Home Buying in Georgia>Question Details

Stressed Out…, Home Buyer in Georgia

I am purchasing my first home and set to close on Oct 5th , however I am know getting worried it is still in underwriting going on 3 weeks now!

Asked by Stressed Out !!, Georgia Thu Sep 16, 2010

Got my pre approval Aug 6th , made offer(seller accepted), signed contract on Aug 9th. It is A USDA loan , and has passed inspection , appraisal, given them all the documentation they have asked for ect... Why is it taking so long in underwriting, I don't think it has even been sent to USDA yet. Does our lender underwrite and then send it to USDA or are they one in the same? So worried we won't close on time.

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I wouldn't stress if you can help it - welocme to the new real estate environment - nothing is easy.
2 votes Thank Flag Link Thu Sep 30, 2010
USDA was just funded. We have been funding USDA loans for over a month but brokers did not have access to the same funds we do so they could be slower. Never depend on your real estate agent to deal with you lender. Yes, USDA has to approve the file also. You're probably okay but a little slow. As a long time lender I fully understand your stress because I have been a borrower, too. Chances are they are waiting on USDA to approve the loan.
Web Reference: http://kennycook.com
1 vote Thank Flag Link Fri Sep 17, 2010
Well stiil have not closed - they are asking me to sign another extention til Nov 1st, I am really considering not signing it! (Can I do that ?)
I am so mentally exhausted with all this , it just seems like there will be no end....... No one can give me a straight answer as to where it is in the lender underwriting or when it will go to usda. If I do not sign this extention , can I go to another lender as I already have all my documentation( I kept copies of everything they required) Please can someone tell me what to do , should I keep going with my current lender or just pullout and start over?
0 votes Thank Flag Link Tue Oct 12, 2010
Are you closing tomorrow?

I don't know anything about USDA loans, but Kenny does - he and Hank urge patience and certainly, the competence of your lender is the biggest factor. If the lender is weak, then yes, you might feel some stress.

You should not feel "stressed out" by a real estate purchase - your fiduciaries are at fault, unless you are the type of person who can't relax.
0 votes Thank Flag Link Mon Oct 4, 2010
Homebuyer, good news that they moved the closing out to the 15th, but what is the reason why this file is not in USDA hands as of yet? What does your lender say about that. In MY opinion, that is the biggest deal, if your lender can't control the file in his/her own office and know why it is not off to USDA, you do have something to worry about. Call tomorrow and demand to talk to the branch manager of your lenders office and get some answers. None of this delay makes any sense if they are not waiting on you for infirmation!
0 votes Thank Flag Link Thu Sep 30, 2010
Stressed out, if it is any consolation, I am finding that underwriitng is taking longer and longer on each transaction ( and I don't deal with USDA loans). It seems like every bank wants the paperwork updated daily!

Take a deep breath - as Hank just said below, this is the new world of real estate.... in a shakey economy!

Best wishes...............
0 votes Thank Flag Link Thu Sep 30, 2010
In my experience, USDA loans take sometime to work on. Does your loan officer have a contact number for the person it is going to at USDA for approval. If they do I would suggest calling them and just ask them if there is anything else that you need to send over and if not when you can expect the file to be completed. Also remind your loan officer of the closing date. I would also talk to your agent, if you are one who likes things done early, go on and see about a closing extension. This would have to be agreed upon by both parties though. The main thing is just to stay in contact with everyone and your contact at the USDA.
0 votes Thank Flag Link Wed Sep 29, 2010
Thank you all for the great answers.Well just found out having to move the closing up to Oct 15th and it still has not been sent to USDA yet, I have given them all the documents they have asked for and yet still no news, don't know if 2 weeks is enough time either, LO just keeps telling me she will let me know when she knows something , should I be concerned with the time that they are going to deny it!
0 votes Thank Flag Link Wed Sep 29, 2010
You need to bang on your agent and your loan officer for that answer. I know the promises of speed from lenders, agents, etc but I will tell you that of the 20+- deals I've done so far this year, maybe 2-3 have actually closed on the day designated. The mortgage and underwriting process has become so convoluted that nothing is easy.

Grab your reps and shake them - better to find out if there's an issue now than when closing date rolls around.
0 votes Thank Flag Link Thu Sep 16, 2010
Dear Stressed out. Have you talked to your lender and agent about your concerns? It could be that since you are not scheduled to close until October 5th that the underwriters are simply letting more urgent matters take presidence. USDA does take longer, it's another level of approval but if you aren't set to close until October 5th, I wouldn't get alarmed until around the 25th or so, but, that's just me. First step, call your loan officer and ask. Good luck, I'm sure it's fine.
0 votes Thank Flag Link Thu Sep 16, 2010
I personally have never had a file take that long. USDA was out of money for so long, that maybe when Congress funded the account again there was a huge backlog of files for them to Underwrite. But that would make no sense why your lender is taking so long. We take 1 day to underwrite a file, then you are off to USDA. And yes, you are correct...USDA does have to review and underwrite the file after the lender does in order for them to endorse the file. I really don't know what to say except I would be raising cain on why it is not out of your lenders office in USDA hands. I too would be stressed! Let me know if I can help, this does sound like a red flag to me!
0 votes Thank Flag Link Thu Sep 16, 2010
What do your agent and lender say, Stressed? Give them a call and find out. There are too many reasons for underwriting length to be stretched out to be listed here. Good Luck!

Michael Hammond

0 votes Thank Flag Link Thu Sep 16, 2010
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