Mortgage home loan answers
Learn about mortgage home loans and rates.
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has anyone gone through the usda for a home loan?
Posted on January 27th, 2009 2 comments
livin the perfect life asked:
Hello im going through the usda for a rural home loan and i turned in the preapplication then they sent me the real application i turned that one in then they asked for paystubs,rent history,and a couple other stuff then a 34$ money order for a mortgage credit report fee so i was wondering if we are for sure going to get the laon or what steps come next?thankyou
CLAYTONRenting & Real Estate Credit Report Fee, Hello, Laon, Money Mortgage, Money Order, Mortgage Credit Report, Rent, Rural Home Loan, Stuff, Thankyou, Usda2 responses to “has anyone gone through the usda for a home loan?”
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No, them asking for the $34 doesn’t mean you’ve got the loan yet. They need that money to check your credit score and your credit score, on top of a favorable rental history and income verification, is what will determine it at this point. Good luck.
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Ed Atun January 31st, 2009 at 13:55
Yes. It is a frustrating process which moves very slowly. They are similar to FHA loans but have even more paperwork. They take 60 or 90 days. They require that the house be repaired prior to closing; which irritates home sellers who feel like they are being nitpicked about fixing windows that don’t have locks or windows that have tiny cracks. Do not use USDA to buy a repo property.
The money order is just the first step in getting the loan. You won’t be sure you get the loan until the house value is determined by an Appraiser. Then you will know that you are going to get the house..
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Meggsy January 31st, 2009 at 03:45