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The first week of July I stumbled upon information regarding the USDA Guaranteed loan. I sent an email to my state's office and was informed that the Direct loan was probably better suited for us, and was forwarded to the office that handles my county. The lady I spoke with there said we seemed to meet all the eligability requirements, so she mailed us an application and set up an appointment.
We returned the completed application on July 15th, only it wasn't as completed as we thought, and I had to mail some back in that went out July 17th.
On the 31st we received our Truth In Lending with the loan amount, interest rate, etc , the little RESPA booklet, and a letter that we're "pre approved" but still pending final approval. We had to send a $25 credit report fee and a signed truth in lending back to the office. That went out August 1.
And now we're back in waiting limbo... But what is it we're actually waiting for? Where in the process are we? The beginning still? The end? What's next... CAIVRS? Underwriting?
Usually once you are pre-approved it means you need to start looking for a home in the price range you were approved for. In this case, one that is in a USDA approved area.
There are several steps to taking a pre-approval to a conditional and/or final approval, but an important one is having a home under contract. While you are searching, the USDA office should be working with you to get all the documents needed for underwriting. The loan will not be submitted for that until you have a home however... many steps in the process for final approvel that require an actual property to complete.
Call and ask the person you met with if it is safe for you to go and start making offers.
Usually once you are pre-approved it means you need to start looking for a home in the price range you were approved for. In this case, one that is in a USDA approved area.
There are several steps to taking a pre-approval to a conditional and/or final approval, but an important one is having a home under contract. While you are searching, the USDA office should be working with you to get all the documents needed for underwriting. The loan will not be submitted for that until you have a home however... many steps in the process for final approvel that require an actual property to complete.
Call and ask the person you met with if it is safe for you to go and start making offers.
Thanks... We're purchasing a manufactured home and sitting it on land that we already own. We already have the home picked out from an USDA approved dealership. I don't think they'll let us place the order for the home until we have our Certificate of Eligability though?
Thanks... We're purchasing a manufactured home and sitting it on land that we already own. We already have the home picked out from an USDA approved dealership. I don't think they'll let us place the order for the home until we have our Certificate of Eligability though?
That one is beyond me and probably most people on this board. I think that manufactured homes are only acceptable on the "direct" USDA loan that you are working with that office.
The "USDA guaranteed" product that we have access to (as a bank and broker) does not allow manufactured homes, so I have never had to deal with this situation. Someone else might know, but it is a very specific situation. Call the dealership that you are working with, if they are USDA approved they probably know the process and can answer your question.
That one is beyond me and probably most people on this board. I think that manufactured homes are only acceptable on the "direct" USDA loan that you are working with that office.
The "USDA guaranteed" product that we have access to (as a bank and broker) does not allow manufactured homes, so I have never had to deal with this situation. Someone else might know, but it is a very specific situation. Call the dealership that you are working with, if they are USDA approved they probably know the process and can answer your question.
Thanks. I appreciate you taking the time to answer. I suppose I'll just have to call and hassle the office again monday.
I do not know anything about USDA loan other than the purchaser of our home had a preapproved loan package to work with,we came down in price to match his approved amount,then he had to have FHA appraisal and inspection which had to meet certain criteria.Also survey & water tested.He had time frame to work with,after certain date this package would expire.This was FSBO sale.
Who are we supposed to get the application from? I contacted my local office and all they did was send me 2 lists (one w/banks and one w/mortgage brokers). Will the bank or mortgage broker have the application or do I need to have it filled out already? If so, where can I find one?
(Yes, I'm new to this process, please be kind.)
Who are we supposed to get the application from? I contacted my local office and all they did was send me 2 lists (one w/banks and one w/mortgage brokers). Will the bank or mortgage broker have the application or do I need to have it filled out already? If so, where can I find one?
(Yes, I'm new to this process, please be kind.)
It's been over a decade since I wrote one of these, but if I recall it's a regular FNMA 1003 with additional disclosures. The broker/banker will ahve the loan documents. BUT not all lenders are certified for USDA loans--there is special training required, so make sure that the one you use is an approved lender. Unless things have changed, it's not just the lender but also the specific loan officer taht has to be approved. I remember having to make a six hour round trip to complete a full day training class and then take a test at the end.
About a week ago I took a contract and everything they asked for to the bankers office ,they where going to take the abstract to the abstract office and get the servey and appraisal done.2 questions for you 1) If you are that far in the process does that pretty much mean you will for sure get the loan 2)How much longer until the whole process is over or how many more steps are there in this process?
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