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We were approved by lender underwriting. And recently it was submitted to usda underwriting. I'm a nervous wreck waiting. What are the chances it gets denied after the lender already approved us? We had a short sale in 2011. August will be 3 years.. my husband lost his job so we moved to TN. Longest 4 days of my life ever.. lol
Just cause your loan was submitted to an underwriter doesn't mean it was approved. You probably pass the pre-approved part to see if u may be eligible for the loan, not they are checking to see if a you're approved for a direct or guarantee loan. If direct loan is denied you have three different options at the point of what you can do if you income is over the limit for a direct loan.
Direct loan no down payment.
Guarantee loan u pay your own closing cost. with this loan u have to go find a bank to loan u the money for the home and USDA just agree to back 80% of it if u foreclose on home purchase. So hold you horses b4 u get 2 excited.
But ask someone to explain the process in detail
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