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I am in the process of buying a home and was told the property was USDA now our lender told us no be

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September 03 2012 - New Bern
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I just did a USDA closing last week on a property in the New Bern area.  It took over 4 weeks for USDA to approve the loan.  There was no reason for the delay.  All necessary documentation and paperwork was initially submitted.  Numerous calls by the lenders underwriter revealed that my buyer's file was just waiting on someones desk to be processed.  The both the buyer and seller were frustrated by the delay.  When it was all said and done everyone was happy and it was worth the wait. 

Another current issue to USDA loans in our area is the proposed change to eligible areas.  This has not happened yet so it is hard to speculate the outcome.  Currently many parts of Craven County have been eligible with an exemption to the population and proximity to urban area requirements.  The change would be that the exemption would no longer apply.  Should the proposed changes happen the number of homes eligible for USDA loans will greatly decrease.
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September 04 2012
USDA question....
You the buyer must meet eligibility requirements and the property also must be eligible.

Buyer eligibility - http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11  - enter the state and the county then answer some questions on your household

Property eligibility - http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do   enter the specific address

USDA can mean 100% financing and it may also take a couple of extra weeks for loan approval. Your lender will approve the loan and then it must go to USDA for their approval.
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September 04 2012
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do 



Check the USDA website to determine if your property is eligible.  
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September 03 2012
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September 03 2012
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Thanks first time posting

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September 03 2012
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September 03 2012
 
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I am in the process of buying a home and was told the property was USDA now our lender told us no be
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