One of the most important parts of a real estate transaction is selecting the right lender. We recently helped a sweet young couple find a home only to have the entire deal fall through.
They already had a lender when we met and said they were planning to get a US Department of Agriculture (USDA) rural loan. This is a great loan program for rural areas that assists households with an income of less than $83,000. You don't have to put any money down and you can finance the closing costs if the house appraises for the full sales price plus the closing costs.
We put an offer on the home and it was accepted, then it was in the lender's hands to get the loan approved. This is all great, but the loan has to go to USDA for approval after it has been approved by the lender so it takes longer than most loans, at least 45 days. Therefore, it is important for the lender to move quickly in order to get it to USDA and still close on time. Our clients provided all the documentation and we checked with the lender periodically who said everything was going well. However, the lender took 42 days and then sent it to USDA and told us to "just get an extension." The only thing is, the seller received a back-up offer and decided not to extend - our clients were out!
We tell you this so that you will know how important it is to get a proven lender. We have worked with several lenders that have helped prior clients successfully buy homes with USDA rural loans. We will be glad to give you their contact infomation and work with you to buy the home you want.
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