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USDA direct loan advice PLEASE!

I was recently approved for a USDA direct loan for 176000 which is the new maximum loan they lend in my area. I applied for the loan through a new home builder on 4/28. at that time the maximum amount was 182000. The house I picked out was 181000. I signed the agreement on 4/28 but the USDA loan packet wasn't submitted to them for a few weeks later. Will they do the loan for the date the contract was signed or the date the paperwork was submitted?
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August 08 2010 - Riverview
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Answers (2)

The date USDA accepted the contract in the office is stamped once it arrives.


The loan is run thru a type of eletronic underwriting once approved it is not final till mailed and recieved at the USDA office.

So in essence the date the packet was recieved in thier hands and stamped.
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August 21 2010

Best to contact your local USDA field office Monday Morning. I have experience with USDA's Guarantee Rural program. When USDA issues their approval that is when it is final and secured. You may be too late.

Just thought to explore, since you have the loan application with the builder's in house loan office and they did not get USDA accepted in time, you may have an opportunity to re-negotiate the purchase price.

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August 08 2010
 
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