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USDA Rural Loan

I have been reading about the USDA Rural loan.  I want to apply and have put in my pre qualification application with the local USDA office. I only put in the application last Tuesday (8/20/2013) but wasn't sure how long the pre-qualification would take?  I make 30k a year and have about a 696 credit score.  Should I wait for pre-qualification or should I contact a lender for assistance?    Any idea on a time frame that is normal for qualification? 
  • August 31 2013 - Manassas
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Answers (9)

That happens, too. You need to call your Congressperson, and your Senator, and load their ear full of pain, about that. The fact that the Gov't still has to sign off, no matter how you do it, is a huge problem. Other than that, the product is nearly too good to be true, but it is, sort of.
  • August 01
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Profile picture for gale caylor
I'm having big doubts about the guaranteed program and am beginning to think I should have gone the FHA route instead.

I've already been approved by the mortgage loan company and my file was submitted through them to USDA on the 18th of July. Files submitted on that date were looked at yesterday. I should have gotten word by now.
I've already had two extensions and just past the third and the seller will not go for more extensions.
I have to be out of my rental no later then July15th and I can't even hire movers because I don't have a close date yet or even a place to go.
It's not my LO (loan officers) fault. They are waiting like I am. It's USDA and their lack of communication if my files past or failed.
I know nothing and time ran out.

I will not go USDA guaranteed again due to this and never the Rural route. That is even worse plus they run out of funding rapidly and you're left waiting until next years budget.

  • August 01
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Hopefully, user4941364 can share with us her experience of getting her new home . . .
  • August 01
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When you go USDA Direct it is hard to guess how long it will take because the Government is in charge. Getting them to hustle is impossible. No news is good news, in general in these matters. Call them and check in, if they answer the phone. Email them, maybe.

I don't think Pamela has been back since last year.
  • July 31
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Profile picture for Bree7979
Pamela,
Does it usually take over a week to hear back from prequalification? They received my prequalification form on Tuesday 7/22, it is now Friday, 8/1. The worker at the USDA office verified the date that she received my application and also stated that it takes about a week to hear back from them. Do you think this is a good thing or a bad thing that it is taking longer? IT is through Baldwin County, Alabama.

 
  • July 31
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Profile picture for colganteam
Please keep in mind the USDA "Map" is going through a major change. Many parts of Northern Virginia will no longer qualify for USDA financing. This is mostly from the amount of development that has happen in Northern Virginia in the last decade.
  • November 19 2013
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Hi...
The USDA regional office will contact you and ask you to work with a USDA approved lender like American Bank, among others.
The lender processes the loan, approves it, then WE forward it to the regional offices for final approval. I just did 3 in the last 45 days.
This month, Virginia loans with USDA are taking about 16 days, in Maryland, about 4.
Hope this info helps. If you have questions or concerns, I am happy to help. Contact me through my Zillow page!

Best wishes, Jim
  • September 01 2013
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There are 2 types of USDA loans, direct and guarantee. They have different qualifications. I recommend using a USDA approved lender to help you navigate the loan pre-qual process. I just helped a client last week get a guarantee loan, her first loan with USDA, a direct loan had her convinced never to use USDA again due to her past experience. We made her a believer that the guarantee loan is a much better route to go.
  • September 01 2013
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Profile picture for PamKrichev
The process must be very different than it is here in Alabama. Our buyers work through a lender and begin with a typical loan application process. After the loan package is complete, including the appraisal, the whole thing gets sent to USDA for final approval, a process that can take a while because they're so often backed up. I'd ask a local lender for their advice.
  • August 31 2013
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