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Started By
Message
Rural Development Loan Update
Posted on 6/26/12 at 8:54 pm
Posted on 6/26/12 at 8:54 pm
Anyone know what loan their working on. Mine was submitted on the 8th and we was suppose to close tomm but i have not heard anything yet
3
Posted on 6/27/12 at 7:29 am to blades8088
Do what now?
Posted on 6/27/12 at 8:29 am to blades8088
When was it submitted to RD? The lender sends the file there after they complete the loan approval.
I was told yesterday, that the LA RD office is taking about 21 days to approve a file.
Look up the number for the RD office in Alexandria, ask them what submissions they are currently working on. They should give you a date, meaning they are working on the files they received on that date.
Added: I just received an email from them stating they are currently working on files received on June 8th.
I was told yesterday, that the LA RD office is taking about 21 days to approve a file.
Look up the number for the RD office in Alexandria, ask them what submissions they are currently working on. They should give you a date, meaning they are working on the files they received on that date.
Added: I just received an email from them stating they are currently working on files received on June 8th.
This post was edited on 6/27/12 at 8:31 am
Posted on 6/27/12 at 8:47 am to novabill
Mine was submitted on the 8th. So hopefully they will give us the ok before lunch can i only hope
Posted on 6/27/12 at 9:06 am to blades8088
quote:
blades8088
How does one start the process for an RDL? Do you find a house first? Contact them first to see if you are eligible? Also, I know you don't have to put anything down on an RDL but can you if you have some or do you have to put 0 down?
This post was edited on 6/27/12 at 9:10 am
Posted on 6/27/12 at 9:14 am to couv1217
I'm no expert on it but I think first you would need to obviously find the house you want b/c it has to be in an area that is approved for RD loans. Next you can not exceed the income limitation which is around 75k combined income for a married couple I think.
Posted on 6/27/12 at 9:16 am to LSU1018
The limit is 74k and some change whether single or married i believe. I would get pre approved first then the lender will tell you if it is eligible. Not sure about if you can put money down or not. If not just send it to them after you close with your first payment
Posted on 6/27/12 at 9:49 am to LSU1018
quote:
income limitation which is around 75k combined income
This should be first when considering this type of loan. Finding a house won't matter if you don't qualify. Good luck to the OP.
Posted on 6/27/12 at 9:53 am to LSUSUPERSTAR
quote:
This should be first when considering this type of loan. Finding a house won't matter if you don't qualify. Good luck to the OP.
Yea you're right.. I guess I said find the house first b/c I would never let a loan type decide which house I'm going to buy. The RD is a good loan but it's not significantly better than FHA or conventional IMO to make me buy a different house.
Posted on 6/27/12 at 10:19 am to novabill
Nova how many updates they give a day that there working on? Just one a morning or more?
Posted on 6/27/12 at 10:46 am to blades8088
BLADE88 as of this morning they were working on june 8th. so sometime today your lender should get your folder back. i get an email every morning from them telling me what day they are on.
Posted on 6/27/12 at 10:51 am to hawkeye007
Thats what im hoping so we can close this afternoon
Posted on 6/27/12 at 11:40 am to blades8088
now thats not going to happen buddy sorry to be the bad news delivery guy. once the file comes back from RD then it has to go to the lender closer to print docs and and get the loan package ready. i know thats a 48hr min at my company.
Posted on 6/27/12 at 12:06 pm to hawkeye007
Well we set a closing date of today pending RD. They told me we are just awaiting approval from them and as soon as that happens we can close
Posted on 6/27/12 at 2:14 pm to blades8088
Twenty-one days is pretty quick. I looked into as I found a house just on the outskirts of town that qualified. When I found out nearly everyone with decent credit can apply and receive 105% financing, I left the table. Also, most builders are throwing in 3-5K for closing costs as well.
I'm sure things are different here in Lafayette, LA. I just don't understand the reasoning behind the 74k household salary limit.
Let's say Joe and Sally buy a house together on the program. Joe makes about 35K and Sally makes 30K. If Sally gets pregnant, it could be assumed that money would get tight really quick, thus forcing them to sell to get something cheaper. Couple that with the fact that developers are saturating the market by overdeveloping to take advantage of the first time home buyer tax breaks, you'll see relatively new subdivisions tanking on value.
That's just my reasoning for backing away from anything that was RD approved. I'd like to downsize to invest more money into my business, but it looks like the housing market won't allow it for the time being.
I'm sure things are different here in Lafayette, LA. I just don't understand the reasoning behind the 74k household salary limit.
Let's say Joe and Sally buy a house together on the program. Joe makes about 35K and Sally makes 30K. If Sally gets pregnant, it could be assumed that money would get tight really quick, thus forcing them to sell to get something cheaper. Couple that with the fact that developers are saturating the market by overdeveloping to take advantage of the first time home buyer tax breaks, you'll see relatively new subdivisions tanking on value.
That's just my reasoning for backing away from anything that was RD approved. I'd like to downsize to invest more money into my business, but it looks like the housing market won't allow it for the time being.
Posted on 6/27/12 at 2:30 pm to FatDrunknStupid
Posted on 6/27/12 at 3:03 pm to LSUAfro
quote:
I'm sure things are different here in Lafayette, LA.
I'm sorry, I didn't know someone living in Baton Rouge could have such a deep insight on the Lafayette real estate market. Maybe you could part ways with some of your Lafayette real estate experience and knowledge and enlighten me on how I'm off the mark?
Posted on 6/27/12 at 9:00 pm to novabill
Nova, you can post me what they send you in the morning?
Posted on 6/28/12 at 6:49 am to blades8088
THINK OF RURAL DEVELOPMENT FIRST TO BETTER SERVE YOUR CUSTOMERS!
NO DOWNPAYMENT! FAST APPROVALS!
Fiscal Year (FY) 2012 funds for purchase and refinance transactions are available.
We are currently reviewing files received on the following date(s)
June 7,2012 till noon today and then working on files received on June 8,2012
"**PLEASE NOTE THAT ALL GUS FILES MUST HAVE FINAL GUS FINDINGS IN PACKAGE**
All loans will be subject to an annual fee of 0.3 PERCENT of the average scheduled unpaid principal balance of the loan. The upfront GRH fee for purchase transactions is 2 PERCENT. The upfront fee for refinance loans is 1.5 PERCENT.
We are unable to grant requests for expediting files and will review files received in date order. Loan submissions received after 2:00 p.m. are considered received the following business day. Mortgage brokers must contact their lender(s) for status of files.
Thank you for your business!"
NO DOWNPAYMENT! FAST APPROVALS!
Fiscal Year (FY) 2012 funds for purchase and refinance transactions are available.
We are currently reviewing files received on the following date(s)
June 7,2012 till noon today and then working on files received on June 8,2012
"**PLEASE NOTE THAT ALL GUS FILES MUST HAVE FINAL GUS FINDINGS IN PACKAGE**
All loans will be subject to an annual fee of 0.3 PERCENT of the average scheduled unpaid principal balance of the loan. The upfront GRH fee for purchase transactions is 2 PERCENT. The upfront fee for refinance loans is 1.5 PERCENT.
We are unable to grant requests for expediting files and will review files received in date order. Loan submissions received after 2:00 p.m. are considered received the following business day. Mortgage brokers must contact their lender(s) for status of files.
Thank you for your business!"
Posted on 6/28/12 at 7:24 am to novabill
They was on the 8th yesterday. How did they go backwards?
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