chance of denial in underwriting after pre-approval? (insurance, home loan, financing)
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We were pre-approved for loan and are currently in underwriting. What are the chances of being denied? We are getting a USDA loan. The home is in a rural area.
Where is your loan in the USDA food chain? Is it with the lender's underwriters or with Rural Develmient (USDA)? Do you recall if your lender said they got an approved/eligible on your automated underwriting run? If you received an approve/eligible or you cleared the lender's underwriter, I'd say you're in good shape, just waiting for the RD rubber stamp.
The details of the home itself do matter to USDA, as well as your ability to afford the home -- if you have not run through the "screener" yourself I would urge you to do so: Welcome
The home is within the USDA map. I just am asking.. if a LO gave us a pre-approval and nothing (to my knowledge) has changed... do many loans get stopped/denied in underwriting? Maybe I am just too stressed... tough waiting for something that you cannot control..
...the pre-approval SHOULD have uncovered any obvious problems with the biggies like your debt-to-income ratio or employment. Assuming the salary you earn is fully documented the odds of things sailing smoothly is rather high, not quite a "rubber stamp" but not something to lie awake worrying about...
Thanks. Just hard sitting and waiting...waiting..waiting. I know in the long run a week or so is nothing, but like everything else while you're going through it... it is horrible.
We are right at the end of a USDA Direct home loan, funding was requested over 3 weeks ago, as of 1 wk ago we were told we are #19 on the national pending list for funds. Can't find anything else out yet, going crazy for sure! Any thoughts on timing from this point? We are supposed to close by 8/23, due diligence period ends 8/16. Anybody know who to contact in DC, if that's even feasible?
Thanks!
Each region of USDA has a different office they must submit to.......The way it works in our area: we submit to our underwriter, who signs the approval and then we scan down certain items to our local office. We currently have a 35 day wait.
I urge anyone do not to call down to Washington DC for information - they won't have it. Go back to your lender and ask them what methods do they have for status requests. Our region has a hotline number we can call daily to obtain which submission date they are currently working on.
35 Days????!!!? Oh my gosh! What do they need to check? The bank is willing to loan the money, the home is within USDA areas.. seems a long wait.
In our area, it's the sheer number of applicants trying to get 100% financing with reasonable mortgage insurance.
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Assuming the property is a non-issue...
waiting for funds
