Just wanted to share I went to my LO and my scores were EQ 637, EX 643, & TU 677. I was pre-approved for a USDA loan! Now to negotiate on a selling price on my dream home!
Congratulations! My scores are almost identical to yours. I plan to apply (FHA) the beginning of September and hope to get another bump on each before then but it's good to know those scores are qualifying as is.
I thought it might be handy if I document each step in my USDA process so others could read and maybe help them. It's the least I can do as I have gained so much knowledge from myfico & wouldn't be near where I am today with it!
The seller & I reached an agreed price ($138,000) and I was able to lock in at a 4.75% rate. Not the under 4% a few months back but still to be in under 5% I won't complain . MY LO has requested: copy of my ID, past 2 years W2 forms, past 2 months banking statements, who my homeowners insurance will be through ( just to make a plug here I really recomend using one of Dave Ramsey's ELP in your area they saved me over $400 a year over anyone else I spoke with!), & earnest money ($500 to realtor & $500 to LO). I signed the buyers agreement on my home on Wednesday & signed everything with my LO today. He said looking at my file that he doesn't think there will be any issues in UW. Since I am doing a USDA loan in Missouri he said the average closing time was 45 days due to USDA in MO being backed up. So my closing date is currently set for 9/2. I will update as I know more!
Congratulations! I'm doing USDA in MO as well. The MO office is only behind about 10 business days from receiving the file to approving it, which is not bad compared to many other states. I'm in a 45-day closing as well scheduled for July 30th.
As a matter of fact, it looks like they have it trimmed down to 7 days now. Here is the website that shows which dates they are processing files received on: http://www.rurdev.usda.gov/MO-grhpage.html
What you're waiting for is the Conditional Commitment. The Loan Note Guarantee is something that happens between the lender and USDA after you close.
My loan came back with a 'Conditional Approval' the conditions were as follows:
So I sent all these items into them yesterday after getting the conditions. Faxed copies of the voided checks, faxed monthly bill of student loan, & faxed letter I recieved from AFNI stating account had been PIF and would update in the next 60 business days accordingly. My LO thinks it is VERY unlikely to have any additional conditions come back from the UW. The date we are set to close is still 9/3.
A couple of questions I do have: How common is it for a UW to have more than 1 round of conditions? Will the letter suffice for the AFNI account? After horror stories I have heard about collection agencies I didn't pay via check or credit card. Instead I paid via money order so I don't have a voided check to show....will this be an issue?
So newest update (I hope by documenting this journey it can help others as much as the information I have from this board ).
7/28 - Home inspection came back. No major issues a few minor 'wear and tear' issues. Went over inspection and sent list of items I would like taken care of prior to closing.
7/29 - Sent in all documents to meet conditions that I had recieved. UW came back and said everything was good except I had to provide a 'Gift Letter' & LOE from my parents for the $900 that was signed by both myself & them.
7/30 - Faxed in the 'Gift Letter' & LOE to my LO.
8/1 - Got word from my realtor that seller would be fixing all items I requested & since I had been so easy to work with was going to have the carpets all professionally steam cleaned prior to closing. Seller also agreed to have moved out of home prior to closing so upon closing I take possession of home.
8/2 - Heard back from my LO and UW has had all conditions satisfied! Only step left is getting the home appraisal back (which was ordered on 7/28). Then my file can be sent off to USDA. Both my LO & realtor still agree that closing on 9/3 will not be an issue.