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Our loan file was submitted to USDA on Friday 08/17. Does anyone have any idea on how long it will be until we can expect to hear from them? We are in OR.
Also, do they ever deny anyone? I mean the bank has approved our loan, any chance USDA would deny?
Honestly, if you are on top of the process (like using the pre-qualification web site), have normal income sources / fully documented assets and liabilities, and are buying a home that clearly fits the program it is often a simple process...
The folks that post their horror stories rarely are completely truthful about funky income, loans up the wazoo to/from parties that won't agree to nuthin' and "home" that seems an awful lot like a wanna be development site. Then the rule benders cry loudly. Wah!
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Originally Posted by us2add3
We were approved by USDA. Only took 'em seven days. From what I've heard that is extremely fast..
I don't think people set out to be "untruthfull"...
...what happens is they want to buy a house. They might lay out their situation to one real estate agent or mortgage broker and they get told "well I just don't think that you are a good candidate for the kinds of loans that I usually see". Maybe they leave angry. They hear about other programs. They try to make their situation sorta seem like it fits the guidelines. They get emotionally amped up on the thought that there is "this special government program for people that are shut out of the regular lending marketplace" and before they get all their ducks in a row they assume they'll get approved. USDA is not in the business of competing with regular lenders for the most part. If the situation does not fit the guidelines the loan won't get approved.
USDA is not a charity. If the borrower clearly has no ability to afford the home the USDA won't approve it. USDA is a government entity. If you or others that have loaned you money are paranoid types that don't won't to disclose nothing to nobody there are no exception, the loan won't get approved.
It is a simple set of facts and unfortunately like a lot of government program the myths surrounding it make it harder for people that really could benefit to understand how it works...
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Originally Posted by us2add3
HILARIOUS!
I don't understand why anyone would lie?? Even if they are not rocket scientists.. the bank... USDA... etc will found out untruths sooner or later..
Our USDA office (Culpeper, VA) is seriously backed up.....Yesterday I called the hotline to see where they are - they are on files submitted July 24. Once it's in the UW hands it's a quick process, usually less than 24 hours......but the wait is a killer. When they get to your file, they will do everything possible so you do not go to the end of the line again, if corrections (usually an appraisal requiring additional language) is required.
We don't have any grey areas for the program, it's worse case/worse case. Meaning to get in, we calculate the income at it's absolute highest......if the buyer is cranking in OT, it's annualized, but for qualifying, it's averaged. Our underwriter is tougher than USDA - if it gets the nod from him, USDA is merely a very necessary rubber stamp.
Our loan closed yesterday! YES!!! All the horror stories about how long it takes for others... I am shocked ours when so (relativity) smooth. From the point we made the offer on the house to close.. was only a total of 46 days. I've seen where some have waited weeks just for USDA to approve the loan. Like chet everett indicated, if you are honest with your LO you are more likely to not have issues.
My girlfriend made it through UW and was sent to the USDA in Florida. She was told it can take 30-45 days. Her credit score was 700 going in and by the time the USDA ran her credit, yet again, because it has extended beyond 45 days, her score was 666 and she was ultimately denied. Is there any remedy for this? Can a complaint be filed?
How long are loan approvals expected to be now that the government has re-opened up today?
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Told you so....
