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Old 09-02-2008, 04:36 PM
 
Location: Western North Carolina
4,741 posts, read 7,533,583 times
Reputation: 9673

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This is the type of loan I have applied for - still waiting for final approval. Just wondering if anyone else has applied for one, and whether they had any problems with this type of loan.

I will say, they have gotten a lot tighter on mortgage qualifications. I haven't been asked to provide this much information since I bought my very first house over 20 years ago. Every day it seems they want another employment verification or explaination about something on my credit report. And I have a FICO score of almost 800!
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Old 09-02-2008, 08:23 PM
 
Location: Arizona
214 posts, read 872,779 times
Reputation: 192
We just started selling this type of loan where I work. Just because your credit score is high (good for you by the way!) doesn't mean you are automatically considered for loan approval by today's mortgage guidelines. Gone are the days where a credit score alone will get you a home. You must provide proof of your financial ability (via paystubs, letters of explanation or employment verification etc)

As far as the Rural loan, it seems pretty straightforward....no money down, decent FICO, etc. I think the only restrictions would be income, ie: making too much.


If you are awaiting final approval for your loan, you might have already been initially approved which is a good start. Sit tight, provide the items asked of you (no matter how mundane and frustrating it might be), and good luck!!!
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Old 09-03-2008, 08:32 PM
 
Location: Western North Carolina
4,741 posts, read 7,533,583 times
Reputation: 9673
Thank you so much for your reply, this was just what I needed to hear. I have provided everything they've requested, and quickly. Now I'm just waiting for the final word, either an approval and a closing date, or I'm thinking they might tell me the house I'm trying to buy is too much for my income. At this point, it's taking so long that I'll be happy if it goes through, and relieved if it doesn't!

Thanks again for the great info. I gave you Rep point!
By the way, can I get my appraisal fee back if the loan is NOT approved?!!
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Old 09-03-2008, 08:45 PM
 
Location: OK
2,717 posts, read 6,289,617 times
Reputation: 1844
Quote:
Originally Posted by montanamom View Post
By the way, can I get my appraisal fee back if the loan is NOT approved?!!
Nope, sorry. The appraiser did his/her job by appraising the property as a dis-interested 3rd party.
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Old 04-14-2009, 06:40 PM
 
5 posts, read 50,638 times
Reputation: 12
you know what? iam going through the same thing right now, i actually applied for the rural development direct loan. and they told me it would take from 1 -2 mnths for me to get a final answer to see if i get approved. how did your situation turn out? did you get approved?
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Old 04-27-2009, 08:12 PM
 
5 posts, read 50,638 times
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I have a unpaid collection from dish network for $123. Will this collection ruin my chance of getting approved for rural development direct loan? I have a score of 653
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Old 04-27-2009, 09:24 PM
 
Location: Monroe, Louisiana
887 posts, read 2,612,723 times
Reputation: 529
Why not pay the $123... It depends on the financer. I say you wouldn't have that great of a chance.. I don't see why you should need to have a 100% financed loan either. Save some money up.

I used the RDL for my home.. and it worked out very well for myself.
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Old 04-28-2009, 02:40 PM
 
86 posts, read 374,473 times
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We got one of these 100% financed Rural Development loans in February. It didn't exactly go smooth, but it went.

The problem was with understaffed USDA themselves, they kept asking for information they already had. They couldn't figure out that my wife didn't have a job (no W-2,s for past four years). They didn't seem to believe that my Railroad Retirement pension was for the rest of my life and not just five years.

Three weeks after original closing date we had a happy ending. Closed without a hitch.
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Old 04-28-2009, 04:08 PM
 
Location: Lead/Deadwood, SD
948 posts, read 2,266,537 times
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As with any loan there are many, many factors. The property has to meet qualifications as well as the person and the area! Each area/region has there own people -- a client of mine just went thru RD and it took a 28 days -- even with a second appraisal since there were some repairs and updates that had to be done and an encroachment easement had to be done with the city.
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Old 04-28-2009, 07:15 PM
 
93 posts, read 227,798 times
Reputation: 27
hey all, new to this... what exactly is a rural development loan and where can i get more info on it? thanks, hope all is well. have a good one.
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