U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 11-02-2009, 06:11 PM
 
Location: Sacramento, CA
32 posts, read 114,953 times
Reputation: 77

Advertisements

Here is a link to USDA Underwriting Guidelines. As far as turn times, it going to vary from Bank to Bank.

http://www.rurdev.usda.gov/CA/pdf%20...G%20GUIDEL.pdf
Quick reply to this message

 
Old 11-24-2009, 08:28 AM
 
3 posts, read 60,203 times
Reputation: 16
My husband and are from NC. We're purchasing a home that was just built this year (October). We're getting a USDA loan. Our loan is in underwriting. Ordered the appraisal last Wednesday. They went out either Thursday or Friday. We're waiting on the report to come back for it to be submitted to USDA which I was told by my LO that USDA is 8 business days behind.
Quick reply to this message
 
Old 11-25-2009, 07:57 AM
 
158 posts, read 508,696 times
Reputation: 73
I also am in NC and my USDA approval only took 24 hrs (my lender had said 24-48 hours) but this was back in October. I guess it's possible that they've gotten slammed since then but maybe you will get your approval quicker than you expect.
Quick reply to this message
 
Old 12-07-2009, 01:51 PM
 
3 posts, read 60,203 times
Reputation: 16
Got my approval from lender November 30, they sent it to USDA on the same day. LO said they were still behind 8 business days. Waiting on USDA & closing date. Hopefully this week some time....this is such a well worth headache because I know in the end everything is going to be LOVELY....decorating our new house For all the one's that's in the same boat just know that it's a brighter light at the end of the tunnel. We can get through it.

Last edited by 1stTymeHomeBuyer; 12-07-2009 at 02:12 PM..
Quick reply to this message
 
Old 12-09-2009, 08:00 AM
 
3 posts, read 60,203 times
Reputation: 16
It basically took 6 business days to sign off on our USDA loan. We were approved by USDA yesterday (12-8-09). We are scheduled to close tomorrow (12-10-09) at 3:00pm
Quick reply to this message
 
Old 03-24-2010, 11:15 AM
 
1 posts, read 19,416 times
Reputation: 11
My husband and I are in the process of (hopefully) buying a home with a USDA loan. I just got a phone call this morning from my LO that the appraisal was received. That's all we were waiting for to send the loan over for the Underwriting process. My LO told me that he expects it to take a couple days and then they'll send it to USDA to get final approval. I'm really nervous because our income is really close to exceeding the maximum. Also, my husband applied for a job last week and just found out that he got it. Exciting except this will definitely exceed the income requirements. He does not start until next week. Is this something I need to tell my LO or can this be considered a point in time loan? Since this is state money I'm not sure if there are any consequences to not telling.
Quick reply to this message
 
Old 03-24-2010, 11:28 AM
 
68 posts, read 272,790 times
Reputation: 43
Quote:
Originally Posted by SmallTownWife View Post
Also, my husband applied for a job last week and just found out that he got it. Exciting except this will definitely exceed the income requirements. He does not start until next week. Is this something I need to tell my LO or can this be considered a point in time loan? Since this is state money I'm not sure if there are any consequences to not telling.

Iffy and I'm by no means a lawyer, but I'd keep my mouth shut. if you application has been approved, current work employment verified, you might be able to just sneak in through the backdoor and not tell anyone.
<--- But not good in legal advice

As far as the USDA loan, we are in the process, as well. Received the appraisal yesterday, will hopefully be sending out the application by the end of today. Our lender did tell us they won't secure the funds unless they have a signed p&S - so we're just waiting for the seller to sign this afternoon.

My lender said he expects a mortgage commitment by the end of next week.
Quick reply to this message
 
Old 04-15-2010, 11:11 AM
 
4 posts, read 21,788 times
Reputation: 12
Our home buyer is getting a loan through RBC Centura and apparently is backed by USDA? Our closing date was set for April 15th. We are just moving down the street. So we rented a truck for two days to hold all our stuff. I had the entire house in a truck by 12:00pm on the 13th. We got a call from our agent and RBC is still waiting on the USDA. Now the closing date has been moved and it is going to cost us an additional 2500.00 from our mortage company due to rate buy down and taxes. Now I have to keep the truck for an additional five days at 40 ish dollars a day and a hotel room and food for another five days. Our buyer's loan officer sent the paperwork to the USDA on March 31st ( it's only about 25 minutes away) and it made it to someones desk on April 6th. Our loan officer told us that they were instructed to not use them a month ago due to funding. I am wondering if anyone thinks I can sue RBC for my additional cost. Since it seems they could have been on top of this and not agreed to a closing date until all paperwork was final. So now it is going to cost me roughly 3400.00 extra!!!
Quick reply to this message
 
Old 04-16-2010, 08:40 PM
Status: "Now working for a true portfolio lender" (set 8 days ago)
 
Location: MID ATLANTIC
3,957 posts, read 8,530,900 times
Reputation: 2965
Quote:
Originally Posted by SmallTownWife View Post
My husband and I are in the process of (hopefully) buying a home with a USDA loan. I just got a phone call this morning from my LO that the appraisal was received. That's all we were waiting for to send the loan over for the Underwriting process. My LO told me that he expects it to take a couple days and then they'll send it to USDA to get final approval. I'm really nervous because our income is really close to exceeding the maximum. Also, my husband applied for a job last week and just found out that he got it. Exciting except this will definitely exceed the income requirements. He does not start until next week. Is this something I need to tell my LO or can this be considered a point in time loan? Since this is state money I'm not sure if there are any consequences to not telling.
Here comes the party pooper (me)......You will be asked to sign affidavits regarding your family's income and that you are below the income limits for the area. Sign them falsely, you are committing loan fraud. Alternately, most closing departments contact the employer to verify applicants are still working on the job. If it comes out your husband gave notice, the gig is up. Either way, you are being put in a lose/lose situation.
Quick reply to this message
 
Old 12-25-2010, 05:34 PM
 
1 posts, read 18,206 times
Reputation: 12
Best thing to do is get good mortgage broker - they can walk you through the process - look through all your paperwork and let you know what you need in order to qualify for USDA and an underwriter (that actually loans you the money - USDA is just guarantees it). I belive the credit score you need right now is a 660 or above to apply for a loan. No bankruptcy for 3 years. Haven't owned your own home in three years - two years at your employment, and no past due bills at the time. I think that is it. I am in the middle of the process - have loan commitment, have appriasal done, just waiting for title search to come back, and then to USDA for their approval - which takes about 5 days I hear. Make sure your property is NOT subdividable though - as the USDA will turn down anything that is.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top