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Hello everyone,
I will be closing on my first house next Friday, 02/13/2015. I received the "clear to close" from my loan officer yesterday!! I can't wait! If anyone has any questions about the process please feel free to ask! It was extremely easy and painless!
Yay! Congratulations! My husband & I are just beginning the 502 Direct loan process in Virginia. What state & which loan program did you utilize?
I'm in Missouri and I used the direct loan as well! very easy process!
Do you mind sharing bits from your timeline? When did you submit your application & how long did it take to get the pre-approval letter? Also, how long was it to closing once you submitted a property? I know that with different states the timelines won't be the same, but I'm curious how this upgraded processing system is working out for them. Thanks so much for your input. All the USDA stories I've found are from before the change, so I'm really happy to see you here!
Yay for you!!!! That is awesome news for me too, because I'm also in Missouri. What office are you dealing with? How fast did things go for you? Congratulations! I hope everything goes smoothly for you!
Congrats!
I went through USA Mortgage...Tina Ripple was my loan officer. Things went extremely fast and moved very smoothly.
Are you sure you have a Direct loan? Going through USA Mortgage would make it a Guaranteed loan program. Either way, I'm happy for you.
I'd still like personal experience stories on the Direct program's timelines in 2015, so if anyone's reading this that did go directly through the USDA, please chime in! =D
Sure!! I was pre approved on January 3rd for $160,000. All I had to do was stop at the office and pick up my letter! We probably looked at around 15 houses or so until we found one we loved and placed an offer on it on Janauary 12th. After some quick responses from the seller we were able to settle on a price very quickly of $134,500. the original closing date was set for 2-23-15. we had the inspection january 19th, which went very well. After that, we just had teh appraisal which also went well. appraised at $138,000. After the inspection and appraisal it was seriously smooth sailing all the way up until the seller requested the closing date to be moved to 2-13-15, which i of course agreed to. I got the final word that I was clear to close on 02/05/2015! I had nothing from the bank or USDA that I needed to do, in other words I had no conditions to fulfill, I just had to keep providing documents requested (IE check stubs, bank statements). This process was seriously painless and without stress.. I highly recommend using USA Mortgage and my loan officer Tina Ripple. She kept me updated every time something would change she is also knowledgeable and kept me at ease.
Once the property was submitted it took about 28 days or so to close (which would be next friday 2-13)