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My main concern is that I may go clinically insane within those 30 days as I am nervous that they may deny me during underwriting.
I am a seller waiting for my buyer's USDA loan to get through the underwriting process, and I feel your pain! It's very nerve wracking to wait so long to get to the settlement table.
The girl buying my house & I signed our 1st closing date contract Feb 26th. It is now June 8th. Everything was fine but I live on a private dirt road that isnt maintained. That was almost a deal breaker I think for USDA because there is no guarantee access to the home. Been a big head ache. The bank told her we may close (last week) so hopefully it will be this week.
USDA has almost as many regional underwriting centers as there are states. Each state has their own UW capacity, depending upon the budget for that office. Currently, our PA UW office is at 30 days, Berkley, WV is around 4 days and Culpeper, VA is at 2 weeks.
Those that have files that have made it to the UW center should take comfort in knowing if the file made it that far (ie, by the lender's UW), odds are in their favor of closing. Pay close attention to the guidelines, those will not change (such as private road agreements).
My file was sent to the USDA on June 2 here in NC and they are running about 3wks behind. My loan processor said they normally leave the approval up to the bank underwriter so he is very confident everything will be fine. I still can't help but be a little nervous. FTHB
I will have my usda packet turned in tomorrow 01/16/2015 my volunteer said it would take approx. 2 weeks for an approval letter. I had already been preapproved thru fha and fannie mae. what can I do in between or what should I be doing? this is my first homebuying experience and I am getting confused and anxious. thank you
No new debt, and that includes adding to you credit cards. Don't quit your job and don't put undocumented deposits in you bank account.
When your bank submits to USDA, it is done electronically. Within 72 hours, the lender will be told if it's a full underwrite (reviewing entire package) - otherwise its a skeleton UW Review. The skeleton reviews are a rubber stamp (for the most part). FWIW, if you made it by the UW at the mortgage company, you should be fine. I can't remember a time when an UW approved a loan and USDA killed it. I'm sure it happens, but not in my area.
I'm in underwriting. The underwriter came back with I need to have more reserve a 1000 an also some paperwork. For my LP. To fill out. That was the only thing .last Wednesday. My fiancee. Gave me a gift. An was deposited that same day .when underwriter. Gets this bankstatment will they look. At my whole file. Again or just. What they need so I can close
Hello I'm currently in Alabama my files turned in on December 12th 2016now January 5th 2017 still have no word as I look at the the turntable on Alabama website they are actually on files that was turned in on December 13th still no word from my lender I am stressed out to the max have anybody had any issues like this and what should I do to help the situation
Hello I'm currently in Alabama my files turned in on December 12th 2016now January 5th 2017 still have no word as I look at the the turntable on Alabama website they are actually on files that was turned in on December 13th still no word from my lender I am stressed out to the max have anybody had any issues like this and what should I do to help the situation
Think about the Holidays. People taking time off, people slacking a little bit - - ok, hungover a little bit. Mortgage people are people, too, and most of them grind through the Holidays, driving to work on empty streets, because they don't get Paid Time Off. Many don't get pay at all, unless they close loans. They just get never-ending criticism as they manage the most intricate, bureaucracy-infected financial process in existence for ingrates who second-guess them constantly.
So, to answer your question: Give it a day. Give it a couple. Maybe shoot an email to your Lender asking if they have gotten the file back.
Files do not go TO the USDA offices until they are Cleared To Close by the primary lender. So, 99% of the time, it's a formality. A formality that takes a month at times.
Maybe put down the stopwatch, take a deep breath, call your lender, ask how the Holidays were for them, then do something crazy like thank them for getting it done for you. You will be amazed.
Hey all, I am new to the forum here but have a couple questions that if answered would put my mind at ease!
I am currently in the underwriting stage with my lender as I am purchasing a home through a USDA Rural Development Loan. I have already been approved upfront, signed a purchase agreement, has the appraisal and home inspection peformed. Last week one of the loan advisors from the local branch I was going through had me bring in bank statements, explanations for all large deposits and other random documents. I had great explanations with full receipts for everything and she said it looked great. She said at this point it goes to their underwriters which generally takes around 72 hours and then it will go to the USDA underwriters which is averaging 30 days at the moment. My main concern is that I may go clinically insane within those 30 days as I am nervous that they may deny me during underwriting. Everything that the lender told me however says that I am great. I am under my approval amount, I have a decent score (735 average) and a income that is still below their ratio requirements.
What is the chance/statistics on denial's during underwriting? I feel that they may get concerned as I am a first time home buyer and younger at that. I have a secure job with a very reputable company as well.
Perhaps I am just nervous but what are things is the likely hood of denial this far into the process?
Any and all comments are appreciated! Thanks all!
First time buyer and young is not a reason to be denied. You are over thinking it and worrying unnecessarily. As long as everything looks good and the inspection and appraisal came back okay and you have steady employment and provide everything they require you don't need to worry.
Oops this is an old thread, the OP must have bought the home a while ago.
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Im in Florida
