** CLOSED**

I have looked all of the internet for stories from people who have went through the USDA Direct Loan process in Westmoreland county and have not seemed to find one. So I figured I would start sharing mine and update as it goes through the process. A little bit about my situation I am a single mother of 2 and make around $38,000 a year. My debts are only $388 a month including student loans, credit cards and car payment. I have two delinquent marks on my credit one is from over 4 years ago and the other is 2 1/2 years old. All other accounts have been paid 100% on time.

Current FICO 8 Score:
EQ: 648
TU: 636
EX: 657

Current FICO Score 5, 4, 2:
EQ: 650
TU: 645
EX: 653

03/14/19: Went to USDA office and picked up application

03/15/19: Collected all pertinent information, filled out application, and mailed application

03/18/19: According to USPS application was received by USDA

3/19/19: Called USDA office to ensure that application ended up in the right location, they said they were out the whole previous week, so work was backed up, and the woman who looks it over was out of the office that day. He stated that it should only be a few days till I hear back from the office. 

3/20/19 - Credit Karma alerted that credit has been pulled - USDA pull shows as Equifax Mortgage Services

3/22/19 - I am a very anxious person, I called the USDA office since I haven't heard anything from them since they have started reviewing my application. I asked if there was any additional papperwork that needed sent in that I could gather over the weekend, trying to be proactive. I was told that no additional information was needed and that my COE was being emailed to me that day. They were also sending a hard copy in the mail. ***Recived copy of COE in e-mail an hour later. 

03/25/19 - Received hard copy of COE in mail, made an offer on a home. Later that evening the offer was countered and I accepted. 

03/26/19 - Went to revise offer paperwork.

3/27/19 - Sent contract over to USDA along with seller disclosure and multi-list sheet that included taxes. Spoke with USDA rep., all paperwork was received. On 3/28/19 she is to write up a new loan estimate and put in an order for an appraisal. She said that this usually take about 2 weeks to complete and get the results. 

04/02/19 - Scheduled inspection for 04/08/19 - was going to wait for appraisal to come back but did not realize I only had 15 days after the contract was signed to have a complete inspection with results. Spoke with USDA still no date determined for appraisal. 

04/03/2019 - Received an email from the USDA containing the Funding Commitment and Notification of Loan Closing. I am not 100% certain what exactly this means. I want to be excited but I am very reluctant to get my hopes up! I still haven't received a date for the appraisal, and inspection is scheduled for next week. Wish me the best!

04/09/19 Had termite, pest and home inspection done yesterday. Inspector was very thorough, it took 4 hours for the inspection. Only minor issues, one block is loose that holds banister on is loose. A brick needs relpaced, it is cracked, and a handrail needs placed in the stairwell outside leading to the basement. Paid him at the end. Called USDA office to see if there is any news as to when the appraisal will even be scheduled, she did not answer. It has been 13 days and still no word on who is going to do it or when it is to be done. This seems to be the last BIG obstacle that stands in my way of owning my own home! Hope to hear something soon!

04/10/19 Spoke with the rep at the USDA, was told that she received my Verification of Employment. She also told me that the national office is backed up so it may be another two weeks till my appraisal is even scheduled. So based off of the timeline of others I have seen, usually 2 weeks to get the results back. I am assuming it could be about another month till I even get my appraisal back. So it may actually take a month and a half for an appraisal, this is very frustrating...

04/19/19- Received a list of needed repairs from the USDA on 04/12/19 - seller agreed to fix most of them. I need get quotes on someone to come and look at the furnace and the air conditioner for life expectancy. It has been 21 days since an appraisal was "ordered". I have been told there is still no one to do it and no one knows when it is going to happen I just have to wait till someone gets to it. This is ridiculous almost a month to even schedule an appraisal really!!!!!!

04/23/19- Tried to call the USDA today, no answer. Called my realtor today to see if the sellers or their agent have heard from the appraiser yet... THEY DID! The appraisal is scheduled for tomorrow 04/24/19 hopefully I get the results back quickly. I still haven't heard anything from the USDA telling me the appraisal is happening even though I know it is scheduled. I wonder how long it will take them to let me know.

04/30/19- Received appraisal, house only appraised for what I offered. Unfrotunately I don't have the funds for closing costs. So I think I may not be able to get the home. This is very upsetting. ****My solution**** I called my realtor told him the situation. I told him either the sellers can pay closing costs or they need to lower the selling price by $7,000 to cover the costs. It's either of those options or they can put it back on the market. We will see what they say, but considering they already moved into their new home they may be willing to do either option I presented them with.

05/3/2019 WE ARE GETTING THE HOUSE! The seller's were a little upset that I asked for seller's assist but they finally agreed! It was a few days of negotiations but yesterday evening I signed the addendum for loan. The expected closing date is May 31. Now I have to take a first time home buyers class and do a few other things but I think I am starting to see the light at the end of the tunnel!!!

05/13/19- Today I submitted my choice of closing agent as well as the quotes for the repairs that need done. I also submitted a insurance quote.
 
05/22/19 - Attending the Homeowner's class this evening, all I have left to do is pay for the home owner's insurance tomorrow and submit proof. Getting nervous as expected closing date approaches!
 
05/23/19 - Submitted proof of insurance and signed the Closing Disclosure from the USDA. 
 
05/30/19 - Yesterday I received the cash I will need to bring to closing. Today at 4:00 is my final walk through, closing is scheduled for 4:00 tomorrow... I am very excited!!!!

05/31/19- Had closing at 4:00! Only about 25 minutes of paperwork! So happy to finally be a homeowner! Now the fun part of moving begins!

***Will update as process moves along***
Message 1 of 52
51 REPLIES 51
Established Contributor

Re: USDA Direct Loan - Pennsylvania

Best wishes and thank you for sharing your journey !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 2 of 52
Valued Member

Re: USDA Direct Loan - Pennsylvania

***UPDATE - Received COE in email time to shop!***

Message 3 of 52
Valued Member

Re: USDA Direct Loan - Pennsylvania

***03/25/19 - Received hard copy of COE in mail, made an offer on a home. Later that evening the offer was countered and I accepted. 

***03/26/19 - Went to revise offer paperwork.

Message 4 of 52
Established Contributor

Re: USDA Direct Loan - Pennsylvania

Oh, my goodness ! They are moving so fast in Pennsylvania !! That is awesome ! I hope you everything goes smoothly !

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 5 of 52
Valued Member

Re: USDA Direct Loan - Pennsylvania

Thank you very much! I was very scared that this would be a long process from other things I have read but PA seems to be on top of it!
Message 6 of 52
Valued Member

Re: USDA Direct Loan - Pennsylvania

*****3/27/19 - Sent contract over to USDA along with seller disclosure and multi-list sheet that included taxes. 

Message 7 of 52
Valued Member

Re: USDA Direct Loan - Pennsylvania **Updated 04/02/2019

04/02/19 - Scheduled inspection for 04/08/19 - was going to wait for appraisal to come back, as I was advised by my USDA rep to do this, but did not realize I only had 15 days after the contract was signed to have a complete inspection wit results. Spoke with USDA still no date determined for appraisal. 

Message 8 of 52
Valued Member

Re: USDA Direct Loan - Pennsylvania **Updated 04/03/2019

04/03/2019 - Received an email from the USDA containing the Funding Commitment and Notification of Loan Closing. I am not 100% certain what exactly this means. I want to be excited but I am very reluctant to get my hopes up! I still haven't received a date for the appraisal, and inspection is scheduled for next week. Wish me the best!

Message 9 of 52
Established Contributor

Re: USDA Direct Loan - Pennsylvania **Updated 04/03/2019

I would be ecstatic ! You are so close ! I read another poster's thread where he had the inspection billed to the loan as well as the appraisal. 

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 10 of 52