USDA Rural Housing Loan - who can do this loan?

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kdoffing

51 Posts

Posted - 06/14/2008 : 10:34:21 AM

Appraisal has already been done by an Oregon licensed appraiser, but he is not an FHA licensed appraiser. I've read that this can be acceptable as long as an inspection is also done. Who can I send this loan to so we don't have to order a 2nd appraisal? This could be a quick close...

Thanks!

liverichly

3653 Posts

Posted - 06/14/2008 : 10:42:55 AM

You can send it to any lender who can do USDA loans... you don't need an FHA licensed appraiser.

kdoffing

51 Posts

Posted - 06/14/2008 : 10:49:04 AM

My AE at TBW was not so quick with that answer. He is having to run it past an underwriter, and it's taking forever to hear back from him...

liverichly

3653 Posts

Posted - 06/14/2008 : 10:51:22 AM

TBW's rural development is good, but I find that Chase's is quicker.

If you want a SUPER quick answer, just call up USDA directly.

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=GetRHContact&NavKey=contact@12

kdoffing

51 Posts

Posted - 06/14/2008 : 11:26:06 AM

Thanks for the info - I may give our Chase AE a call.

jillstatz

480 Posts

Posted - 06/14/2008 : 12:00:13 PM

Chase is the only was to go for USDA...they are very quick to get everything through...better than most conventional underwrites!!!! Also are not picking apart appraisals

velecico

3200 Posts

Posted - 06/15/2008 : 10:33:04 AM

Kim ,

We just started brokering to Wells and thats one of the programs they are heavlily pitching , we have a meeting on Tuesday to go over submuission , policy , etc , I think it goes of FHA guidlelines , you can enter the town on a decoder and it tells you if it qualifies as rural , the feature he said is most important to us now , is no declining markets , 100% financing , you can even do a DPA to pay off debt

jasonstoeser

98 Posts

Posted - 06/15/2008 : 11:33:03 AM

Greystone Financial Group

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