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03-12-2010, 09:11 PM
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Location: Jax FL
9 posts, read 27,027 times
Reputation: 12
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So, I've been searching and found the perfect house. Put an offer. It's accepted.
I am doing a usda rural loan. I set up my home inspection and wdo inspection..they're happening tomorrow morning (saturday).
Here's the trouble..
We all heard the news today. The usda is almost out of funding. Wells Fargo is no longer accepting usda loans as of today.
My loan package was just submitted to WF today at 9am. I got it in before they stopped accepting these loans. It's in underwritting with them right now.
What are the chances that my loan will actually be funded?
I'm stressing like crazy over this. My LO said chances are good that my loan will be funded but isn't totally sure.
We need the appraisal and my homeowners insurance lined up and my package will be submitted to the usda next week.
Do I even have a chance at buying my house?
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03-12-2010, 11:58 PM
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Location: MID ATLANTIC
8,458 posts, read 21,870,962 times
Reputation: 10034
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Honestly, it's hard to say. I would definitely have a back up plan, maybe with another company than Wells. Reason: Your loan officer may push harder if they know your alternate plan is with another lender. It's a ******* move, but it's now or never. The big box banks are choking on their own production and missing deadlines right and left. I'm giving it to you straight, because you need to decide if you still want the property if the financing is no longer available.
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03-13-2010, 05:12 PM
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Location: Central FL
1,382 posts, read 3,665,007 times
Reputation: 1192
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My agent e-mailed me today and said she has heard that USDA will be out of cash by April.
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03-14-2010, 10:46 AM
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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 21,440,426 times
Reputation: 6456
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It would be nice to find the source of this information. Anyone care to post a link to the source?
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03-14-2010, 03:28 PM
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Location: Tempe, Arizona
4,511 posts, read 13,104,783 times
Reputation: 2200
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03-14-2010, 07:22 PM
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Location: Jax FL
9 posts, read 27,027 times
Reputation: 12
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Well, my inspection found nothing really (handful of $5 fixes). Appraisal's being ordered asap. And then we'll find out.
But, I will go FHA if I need to.
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03-15-2010, 10:14 PM
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Location: Chesterfield, VA
1,222 posts, read 4,969,775 times
Reputation: 549
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Good luck and let us know how it turns out!!
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04-07-2010, 12:53 PM
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Location: Jax FL
9 posts, read 27,027 times
Reputation: 12
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Just an update. I got my loan approved and got a commitment letter from the usda. I am all set to close on the house in 2 days!
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04-07-2010, 12:59 PM
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Location: Tempe, Arizona
4,511 posts, read 13,104,783 times
Reputation: 2200
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Great! Glad you are getting the loan.
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