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Old 11-28-2012, 01:31 AM
 
1 posts, read 1,223 times
Reputation: 10

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Looking into a guaranteed USDA loan. Complicated question and I hope some amazing mortgage expert can chime in on it.

Myself and my fiancee currently qualify under the income limits for the USDA loan. We were hoping to build a new home in a USDA area and the community builder is very USDA friendly. The issue that is coming up is I just received a government contractor job offer. The pay will put myself and my fiancee over the income limit but the job isn't set in stone because it requires quite a bit of security checks that can take several months to finish so I'm staying with my current job while all that takes place.

My question would be quite simple if we are buying an existing home as I can get that loan done before the new job. My question is when does the information get submitted to the USDA for approval? Does it get submitted at time of construction or is this something that has to be submitted multiple times or just when construction is finished (which I would imagine I would be already at my new job for a couple of months). I don't want to commit to the house build without the USDA loan as other mortgage options are out of reach at this time and would be certainly a sticky situation if the house was completed and we no longer were allowed to do the USDA.

Thanks in advance
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Old 11-28-2012, 04:27 PM
 
Location: MID ATLANTIC
8,156 posts, read 20,058,165 times
Reputation: 9396
The only timing you need to be concerned about is the status at the time of closing. This includes resigning, but not started at the new position. You and your fiancee will be making (equivalent of sworn) statements that the information contained on the final loan application is accurate. Anyone that is telling you otherwise is threatening your precious security clearance.

On another note, as someone that works right in the middle of top secret mecca, various clearances can be months to well over year to obtain. I've seen several that were all but certain, only to find out at long last, the clearance wasn't coming, or was tabled indefinitely. Obviously, the higher the clearance, the longer the process.

But I see another potential complication if your new job will be paying you on a 1099 basis.......meaning, they won't withhold any income tax. If this is the case, you would suddenly become self-employed and we would need a two year history.
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