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Old 05-02-2013, 09:56 AM
2 posts, read 12,530 times
Reputation: 12


My fiancé and I found our home last week. We talked to our mortgage lender and she pre approved us for a USDA loan. However, the house we want qualifies for a Rural Development loan. Since we were already pre approved for a USDA loan, the process to being approved for a rural development loan was simple. We filled out the application online yesterday (5/1) and then our lender gave us a prequalification letter for the rural development loan. We spoke to the rural development lender on the phone and he said he would fax us (my fiancé works at the bank) the official pre approval for the rural development loan tomorrow, May 2nd. We put an offer in on the last night (5/1).

Well, about 20 minutes ago we received a call from the bank. They said that they have temporarily stopped lending USDA loans YESTERDAY AFTERNOON. They said that they had to revamp their system and it will take 2-3 weeks. What?!? We are pre approved, have a pre approval letter and a pre qualification letter and now they won't lend to us. The lender told us to go to another lending company and that he would write a letter explaining what happened. Furthermore, if the seller accepts our offer, we have TWO days to get the mortgage company to start the paper work. Oh my goodness.

To top it all off, the bank said if we can push the closing date back a week or two weeks, they may be able to start lending by then. Unfortunately, we will either be at a church getting married or on our honeymoon.
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Old 05-02-2013, 12:17 PM
1,858 posts, read 3,328,111 times
Reputation: 1174
this happen to some else I know. The banks are being real sticklers these days.
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Old 05-03-2013, 07:57 AM
Location: Grosse Ile Michigan
29,997 posts, read 73,465,745 times
Reputation: 37776
IN some cases you can get a loan quickly from another lender. Get on the internet/phone and find someone who can process your loan fast. Otherwise, you may be able to put down a deposit to hold the house and buy it when you get back. If the loan is not approved, you will lose the deposit though. That is why I woudl change lenders. You bank is saying they may give you the loan in a few weeks. I would not risk staying with them.
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