We have tons of people who want to know how to get quicker Underwriting for USDA Home Loans in NC. The thought of having to move in with family, living out of boxes is not appealing to anyone. So what are the tips for getting your keys early??? Check this list of 7 things you can do To Get Quicker Underwriting For USDA Home Loans:
- Have All of the pages of your Bank Statements ready. I can’t tell you how many times someone will only give us a few of the pages – we need ALL of the pages for the last 2 years. The USDA Home Loan Underwriters are going to be looking for NSF checks…
- Go ahead and get a security code if your employer uses The Work Number. If they don’t get us a person who will talk to us about your employment, the name, title and phone number will be a great help.
- If you have any deposits that are NOT payroll deposits on your bank statement… go ahead and get us documentation of what each one relates to.
- Make a clear copy of your Driver’s License.
- If we ask you for an additional document – get it to us FAST. So if you are getting a gift for your closing costs from your grandmother, get us ALL of the documentation we need as soon as possible.
- Don’t put the Home Inspection or the Termite report on the HUD 1 Closing statement. They are not required by USDA – but if they are provided, then we MUST show it to them… this means you need to pay them out of YOUR pocket, as opposed to having the Seller pay for them.
- Don’t buy anything BIG (washer, new sofa, refrigerator ), don’t charge more than $100 on a credit card, don’t change bank accounts, quit your job, or otherwise change your “credit” picture. Your credit is going to be pulled right before closing – and your employer is going to be called!
These things are especially important for folks who are applying for a USDA Home Loan because your mortgage is going TO the USDA Home Loan NC office for them to physically underwrite. If you are applying for a NC Housing Loan as part of the process (so USDA Home Loan with MCC Credit for instance) then you have four underwriters looking at your file!
At this writing the USDA home Loan Turn Times in NC are about 10 days. We understand the underwriting times for USDA Home Loan in VA and SC are at least 30 days. So again, this is in addition to the Bank Underwriting times (which are currently 48 hours).
Have questions about cash needed to close and closing costs, or how the 3% Grant / downpayment assistance program from the State of NC works? Call Steve and Eleanor Thorne about your particular situation and get tips for Quicker Underwriting For USDA Home Loans at 919 649 5058. Remember – you might qualify for a Single Parent Grant to purchase a home in NC!