user8901133's Advice

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user8901133 wrote:

You close on 3/26-NO you don't!
We received emails 2 weeks ago from mortgage broker saying that we should be ok to close 3/26. The emails show HUD officials (REO home) also writing that it should be ok to close 3/26. We have given our mortgage broker our info and signed all docs promptly (and hurried to quickly do so since we started on this loan process in late December). This week we received a call from mortg. broker saying that "since mortg. rates went UP, we have to resubmit paperwork since the ratio changed- and wait to close THREE more weeks so usda can process loan.Meanwhile, I close on my existing home 3/25 and we have to pay $40 a day rent until we move out. Des this make sense to anyone else(the 3 week delay after being told a close date)?
March 21 2013
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What is the turnaround time in Central Florida for USDA Guaranteed Loans? Been waiting since 10/5/12

Answer
I am praying that we can somehow miraculously close by 3/25- Loan was submitted to USDA end of last week.  Problem is that the buyer of our existing home where we currently live until new home closed by USDA was told by his realtor NOT to rent to us after closing, even with a big fat deposit.The existing home was (reluctantly) given an extension on the closing date by my lender (it is a short sale, cash buyer).
March 04 2013
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