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I Need a seasoned USDA expert in Jacksonville,florida

I have had a short sale and I wanted to contact an expert on the USDA underwriting.

Thanks!
Mark
  • May 31 2011 - Ponte Vedra
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Answers (4)

  • May 31 2011
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USDA's "Administrative Notices" (like updates):
http://www.rurdev.usda.gov/rd-an_list.html
USDA does not have any guidance for short sales as far as I know of. Back when short sales weren't too popular we helped someone buy with USDA after a short sale back in 2007 or 2008, I believe their short sale was about 2 years prior to their application. However even though USDA may not have any guidance, I believe most lenders USDA programs will go off of FHA's requirements when it comes to short sales - and that is if you were late on your mortgage within the 12 months before the short sale, it's the same as a foreclosure.
The answer to your question would rely with the lender who is doing your financing. For us, we'd need your application date to be after the 3 year anniversary of your short sale, for others they may be able to start it prior to the 3 year anniversary, and there may even be lenders willing to do it prior to the 3 year anniversary (Chase is really good with USDA Rural Development). The loan process only takes about 30 days, so depending on how far out after your 3 year anniversary the home is completed, it's possible you could apply after the anniversary and be ready to close at the same time the home is being completed.
  • May 31 2011
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Hi Shane,

It is Rod and my question is if I wanted to build a house can I start the process
3 months prior(this is what it takes to build in Florida) to  March 2012 and have it closed on my seasoned 3 years of mandatory wait period.

So March 26,2009 was short sale with 2 30 day lates...now 693 credit score/$10k cash reserve/steady employment no problems since that sad day in March2009.
 Where are the underwriting guidelines for seasoning on the web???
Thanks!
Rod
  • May 31 2011
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Is it Mark.... or Rod?  What is your question pertaining to USDA underwriting?
  • May 31 2011
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