Posted on: 18th Aug, 2010 09:45 am
I have submitted a pre-qualification with an attached application to my local USDA office. How long should i expect this process to take.
I have not found a property yet, as I am waiting for some sort of pre-approval to come back.
Also, I am wondering what is the main difference between the "direct" and "guarenteed" loans? If going with the direct loan, is this a difficult process to complete myself or should I steer toward the guarenteed so that I am working through a lender?
UGH!
I have not found a property yet, as I am waiting for some sort of pre-approval to come back.
Also, I am wondering what is the main difference between the "direct" and "guarenteed" loans? If going with the direct loan, is this a difficult process to complete myself or should I steer toward the guarenteed so that I am working through a lender?
UGH!
Hi Batsellnunn,
The main difference between the 2 programs are the income limits. The direct loan has a lower income limit while the direct has a higher income limit.
From what I've heard, the direct takes longer and that makes sense when you consider that you're working directly with a government agency.
Feel free to contact me if you need more info on the USDA guaranteed option.
The main difference between the 2 programs are the income limits. The direct loan has a lower income limit while the direct has a higher income limit.
From what I've heard, the direct takes longer and that makes sense when you consider that you're working directly with a government agency.
Feel free to contact me if you need more info on the USDA guaranteed option.
The Direct loan program is only for low income people who cannot get a loan elsewhere. Borrowers who use this program work directly with USDA and do not have the option of choosing the Guaranteed program nor working with a mortgage lender.