Waiting is the hardest part (USDA guaranteed)

Anonymous · ‎01-23-2013

Anyone else waiting for USDA guaranteed approval? Our LO told us that their bank has never had an application rejected, so I'm not even worried about being declined. We've already been through their stricter underwriting process and satisfied conditions. In my area, however, the USDA office is processing applications from December 12 today. Ours was submitted on 1/14. That makes it tricky to figure out when I should turn in a 30-day notice to our landlord.

Just venting. Don't know what I would've done without this resource, and I've thoroughly enjoyed reading everyone's stories from start to closing. Hope to post ours sometime soon.

HindSight_20_20 · ‎01-23-2013

Slapymancuso,

It looks like you should be okay to give a 30 day notice on the 28th of this month (just saying) please use your own inner judgment, but looking at your position I'd submit an intent to vacate on Jan 28th.

Based on the progress dates listed, USDA should be looking at your package Friday and if its a clean shot they'll be finished Friday, if they have questions you are looking at Monday possibly Tuesday depending on your L/O.

You're almost there!!!!! I'm enjoying my new home and still think the USDA is THE way to go, they even beat my VA % of 3.25 - and locked me in at 3%!

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Anonymous · ‎01-23-2013

Thanks for the encouragement, HindSight_20_20. I think maybe you misread my dates though. =) They are on December 12 files right now, so there's almost a month's worth of files between where they're at and where our file is. Granted, I think a lot of December should move pretty quickly, but it still feels like a gamble. I will probably give notice for March 15 to build a couple extra weeks in just in case they lag behind. If nothing else we can use the leeway in getting our stuff moved out and cleaning the apartment. =)

I am 100% with you on USDA. Insurance was cheaper than any of our alternatives, the rate was comparable to what we were offered on conventional as well as VHDA, and the downpayment was so flexible. Can't beat it! I wish we'd gotten your rate though. Ours ended up at 3.25%.

MovingForward_2012 · ‎01-23-2013

OP, are you under a lease agreement or renting month to month?

Last App: 4/5/13 Gardening until July 2014

HindSight_20_20 · ‎01-23-2013

@Anonymous wrote:
Anyone else waiting for USDA guaranteed approval? Our LO told us that their bank has never had an application rejected, so I'm not even worried about being declined. We've already been through their stricter underwriting process and satisfied conditions. In my area, however, the USDA office is processing applications from December 12 today. Ours was submitted on 1/14. That makes it tricky to figure out when I should turn in a 30-day notice to our landlord.

Just venting. Don't know what I would've done without this resource, and I've thoroughly enjoyed reading everyone's stories from start to closing. Hope to post ours sometime soon.

oooohhhhhhhhh um 'yeah' I was a little off on that one! I think depending on your lease March is a safe bet.

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MovingForward_2012 · ‎01-23-2013

Thing is if OP doesn't have a lease, in some states, he only has to give 10 days notice. Which is why I asked the question because he may be able to give his landlord notice when he knows approx. when his closing is.

Last App: 4/5/13 Gardening until July 2014

maygirl · ‎01-23-2013

The wait is absolutly HORRIBLE!!!!! I have been waiting since December, and more of my problem was with the fact that it wasn't even submitted to USDA, then when we thought it was submitted it wasn't logged until 2 days later.... So now supposdly we will know today... I hope everything is fine because we have to move this weekend and we don't really have a plan B! You would think if we get through the bank USDA should ok it, but still not knowing and just having to wait is the worst!

The rest of December should go really fast for you, here they were on Dec 14th on Jan 2nd, and are already on the January 11th today.

Anonymous · ‎01-23-2013

I'm waiting also. Our file was submitted on
1/11. Our turn around time is 10 days. I agree the waiting is excruciating. If I call the state office would they tell me what dates they are currently working on? Our website isn't set up for that.

HindSight_20_20 · ‎01-23-2013

@Anonymous wrote:
I'm waiting also. Our file was submitted on
1/11. Our turn around time is 10 days. I agree the waiting is excruciating. If I call the state office would they tell me what dates they are currently working on? Our website isn't set up for that.

leppy2,

I just called our states 800 # and they had an automated voice mail which updated daily to tell me what date they were on, so I knew down to the 'day' when my file would be looked at.

Try calling the office of your 'state or county' and asking.

Hang in there, because once the wait is over - things move like lightning!

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Anonymous · ‎01-23-2013

MovingForward_2012, we are indeed under a 30-day lease agreement. It requires that we give them 30 days notice. It's really not that bad, but in conjunction with the USDA connundrum it has been tricky trying to predict. I would much rather err on the side of paying for a couple extra weeks rather than risk having to move twice or leave our stuff sitting in a UHaul for a few days. Those things aren't expensive, but a week's worth of renting would add up to two weeks worth of extra rent here plus a lot of extra work. I looked at renting a pod, but I think timing it right could be cheaper for us, and I'm not sure we could fit everything into one of them.

maygirl, that is awesome! Thank you for the date reference. Sounds like it took them about twenty days to make up for the gap that we're looking at right now. That helps a lot.

leppy, I agree with HindSight. I would give them a call. Some states even have a webpage that will list the date they are working on. Unfortunately Virginia does not. We hit a lot of snags with being sent off to USDA, so by the time we went there were two realtors and a couple managers all over the case. LO is sending us daily updates on which files are being reviewed now, but he says they only receive theirs via a daily email. The system here sounds really archaic. If I understood right, all the files sit in an email inbox sorted by date until they're ready to be pulled.