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Hey all, I am new to the forum here but have a couple questions that if answered would put my mind at ease!
I am currently in the underwriting stage with my lender as I am purchasing a home through a USDA Rural Development Loan. I have already been approved upfront, signed a purchase agreement, has the appraisal and home inspection peformed. Last week one of the loan advisors from the local branch I was going through had me bring in bank statements, explanations for all large deposits and other random documents. I had great explanations with full receipts for everything and she said it looked great. She said at this point it goes to their underwriters which generally takes around 72 hours and then it will go to the USDA underwriters which is averaging 30 days at the moment. My main concern is that I may go clinically insane within those 30 days as I am nervous that they may deny me during underwriting. Everything that the lender told me however says that I am great. I am under my approval amount, I have a decent score (735 average) and a income that is still below their ratio requirements.
What is the chance/statistics on denial's during underwriting? I feel that they may get concerned as I am a first time home buyer and younger at that. I have a secure job with a very reputable company as well.
Perhaps I am just nervous but what are things is the likely hood of denial this far into the process?
USDA is not taking 30 days right now. They got a purchase reviewed for me in two business days last week. Is your loan being brokered out? Do you have a sub-640 fico? Those might result in a longer than 30-total-days turn time. But USDA is not taking very long at all right now.
USDA is not taking 30 days right now. They got a purchase reviewed for me in two business days last week. Is your loan being brokered out? Do you have a sub-640 fico? Those might result in a longer than 30-total-days turn time. But USDA is not taking very long at all right now.
My FICO is 735 and I am going through PrimeLending
Great score, great company - - are you sure your LO meant that they expect USDA's review alone to take a month?
Thank you! I am very sure about the month review. They said they get an email every so often giving them current turnaround times on underwriting and the USDA is averaging 30 days.
I also just noticed that the number of people living in the home must exceed the number of full time students in the home. I remember talking to my lender and I had mentioned that I was a student, I don't know if I was marked as full-time or not. Would this be a problem or is this pertaining to families with children?
Hey guys, I am now in the underwriting stage with USDA and after speaking with the Michigan office I have about twenty days left before the certificate is passed through.
My question here is that my bank statements that I gave to the lender had $10,000 in a savings account. I would like to give $6,000 to the bank to pay off my car. Would this create an problems in underwriting or do they only go off the statements and verifications the lender made?
Hey guys, I am now in the underwriting stage with USDA and after speaking with the Michigan office I have about twenty days left before the certificate is passed through.
My question here is that my bank statements that I gave to the lender had $10,000 in a savings account. I would like to give $6,000 to the bank to pay off my car. Would this create an problems in underwriting or do they only go off the statements and verifications the lender made?
Hold off until after you close. Don't have the full picture, but that savings account might constitute Reserves, and could be a compensating factor helping to reduce the risk on your file.
Just wait until the day after you close, then do what you want with your cash.
I'm so stress out with this USDA loan approval and waiting to get approval. I'm living with my brother house and the place is so small , can't eat and sleep for the past weeks just waiting for to go close soon. We're schedule on the 8/8/13 now my loan officer just call us that it might be the week after. Why are they taking so long???
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