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After a pre approval, what can cause a usda rural developement loan to fall through?

by henrytheroofer487 from Bargersville, Indiana. Mar 10th 2014 Reply


Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

There are many things that can happen it really depends on if you gave all your income and asset documents in to get your pre approval. If you did and your file was run through an aus system then it can reduce and issues greatly. There are just to many things going on with a purchase to pin point one or two things.

Mar 10th 2014
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

When it comes to a USDA Rural Home Loan, underwriting is done through an automated system referred to as GUS. Unfortunately, the vast majority of MLO's do not have access to this system. They will however run it through Desktop Underwriter and possibly receive an Approve/Eligible recommendation. The income guidelines vary between the two programs. This is one step of the process that could result in an inaccurate prequalification. Good luck.

Mar 10th 2014
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

May things, such as title issues, death of seller, loss of your income.

Mar 10th 2014
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

besides all the items that could cause any loan to fall through it could be items such as your household income being calculated by an underwriter as over the limit, or other miscalculations or mistakes by a loan officer. Make sure you deal with an experienced lender to minimize the chances of any issues. I happen to have a loan officer that works for me in Indiana who is VERY experienced in USDA. I would be happy to put you in touch with him if you are interested. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Mar 11th 2014
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