Home Buying in 75006>Question Details

Kira510, Home Buyer in Carrollton, TX

Does the Mckinney Texas office have funding for USDA direct program?

Asked by Kira510, Carrollton, TX Mon Oct 24, 2011

I applied September 7, 2011 and wonder how long does it take to determine eligibility.

Help the community by answering this question:

Answers

9
Kathy Hines 972-632-6530’s answer
Hi Kira,
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.
Keller Williams
0 votes Thank Flag Link Mon Jan 16, 2012
USDA Loans are only in Rural Areas. Mckinney is not considered a Rural area. If you go to the USDA website, it gives a map-coverage of specific areas for the zero-down USDA home-loan. Feel free to contact me if I can be of further assistance.

-Amy S. Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
http://www.MckinneyRealEstateInfo.com
0 votes Thank Flag Link Wed Aug 6, 2014
that did last week

Call Trever Kerr, Gateway Mortgage 972-822-7408
trever.kerr@gatewayloan.com 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

Thanks,
Debbie
Associate Broker
Home Solutions Realty
debbie@homesolutionsrealtydallas.com
214-636-7138
0 votes Thank Flag Link Sat Mar 15, 2014
Fortunately (or unfortunately) when you apply directly with USDA, you don't need to rely on mortgage lenders... just USDA!

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.
0 votes Thank Flag Link Tue Oct 25, 2011
USDA funding authorization has not been received from congress for 2012 yet....However, most major banks are funding USDA loans without that authorization based on prior history. I know that we do, and I know that Chase is as well. Good luck on finding a USDA eligible property in McKinney though, it looks like most areas are ineligible
0 votes Thank Flag Link Tue Oct 25, 2011
I am not planning to buy in McKinney. I don't that area is eligible. I received a letter in the mail a little over a week ago asking for a letter of explanation which I mailed back the next day.
0 votes Thank Flag Link Tue Oct 25, 2011
To check on available funding you can contact them at:

ALLEN M. LAMBRIGHT
Area Director
(972) 542-0081 ext 4
(972) 542-4028 fax
Allen.Lambright@tx.usda.gov
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?
0 votes Thank Flag Link Tue Oct 25, 2011
Hello Kira;

Please see below a message that was sent to me from Viewpoint Mortgage.


USDA funding has been temporarily suspended!

I’m sure you’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..
Web Reference: http://www.joannjackson.com
0 votes Thank Flag Link Mon Oct 24, 2011
Kira,

Are you planning to buy in McKinney? There are few areas left there that will qualify for a USDA loan. If you'd like more info please feel free to call me: 469-450-1326.

Thanks,

Andrea Brooks
Keller Williams
0 votes Thank Flag Link Mon Oct 24, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer