In my experience with USDA, I have learned that if you start with the lender for purchase, the process goes much faster. I admit that this experience did come by way of months and months of waiting and resubmitting paper work, only to still be on the wait 1 year later. (The funny part is that my has been in his home a year and more) We decided to work another avenue and wow wow wow, it was worth the move for my buyer. Have you heard of NACA. It is a real Program and works well with buyers.
Kathy Hines /Broker As.
-Amy S. Arey, Realtor
Halo Group Realty, LLC
Call Trever Kerr, Gateway Mortgage 972-822-7408
firstname.lastname@example.org he will go over terms and get you pre-approved and a letter to submit with your offer.
then go to http://buyahome.indallastexasarea.com and submit get free listings
and then we will send you homes that qualify
Home Solutions Realty
Kira, since you already received your initial response from USDA it sounds like they needed additional information. Anytime during that stretch of the process (before you are actually approved) I'd give USDA 2 weeks from anytime you send them information. After they have determined you are eligible it should go pretty quickly.
You may want to read http://ficoforums.myfico.com/t5/Mortgage-Loans/USDA-Direct-R to find out all about one person's journey from applying to funding, and all of the road bumps that happened in between.
ALLEN M. LAMBRIGHT
(972) 542-0081 ext 4
(972) 542-4028 fax
1404 NORTH MCDONALD, STE 300
MCKINNEY, TX 75071
For the Direct version of the program as far as I know it is a statewide funding amount - not an individual office.
It should only take a about 2-3 weeks from the time you go for pre-qualification until you are determined eligible for processing. It's been 6 weeks in your situation, when was the last time you had communication from them?
Please see below a message that was sent to me from Viewpoint Mortgage.
USDA funding has been temporarily suspended!
Iâ€™m sure youâ€™ve probably been expecting this, but yes, now it is official. Funding for the fiscal year 2012 which began on October 1, 2011, has not been authorized, so we are again in a holding pattern until the federal government approves funding. At this time we have no idea when funding will be restored.
Keep in mind, the new USDA guaranty fee & monthly mortgage insurance became effective October 1 as well.
I will check the status of USDA and will let you know as soon as I hear something..