USDA Direct w/650+ midscore
Posted 17 July 2012 - 05:56 PM
Posted 17 July 2012 - 08:08 PM
AWESOME! I'm so happy for you. Not to take away from your happiness but 7/16/2012 we got the approval call. I continued to call them and stay on their butts at first we had a gentleman who worked Tue-Thur working on our app, after he told me he didn't have a response from our landlord or my employer I got the area director got involved because I had talked with both my employer and my landlord and they had sent the letters back over 15 days ago he then told me another lady would take our case, I called her and I was told that it wasn't her but another lady that had our app. After numerous calls we finally got the call 7/16/2012 so for everyone reading do not give up easily. We have found a newly built home that's in a eligible area, under 1800sq/ft and within the price range. We have the owner writing up a contract for us and hopefully will be signing it within the next day or two. Gabby if you have a second can you go over your entire process for me? I know there is something about a 1st time home owner class and from what I have read you NEED to take this ASAP to get your ducks in a row so nothing can slow the loan process down especially with a lot of them getting low on funds. I've read that some people had to go in to a interview in order to get the "certificate of eligibility", we simply went in and picked it up, my brother in law was simply mailed his so I'm guessing things have changed/ are different in different areas...been pulling information off of FICO.
We bought a house!
Closing went smooth as a baby's butt and we grilled the sellers on all kinds of things like what the neighbors are like, can you hear a lot of noise from the soccer games at the highschool behind the house (football games, with all their night-time noise, are held across town, yay!), etc. They were very amiable and told me to email any time I might have questions.
It's got an acre and a half, 95% enclosed by huge trees and bushes so VERY private, literally on the other side of the line from town (so we're "in the country"), woods on one side, open field across the street, neighbor that pretty much keeps to himself on the south, and the highschool behind the 100 feet thick wall of cedar trees (which houses an Olympic-sized swimming pool that is open to the public). There are a few maples in the front, and in the back the shade trees are black walnut trees everywhere, which most people hate, but I love. They make a great syrup in the spring (like maple, but nutty), and the hulls are great for ridding people and animals of parasites. Plus, because it's so close to town (and only 15 minutes from the city, btw) it has a well but uses natural gas and has cable access (means super cheap utilities).
Took the kids over after closing and roasted marshmallows, on this near-100 degree day, and played on the slip n slide. Good times...
Edited by ChrisT, 17 July 2012 - 08:11 PM.
Posted 17 July 2012 - 08:17 PM
Dh did have to take a homeowner's ed class. He could choose a local acion agency, and take a 6 hour class over several weeks, or go to the local office for a 3 hour class. He chose local office. He was the only one signed up, so the guy basically tailored it to his situation. He spent an hour watching 2 videos and asking any questions he had.
Essentially, the summary of our process went like this: I took in our app and all docs, emailed a few things they forgot they needed , and they sent back the cert of elig by email. We then found a house, did the inspection, gave them the survey, insurance quote, etc, and they ordered the appraisal. Appraisal came back and they secured the funds and set a closing date. Sounds quite simple, doesn't it? If only it hadn't taken 5 pages to actually go through it...
Posted 17 July 2012 - 08:35 PM
Edited by ChrisT, 17 July 2012 - 08:47 PM.
Posted 18 July 2012 - 07:00 AM
Anything is negotiable, so you can try to get the seller to pay for anything in the offer. Our seller paid for the survey and the well and septic inspections, though those are something often paid by buyers according to the USDA. We paid for the other inspections; USDA required general (around $400 here), radon ($80)and pest ($65). These are considered closing costs, so when you pay them ahead, they are "Pre-pays" and they are deducted from your final closing costs at the end. If you get the sellers to pay closing that means you'll get these prepays back at closing.
I'd wait until you are under contract to get insurance quotes, unless you need it to make sure you can afford the house. They are really a pain in the butt! You'd think your house needs a job at the pentagon!
Only hoops are getting that cert of eligibility and getting the house approved. Those (especially number 2) were the worst for us. After the offer is accepted and submitted to USDA the local USDA person inspects it to make sure it qualifies. That's where we always hit a snag... Ask any questions you like! That's kinda why I started posting our whole process, so it could help others. There is NOOOOO info on this crap, anywhere, so I wanted others to know what to expect.
Posted 18 July 2012 - 08:27 PM
Edited by ChrisT, 18 July 2012 - 08:28 PM.
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