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 svromeo00
Joined: 30 Oct 2009
Posts: 17
4.45 Dollars($)
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 Posted: Wed Nov 11, 2009 5:24 pm Post subject: USDA |
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| Lender sent my loan package to the USDA. How long will they have it and do they also underwrite it or what? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4330
Location: Hawaii
685.41 Dollars($)
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| Posted: Thu Nov 12, 2009 3:12 am Post subject: |
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Hi svromeo,
The USDA does not underwrite loans. USDA-approved lenders actually originate and underwrite the loans. They underwrite loans following underwriting guidelines set by USDA. However, the lenders send the mortgage files to the USDA for a review before the final approval is given. The USDA does not usually take long to process the loan. It is generally done within a week. However, it may take more than a week in certain cases. |
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Guest
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| Posted: Thu Nov 12, 2009 6:08 am Post subject: |
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| So does this mean i may be approved? If they sent it to USDA does that mean I am clear through the lender and now the USDA just have to give the final go ahead? |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 850
Location: Orange County, CA
131.37 Dollars($)
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| Posted: Thu Nov 12, 2009 8:36 am Post subject: |
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It depends on if you're participating in USDA's "direct" or "guaranteed" program. Which one are you trying for?
_________________
Raymond
www.ResponsibleReverseMortgages.com |
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Guest
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| Posted: Thu Nov 12, 2009 3:05 pm Post subject: |
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| Guaranteed program |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 850
Location: Orange County, CA
131.37 Dollars($)
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| Posted: Thu Nov 12, 2009 3:28 pm Post subject: |
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Then it's not being Underwritten directly by the USDA (which is good because it'd take a lot longer if it were Underwritten by USDA). That means the amount of time it's going to take is dependent upon the individual wholesaler that's Underwriting your loan, and your Loan Officer should be able to tell you what the Underwriting turntimes are.
Going to Underwriting just means your Loan Officer has gotten all the stuff she needs from you and everybody else, and is submitting it for approval. The Underwriter is the person that ensures everything provided by the Loan Officer meets the USDA's guidelines. Some loans make it through Underwriting, and some don't (but most do, or else your Loan Officer wouldn't have taken you this far through the process).
_________________
Raymond
www.ResponsibleReverseMortgages.com |
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Guest
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| Posted: Thu Nov 12, 2009 10:29 pm Post subject: |
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| I was told that wels fargo has sent it over to the usda. So what I am trying to figure out is the fact that its been sent there...does that mean i am clear through wels? I would contact my LO but she is in the hospital her mom isnt doing well and i do not want to bug her while she is there. I assume they wouldnt send it to usda if i wasnt clear correct...or correct me if i am wrong.... thanks |
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Kasper_5277
Joined: 14 Nov 2009
Posts: 24
0.00 Dollars($)
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| Posted: Sat Nov 14, 2009 11:16 am Post subject: |
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Hey man,
jenkin said right ., |
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