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Rural Development Underwriting
Posted on 6/14/12 at 10:54 am
Posted on 6/14/12 at 10:54 am
I am currently about to build a house and all my info was sent to RD last Friday. The mortgage lady said they are backed up 2 weeks. I am real close to the income limit of 74k and change. I would like to work at my second job but scared to go over. When the mortgage company ran it I was good. Does anyone know if RD will run my income again or will they use what was sent to them?
3
Posted on 6/14/12 at 10:58 am to blades8088
quote:
blades8088
quote:
I am currently about to build a house and all my info was sent to RD last Friday. The mortgage lady said they are backed up 2 weeks. I am real close to the income limit of 74k and change. I would like to work at my second job but scared to go over. When the mortgage company ran it I was good. Does anyone know if RD will run my income again or will they use what was sent to them?
You going Rural Development Direct or Guaranteed?
If its Guaranteed, its actually going to be Underwritten by a Lender that will also service the loan for USDA's RD program.
If its Direct, then UW will be the Underwriter.
The problem is that oftentimes as a lender goes through the process of approving the loan and setting up for closing, the Underwriter will call the employers within 24 hours of the expected closing date/time and verbally verify employment info.
I think you should hold out for a bit. May be tough but long-term its the best decision.
Posted on 6/14/12 at 11:46 am to blades8088
talk to the lender and see if they are using your second job income. you have to be on that second job for 2 years for the income to count against you. You also said you were building so the loan will have to be underwritten once the house is complete it cant go to the RD office before that so i would be very carefull with your YTD income RD is very serious about the income limits i have seen RD deals die becuase of being over by a $100 on income
Posted on 6/14/12 at 11:51 am to hawkeye007
Not sure about the guarenteed or direct. But the mortgage company UW have approved it and they said they sending it to RD now. Not real sure of the process but what they tell me. Were hoping to close by the end of the month. The completion date is next wednesday
Posted on 6/14/12 at 11:05 pm to blades8088
I did RD and it was a pain in the arse. Kept asking for additional info. They were extremely strict on income so I'd be careful. My wife's maiden name was the same name as my employer so they even made my employer fill out paperwork proving she and I had no ownership in the company.
Pain in the arse but overall, it worked out great for us in tge end!
Pain in the arse but overall, it worked out great for us in tge end!
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