Buying A Home
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USDA Audit

Hi folks,

We are finally almost done with our USDA home loan process! It has been a crazy trip. First my SO's credit score was one point away from being 'in the clear' with the bank and we kept paying down his bills and moving money around and rechecking the credit score with the close guidance of our loan officer until it rose. Then the house we were living in was sold and we had to move out. Luckily the seller of the home we're buying agreed to let us move in and rent until we close with the contingency that if we don't close by November 30 we will lose the house. Now the USDA is finally looking at our application (They are extremely backed up in our state and it took a very long time to get to this point in the process!) and we got randomly selected for our file to be audited :(

Does anyone have any experience with their loan package being audited? Did you hit any roadblocks? How long did it take to move forward? 

Re: USDA Audit

  • I'm in the process of buying a home on a USDA loan, but have not received any issue like an audit. It was sent by our bank to the USDA and we were told it would only take about a week or so for them to actually file it. I would hope your agent or someone could provide the seller with a letter asking for more time due to this.
  • Luckily for us the audit only took an extra 3 days- they said our file was squeaky clean :) Our state's USDA office is very backed up; it took them a little over a month to even look at our file after it was submitted so we were pretty worried about how long the audit would take. We closed on the 19th though with no additional problems but it was definitely down to the wire.
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