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Credit was approved the appraisal was done on the modular and land and it was approved by the underwriter. We did construction closing, and they ordered our home a couple of weeks ago. They are supposed to be getting our land graded next week, and then the following week our home is coming in. They keep saying we will be closing on March 25th. Does all of this have to go back to underwriting once the home is completed and the inspection is complete? Does it go back to underwriting before the closing?
You really need to get in touch with your loan officer. USDA loans are manually underwritten and your mileage will vary with humans. For example, the reserves may be needed if your ratios were pushed higher than the stated ratios in the guidelines. Extra savings would be a compensating factor to justify the higher ratios. If you take away a compensating factor, you could jeopardize the approval. Also, as an FYI, 401k's if used in underwriting consideration are now taken at 60% of vested value (so $1200 credit will be given).
I don't say this to panic you, but I also don't want you to make an irreversable decision based on what someone says who does not know all of the facts.
Our ratios were low. I think they said the back end was like 32%, but I am unsure of the front end.
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