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USDA home loan

New Visitor

USDA home loan

Alright I was just curious on how long it takes to hear back from the USDA underwriters, I got pre approved, then also got approved from the bank and now IM just waiting on the USDA people. Its been about 5 days already, the house is 169,999 and got appraised at 170,000, my mid score is 662, but I looked at my credit score yesterday and it went down to 656 for sum reason, but what IM more worried about is that I make 60k a year but IM on commission, idk if they care about that or not and I also have a car loan that stands at 41k right now, so what i  asking is wil the usda ppl  approve it even tho i make 60k score of 662 and 41k in a truck payment

Message 1 of 4
Regular Contributor

Re: USDA home loan

what is your DTI? find online DTI calculator and figure that out, if you are within the 29/41 for USDA you should be fine.

Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
, current Score (3/16/17) EQ: 724. Goal Score: 700

Take the FICO Fitness Challenge
Message 2 of 4
New Member

Re: USDA home loan

I live in an area where there are not many usda homes. I live in a very urban area.


Chase told me they need at least 45 days to close and will not close between Dec. 22nd and Dec. 31st (I believe the dates were). This is giving me a lot of problems. All the sellers want to close in max 30 days.

Message 3 of 4
Valued Member

Re: USDA home loan

Hello everyone!


Well based on my area (Central Florida) they are very behind.


I have had issues with my LO not being very clear or honest at times with us that I had to find the information all on my own.


Based on the response from a loan processor in the Gainseville Office, by the way they handle ALL Central Florida and Northern Florida USDA files, anyhow, our file was submitted on 10/5/12 and as of today 11/12/12, even though they are closed for Veteran's Day, they are still looking at files submitted to their office on 10/1-10/2.


There are two reasons for their delay with processing the files. One: they are very understaffed and were slammed with high volumes of USDA files for review. Second: due to some loan officer's sending them :incomplete files" have added more burden to their delay process. They are working diligently to get to every file within a timely fashion, but it has been difficult. I was luckly enough to find an email AND a phone number to be in contact with USDA daily off their website. This phone number they provided on their website is considred their "hotline" and they update their recording every morning with the current date and what files they are reviewing for that day.


I CANNOT WAIT until they finaly reach our file and provide our loan officer with the "USDA RD-Commitment Letter" (Clear to Close) we have been waiting for soooo long!



Message 4 of 4