cancel
Showing results for 
Search instead for 
Did you mean: 

USDA Direct, My Experience.

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Member

Re: USDA Direct Construction > Permanent Loan, and My Experience.

Thanks so much for the detailed information! I am sorry it has been so hectic. It seems that the majority of the time a USDA Direct loan is quite the difficult process.

 

I am still on the fence if I want to proceed with New Construction or not. It depends on what established homes are for sale and available when I apply. Wrestling with the idea of buying an older cheaper home, or stretching my wallet for a new build. We will see.

 

As soon as my FICO scores update on 11/13 it will determine if I will be applying next month. Fingers crossed.

 

I hope you post an update with your full experience on another thread. I know how helpful these forums are for me and I am sure this info can help someone else.

1/28/19 FICO 8: EQ664 - TU649 - EX661
1/28/19 FICO 5/4/2: EQ690 - TU686 - EX678
11/16/18 FICO 8: EQ662 - TU644 - EX656
11/16/18 FICO 5/4/2: EQ685 - TU686 - EX674
10/22/18 FICO 8: EQ602 - TU589 - EX617
10/13/18 FICO 5/4/2: EQ672 - TU665 - EX658
CapOne Plantinum $550
10/2017 Started Rebuild
Message 11 of 42
Established Contributor

Re: USDA Direct Construction > Permanent Loan, and My Experience.

Time is flying ! 11/13 will be here very soon ! I hope you get the bump you need.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 12 of 42
Established Contributor

Re: USDA Direct Construction > Permanent Loan, and My Experience.

I've started looking further out and seen some new construction that is not too close to the neighbor. I ask the builder how the process goes. She told me that once I put in an offer and the contract is signed, they start building the house. I asked her what happens if the loan does not go through or takes longer than expected. She said it didn't matter, they start building when you sign the contract. She said she had experience with USDA.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 13 of 42
New Member

Re: USDA Direct Construction > Permanent Loan, and My Experience.

What state did you apply for your loan?

Message 14 of 42
Established Contributor

Re: USDA Direct Construction > Permanent Loan, and My Experience.

I'm in Georgia.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 15 of 42
Established Member

Re: USDA Direct Construction > Permanent Loan, and My Experience.

What an update! That seems like a huge oversight on the USDAs part. Hope it works out. Is your house expected to be appraised at about your area loan limit?
1/28/19 FICO 8: EQ664 - TU649 - EX661
1/28/19 FICO 5/4/2: EQ690 - TU686 - EX678
11/16/18 FICO 8: EQ662 - TU644 - EX656
11/16/18 FICO 5/4/2: EQ685 - TU686 - EX674
10/22/18 FICO 8: EQ602 - TU589 - EX617
10/13/18 FICO 5/4/2: EQ672 - TU665 - EX658
CapOne Plantinum $550
10/2017 Started Rebuild
Message 16 of 42
Member

Re: USDA Direct Construction > Permanent Loan, and My Experience.

Thanks!! So they moved the door so it appraised for 236k so that's what it origanlly appraised for on 1st appraisal. I really don't see why it matter since it was heated also but what can you do when dealing with the government. It took about a week for them to fix and appraiser to come back out and appraiser sent to USDA LO 11/6 and of course he was out of office until 11/13. He then sent me an emial that afternoon 11/13 said I would be assigned a closer. Didn't know how log this would take so on 11/19 I emailed him and got reply he was out of office until 11/26. UGH!!! So I called and spoke to someone else because my closing date says 11/30 but obviously that was going to change and I needed to let insurance company know what to change insurance date to. They tried to tell me that they're behind and with holidays it may get pushed till around 12/28. I was beyond myself with this response. My builder's wife has called the NC state office 2xs and only gets a voicemail and of courde no one calls her back. So yesterday I emailed LO and he said he has no controll over when I would be assigned a closer and I had 1 person ahead of me. I just emialed him back and said this has been the most stressful process I've ever been through is all I can say. About 4pm yesterday the builder emailed me that closer contacted her and I have been assignd and she has sent request to attorney for title search and once she get's info back from attorney she can schedule a firm closing date. So praying and fingers crossed we will close w/in 2wks..

Message 17 of 42
Established Member

Re: USDA Direct Construction > Permanent Loan, and My Experience.

You are so close! Lets hope you're getting a closing date well before Christmas!

1/28/19 FICO 8: EQ664 - TU649 - EX661
1/28/19 FICO 5/4/2: EQ690 - TU686 - EX678
11/16/18 FICO 8: EQ662 - TU644 - EX656
11/16/18 FICO 5/4/2: EQ685 - TU686 - EX674
10/22/18 FICO 8: EQ602 - TU589 - EX617
10/13/18 FICO 5/4/2: EQ672 - TU665 - EX658
CapOne Plantinum $550
10/2017 Started Rebuild
Message 18 of 42
Established Contributor

Re: USDA Direct Construction > Permanent Loan, and My Experience.

Did you close ?1?

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 19 of 42
Member

Re: USDA Direct Construction > Permanent Loan, and My Experience.

No!! Lawyer just sent title search and documents back to USDA closer she has to review and she’ll schedule closing. I hate that it’s now right at christmas. It makes it even more stressful. We paid 640 about a month ago to go ahead and have blinds installed because we thought it would of been sooner than this moving in. If it was going to take this long I think we would of held on to the money.
Message 20 of 42