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Old 10-09-2013, 10:12 AM
 
Location: Westport, MA
47 posts, read 140,568 times
Reputation: 47

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I am looking to purchase a home in the Knoxville, TN area. I currently live in MA. I will be relocating to Knoxville with my current job so I will be working with the same company I have worked with since 2001.

Since the Government is shut down I cannot access anything nor apply for help or a loan through the USDA. Fortunately I do have the PDF file of the Home Loan Pre-Qualification Worksheet. I'm interested in applying for a direct loan through the USDA. I've already seen with my income, which will be about the same in TN that I should qualify for that loan.

Has anyone gotten a USDA loan in a different state and can tell me what the process is like? I cannot be taking a billion trips back and forth from MA to TN, though i know I will need to take some trips to sign things, look for houses, have a home inspection, etc. But I need an idea of what will be expected.

How does the process start? What information do they need? I did a credit check on Creditkarma.com and have a 780 TransUnion Score. I do not want to make any additional credit checks so I don't affect my credit. The only reason my credit score was not perfect was due to all my credit cards being a $0 balance since I paid them off and pay them off each month.

I'm incredibly stressed since my job would like me in TN in January and the shutdown has just put me really behind. Thankfully since it is the same company I should be able to stay in MA until I can get a house in TN. Though moving myself, cat and pony in winter is not going to be fun! It is just very stressful not knowing what the government is going to do and if this move is even going to go through if mortgage rates soar!

Any help is appreciated.
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Old 10-09-2013, 10:45 AM
 
3,318 posts, read 7,255,247 times
Reputation: 4095
USDA is not a lender, and mortgage rates are not going to soar - at least not according to my definition of that word.

Is your company providing relocation benefits? Do you own a home you need to sell? You can be pre-approved through a USDA Lender, and contract to purchase a home, and you can sign all the documents wherever you may be on the closing date.

The shutdown means that, once the lender has underwritten and approved your loan, it can not then go to USDA for their 2-3 week process. Basically, the file sits on a desk for 2-3 weeks, and when they get to it, they make sure it fits guidelines, and you proceed to closing.

My new USDA clients are opting for closing dates that are "on or before" 12/15, with a contingency for extension due to the shutdown.
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Old 10-09-2013, 08:37 PM
 
Location: Westport, MA
47 posts, read 140,568 times
Reputation: 47
I made the decision to move myself so I will not get any assistance from work. There was a list of approved TN lenders on the USDA website which I can't reach since the page is down. I wasn't sure if I should be trying to find a lender first or if I should be contacting the USDA first.
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