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In the process of a USDA situation, was approved 3 days ago. Our broker stated the minimum to qualify was 620. Underwriting wanted to see 3 accounts in good standing, no bad debt in the past 2 yrs, 2 yrs of solid employment and verifiable residency that can act as references. Then, of course, the typical requirements of no other mortgages, etc.
We put a house under contract a little more then 3 weeks ago and we are closing with a USDA "guaranteed" loan this Tuesday. By far the easiest mortgage process we have ever gone through. This is our first USDA loan. We have gone conventional and FHA on past homes we purchased but this is the sweetest. We did not get usda pre-approval before we found our house. In fact, we didn't even know there was a usda home loan. The mortgage guy brought it up and said lets look to see if the property qualifies.. And it did.
Mesha, yes. Home has to be located in a USDA approved area and the property has to be approved by USDA to qualify for the loan. However, you can get preapproved for a USDA loan and then find a property, but it will still have to meet approval criteria.
i applied for a usda loan recently i recieved a letter stating they need more paper work from us and also the letter stated that we may not qualify for the loan because it didnt look like we were going to qualify but we might they werent sure. my question is me and my husband really want to buy our own home matter of fact we do have a ranch in mind that we really want is there any other place i could apply for help to purchase our dream home?
well yes the home is located in a usda approval area. but my question is if i do not qualify for the usda loan is there any other possible place that would approve us for the loan ok im sorry i put that wrong is there any other place i could apply that we may have a better chance of getting approved?
We have applied for a usda loan and the last thing we have heard is that they have scheduled a appraisel. Does anyone know how close that is? This is our first home and we don't really understand alot of things about this.
My husband and I are applying for a USDA Loan we were pre approved by lender and he said he will get us a contract to go over with the home owner, what comes next? How long does it usually take to go from applying to closing usually? If it helps we live in Kansas
My husband and I are applying for a USDA Loan we were pre approved by lender and he said he will get us a contract to go over with the home owner, what comes next? How long does it usually take to go from applying to closing usually? If it helps we live in Kansas
There are some things in your post that do not make sense. Why would a lender be giving you a contract to go over with the seller? The seller does not need to see the terms of your loan. What contract are you referencing? Do you have a real estate agent?
Are you sure you are pre-approved or do you mean pre-qualified? If you are pre-qualified, your loan has not officially been sent out yet for approval. The time is takes will vary depending upon the local office, appraisers, etc. I would count on 45 days. It could be less.
Do you actually have a contract to purchase a home?
How do or where do I apply to get approved for a USDA loan in tennesee?
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