usda loan-what are the odds? (appraisal, agent, mortgage, accepting)
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So, I've been searching and found the perfect house. Put an offer. It's accepted.
I am doing a usda rural loan. I set up my home inspection and wdo inspection..they're happening tomorrow morning (saturday).
Here's the trouble..
We all heard the news today. The usda is almost out of funding. Wells Fargo is no longer accepting usda loans as of today.
My loan package was just submitted to WF today at 9am. I got it in before they stopped accepting these loans. It's in underwritting with them right now.
What are the chances that my loan will actually be funded?
I'm stressing like crazy over this. My LO said chances are good that my loan will be funded but isn't totally sure.
We need the appraisal and my homeowners insurance lined up and my package will be submitted to the usda next week.
Do I even have a chance at buying my house?
Honestly, it's hard to say. I would definitely have a back up plan, maybe with another company than Wells. Reason: Your loan officer may push harder if they know your alternate plan is with another lender. It's a ******* move, but it's now or never. The big box banks are choking on their own production and missing deadlines right and left. I'm giving it to you straight, because you need to decide if you still want the property if the financing is no longer available.
Well, my inspection found nothing really (handful of $5 fixes). Appraisal's being ordered asap. And then we'll find out.
But, I will go FHA if I need to.
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