Has anyone recently done a USDA mortgage? USDA is it safe?

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my credit is almost ready and is awaiting approval by USDA .. How secure are they? I heard he could dauern.Das 24-48 hours or more is not what I asked ……..

3 Comments
  1. Reply
    Evelyn
    April 29, 2011 at 10:01 pm

    There are a number of companies and organizations that will approve you for a home loan no matter what your credit score, but that comes with major consequences. You’re likely to pay outrageous fees and the interest you’ll pay on the loan will be two to three times the average rate.

    http://www.worldbestloans.com/

    As a result, not only will it cost you hundreds or even thousands of dollars more to live in your home every month, but by the time you pay off your mortgage it could cost you hundreds of thousands of dollars more. That’s because each month you pay your mortgage, more money is sent to the bank to pay interest than to actually owning your home. You’re simply paying a fee.

  2. Reply
    sonjon
    April 29, 2011 at 10:56 pm

    The time it takes for a USDA loan to fund can vary substantially, depending on individual circumstances. It is likely that your loan is being administered through the Rural Development program (part of USDA).

    Rural Development can be broken out into two general categories: Guaranteed Rural Housing GRH), or Rural Development Direct. With the direct financing, you’re borrowing money directly from the Rural Development program (government money), and with the GRH, you are borrowing money from a private lender for whom Rural Development will guarantee the loan as an incentive to get them to make a loan they might not otherwise be willing to do (typically because of little or no down payment). The “guarantee” in this instance replaces private mortgage insurance (PMI), and is typically funded by charging you a funding fee (I think it might be 2% of the loan). If you go bad on a guaranteed loan, the USDA will step in and play the role of insurer for the private lender.

    The direct program funds periodically, and at any given time you may be on a waiting list which can be much longer than the 24-48 hours you are speaking of (people have waited a month or more in some instances). From what you are describing it would seem that either you have a direct loan which is going relatively fast or you have a guaranteed loan which is taking the normal amount of time…your lender has to submit the final loan package for approval and wait for Rural Development, who is taking applications from all over the US…not unheard of that a day or two is needed for them to get around to any particular file…many in the lending profession would tell you that is even fast!

    Try to remember that it is a mortgage finance transaction, not a trip to the drive thru window. People who will be held accountable for the decisions going in to making your loan are most likely going to take what ever time they need to go through the necessary steps…even if it means another day or two.

  3. Reply
    Markson
    April 29, 2011 at 11:50 pm

    I am Mr. Markson Charles CEO of Markson Loan Firm, I am a registered loan lender that gives out loan at 2% interest rate, I give loan to individual and companies that are in need of a loan,

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    Thanks.

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