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I'm scheduled to close on 7/20 on a house and having complete panic attacks about the entire process. My broker told me on Friday I was approved for my loan with a few minor conditions:
I took care of these as soon as I was able to because of power outages. My mid score was 657, but I believe my credit score has gone down a little bit since it was run (mid June). I'm really nervous they might pull my credit again and the lower scores may cause a problem. Does anyone know if they pull credit twice with a USDA?
I heard from the broker that they were waiting for title and insurance so does that mean it goes to the USDA, next? After that, does it go back to the bank or to my broker? I know I'm cutting it close with a 7/20 close date. Do you think it'll be back from the USDA by then? I'm not eating or sleeping freaking out over this. I've waited so many years to own a home and can't stop worrying.
You can contact your local USDA office to what they turnaround time. We are in Central FL and it was 20 business DAYs, told 15 business day it was nerver wrecking. We got our approval from USDA today. USDA will not pull your credit again and your lender maybe a soft pull before closing, but they are not looking scores at this point.
Ugh. Just found out it hasn't even made it to the USDA, yet. They're waiting for the title work still. Is this normal?
Yes that is normal, when you get the conditions back they usually wait until after you respond to the conditions and resolve that before it goes to the USDA, it pretty much goes to the USDA once its cleared UW and then USDA will approve or deny or ask for conditions and then send back for final approval.
So some of these conditions may not be from me, then? I know I've sent them all of the stuff they asked me for, but this morning, for example, I had to do a conference call with the Department of Education regarding some of my student loans (no problems, they just needed to verify amounts). I'm just getting reallly worried about making the 7/20 closing date at this point.
Those are conditions from the Underwriter of the loan, not USDA. I had to do the same exact stuff, the Underwriter pretty much follows the USDA requirements get your file as clear as can be for approval and then the underwrtier Ok's it before it goes to USDA then the USDA has to just basically approve the underwriters decision and then send it back.
So once the USDA gets it, if they approve and send it back, am I basically in the clear? Sorry, but I've waited so long to become a homeowner that I'm freaking out at every step of the process. I swear if this works out, they're going to take me out of that house in a box once I get it because I totally do not want to ever go through this much stress again!
HAhah Im in the exact same boat! Ive been a nervous wreck the whole process.. we should be closing next week. Mine is with the USDA right now. Basically after the UW approves they send it to USDA and then my LO said sometimes the USDA will have some more conditions or request more things but its never anything "earth shattering" in my case the USDA did request some things, and we sent those back, and the processor had to prepare the file and send it back to USDA which they did this Monday, and we are hoping to get the final approval from USDA today or tommorow, so we can close aerly next week. Yes from what I understand once the USDA gives final approval then it just goes back to the the UW for them to give the clear to close.. which I sooo want to hear asap. I think I will be a ball of stress until after the papers are signed and I have the keys and Im sitting inside the house..probably hugging the floor lol
I'd say it's nice to see someone else in the same boat as I am but that's not really true. I wouldn't wish this much stress on anyone! I think what's compounding the stress is I'm in the area that's been affected by the power outages and we've had to spend the past week at my parent's house instead of being at home and packing. Our electric company says power won't be back until Sunday night at 11pm so there goes another weekend. The house I'm trying to get wasn't hit as hard by the storm so it's got power. I can't wait until I get the keys. I'm going to go up there, plop down on the couch the selller is leaving me (a nice 1930's vintage antique) and just sleep.
I'm in the same boat as well. File got sent to UW today and was told that will take 72 hours, and then it goes to USDA which can take another 48 hours. I'm a train wreck. We did request a settlement date of August 2nd so we have plenty of time....but it's still stressful waiting. =/ Did you guys get your answers yet?