USDA Direct w/650+ midscore
Posted 19 February 2012 - 09:18 PM
Posted 19 February 2012 - 11:15 PM
Posted 20 February 2012 - 10:37 AM
Also, my realtor is assuring us that they are not going to quibble over a few sq ft. 2400 may be too much, but 1860 wouldn't be. I think some discretion is under the control of your loan officer/UW.
Edited by gabbyraja, 20 February 2012 - 10:39 AM.
Posted 20 February 2012 - 11:18 AM
It says: "requires that the site must be of a size that it cannot be subdivided into two or more adequate sites under existing zoning ordinance requirements" So, I guess that's where the 1800 comes in on ours. Less than 1800 sq ft couldn't be easily split into 2 units here, so it's considered "modest". Maybe the LO could look at our family size and bend that rule...
Posted 20 February 2012 - 11:39 AM
I found this info by just pasting this in the address bar http://www.rurdev.usda.gov/ and putting my state initials after it. I followed Single Family Housing->Direct Loans then clicked the link "Existing Dwelling" under "Property Requirements". Maybe you can find something like this under your state.
Edited by gabbyraja, 20 February 2012 - 11:42 AM.
Posted 20 February 2012 - 11:48 AM
Thank you for reposting about the 1800. I was looking at our sheet, and it says the house has 1811 sq. ft. living space, so I sincerely hope we are good. I couldn't sleep last night after finding out about it on here, even though my husband said not to worry about it too much. It was just one more reason for our loan not to be approved "Ya know?" All these inspections are scary too. Like what they'll find. This house has been on the market for years, when the guy bought it from HUD foreclosuren and fixed it up to resell. He seems anxious to sell, and we just want things to go speedy like so he won't give up on us. I have been praying non-stop about this. It just seems that everyhting is finally coming together, and I'm just waiting for the other shoe to drop like it always does. Thank You! and Good Luck!
Posted 20 February 2012 - 01:50 PM
Posted 20 February 2012 - 02:58 PM
Here's the form I got with my pre-app that mentions the size restriction
OK. Yeah, my papers say nothing like that. It's only 1 page. And it simply says modest and comparable to houses in the area Will definately add my success story to this website if we get the house!
Posted 20 February 2012 - 08:32 PM
Also, in regards the acreage... what I was told is that if it's in the county they aren't as picky. It has to be equivalent to what is around. 9 acres may be a bit much but may not be a deal breaker. Where we are looking is in the mountains and several have acreage so we were worried. In the city, it is under 1 acre unless the norm is higher.
Posted 20 February 2012 - 09:23 PM
Posted 21 February 2012 - 11:08 AM
Sq Ftage: If the size is over 1800 and that's "normal for the area", and/or the "family size supports a larger house", then it's flexible! Yay! She said they use 2 people per bedroom as a guideline, and it is hard to find a 4 bedroom house in our area for under 1800 sq ft. And 2000 sq ft is perfectly usual here, but so is 1000, so... She said you find it, you submit it for approval, and it goes to the...can't remember the title but it was like the boss at the state level...for approval. And it requires more documentation.
Acreage: if your county says the acreage is dividable then it's too much. They think 3 acres is fine, but more than that is not. That's fine if we can find one with 1-3 acres.
In-ground pool: absolutely not under any circumstances.
So, ymmv depending on your area.
Posted 22 February 2012 - 08:49 AM
Posted 22 February 2012 - 10:01 AM
Grrr. My husband's workplace uses The Work Number for employment verification. USDA said they won't use TWN. Because they are a gov't agency they get charged for using it. The HR person won't even call her back, and that's the only thing delaying us at this point. > I hate that place!
That stinks! Hopefully the HR person will hurry up and call her back! Wishing you the best of luck!
Posted 22 February 2012 - 03:09 PM
Posted 22 February 2012 - 03:20 PM
Posted 22 February 2012 - 04:55 PM
Posted 27 February 2012 - 10:26 AM
I called on Fri hoping that they were finished and I could go ad physically pick up the letter (10 minutes from the office). They were still waiting on the credit report that they'd ordered on Tues! I forgot this was the gov't and they still did everything by Pony Express. She said it can take 7 days, which would mean they should get it today at the latest. So, I'm still waiting. I'll call tomorrow afternoon and see if any progress has been made. Hopefully their carrier pigeon won't have been delayed...
Posted 27 February 2012 - 10:37 AM
By the way, they ran my credit and my TU score was 653. Six months ago when we tried the first time and were denied, it was 582. +71 points in six months is awesome, IMO.
Posted 28 February 2012 - 07:13 PM
Posted 02 March 2012 - 05:04 PM
Posted 05 March 2012 - 09:36 AM
Posted 05 March 2012 - 05:04 PM
Posted 09 March 2012 - 10:46 AM
When it's all over it will have been worth it, right? When I think back to my first mortgage, in the last 2 years of the mortgage bubble, I walked in, filled out one form and gave them 2 paystubs, picked out a house and closed. It was easier than buying a car...
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