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Monday, April 11, 2011

Hoops and Headaches...

For those of you who have been following this blog for the past month and a half, I have shocking news. Closing has been delayed again. I realize that has been just about the only thing I've ever had to say on this blog, but hopefully that will change someday soon.

At least the update didn't say something along the lines of "We won't be able to buy the house at all now...", like I was afraid I was going to have to say earlier today.

Our loan processor emailed us an update this morning, saying that RD (USDA Rural Development) wanted additional information from us. They wanted a letter signed by both of us, stating that we will be selling our condo, not renting it out. They also wanted a letter signed by me stating that I do not currently work, and do not intend to get a job "in the near future".

My stress level went through the roof when I read that email. I called the loan processor immediately, and asked what was up with RD's new requirements. We were never intending to sell our condo, since it is a horrible time to try to sell right now. We have made it clear from the beginning, that it is our intention to keep it and rent it out. Today was the first time we heard anything about being required to sell it as a condition to get this loan.

Long story short, RD has strict income requirements; the more money we make, the less likely we are to obtain the loan. The loan officer called me back and explained to me that while RD created more hoops to jump through and many more headaches to deal with, we should still be able to qualify for the loan and keep our condo. We make just under the maximum gross allowed by RD.

Even though RD originally told the loan officer and loan processor that the turn around time (once they received our loan packet) would be only 24 hours, they have had our packet for about a week. They probably won't be finished with it for another 4 days (at least), according to the loan officer. Then it will take the Bank another 2 days to finish drafting the closing documents. Needless to say, we won't be closing on the 15th. The loan officer told me we could close by next week, but he didn't even sound like he believed it would happen that soon. It is still a wait and see game. I'm tired of playing this particular game.

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