I had a hard time finding a recent timeline so I’ll add mine here for anyone else looking. Will update as we go along.
This is NOT a USDA Guaranteed Loan through a lender.
This us a loan directly from the USDA for low to very-low income households with subsidized payments, a 33-38 year term, and a low fixed rate.
4/28/21 – Email the USDA bc we can’t figure out how to apply online ourselves. USDA sends us to a loan packager.
4/28-5/7/21 – We recieve no response for packager herself. Got the run around from the organization the packager works for. Get really frustrated.
5/7/21 – Email USDA and ask for a list of different packagers. Are sent a list of all packagers in our part of the state. Email them all.
5/10/21 – original packager finally responds and tells us they onky package for specific housing developments.
5/10/21 – We found a certified loan packager who was willing and able to process our application!! Works for an organization 2 counties south of us.
5/11/21 – Started submitting our application and all the documents needed.
5/26/21 – Loan Package submitted to the USDA for review.
6/1/21 – Asked for 3 additional items. Return items immediately.
6/2/21 – Loan package completes review at USDA and is sent to underwriting. Quoted 30 days to hear back if it’s approved or denied (approx. 7/3/21)