USDA FHA loan question

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I would like to get an answer to the following question. We had submitted an application for a USDA loan Septemeber 25th for a property that effective October 1st was no longer going to be eligible due to the lines being redrawn.(Which has now been exteneded till jan 15) Our lender had double processed our loan under FHA and USDA in the event that USDA would not approve as we had a contract to close by October 11th. Due to the gov. shutdown we were not able to obtain a commitment letter on time and were forced to close under FHA which will cost us about 380 more per month. 126k over the life of the loan. Is there anything that we can do to still be able to have a USDA loan on this property? if so, how do we even go about it and is it worth it at this point? Please help


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It’s our understanding that once you’ve closed on your FHA loan – even if it qualifies for USDA, you can not then refinance into a USDA loan. This is the information available from the USDA Home Loan Website regarding this.

Answered 9 months ago

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Most loans have a seasoning policy. This means that once you get a mortgage, you must wait a period of time before paying off the loan. Other loans allow an immediate payoff but can charge a penalty fee. Check for the verbiage in your FHA loan documents to see.

Before rushing to refinance, however, make sure that you count the costs. You will have additional closing costs on the new loan to factor in as well as any interest rate write-offs. But considering that it could save you $380 a month – I bet you really do not care. Good luck!

Answered 9 months ago

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It’s something a very terrible situation, but don’t feel that it’s going to be a good idea as it would be more problematic for any further refinancing. Well what exactly I feel in such type of condition that either one should not get entitle for such kind of loans and further should acquire thorough knowledge about it. Getting rid from such situation would be holding hands of some private company as unclebuck, kwik cash for being legit and transparent. It’s all what I have done if been gone through such problem, else there might be more options regarding to this.

Answered 8 months ago

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