#112 Monday Morning Mortgage Tip: Emmy Lebert with Dakotaland FCU

Posted by Shane Andersen on Tuesday, January 14th, 2020 at 8:00am.

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Emmy Lebert from Dakotaland FCU. Today, we talked about timeline changes in Rural Development Loans.  You can reach Emmy at 605.697.5922 or emmyl@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com

 

Changes in Rural Development Loan Timeline

 

- Good morning, everybody. Shane here from the Brookings Home Team powered by Century 21. Happy New Year! It's been a while. It's been a few weeks, actually. Actually, I think our last one that we did was right here at Dakotaland, so we're gonna start the New Year here at Dakotaland with Emmy. As you guys jump on here, remember, just let us know. Give us a heart. Give us a thumbs up. If you have any questions during this time or down the road here, be sure to reach out to us, and we'd be happy to answer those questions on our next episode. If you do hear a little humming noise in the background, it's my phone stand here, so I'm not quite sure why it's doing that. So hopefully, you don't here it. As normal, I'll have all of Emmy's information on the top, on the bottom, on the sides, wherever your device allows you to see that. So, feel free to reach out to her if you have questions after that. So, new year... new tips maybe? You've got some information to give us today. What do you got for us today?

- So, Rural Development loans. If you do a 0% down loan through Rural Development, just know they are two weeks out for a conditional commitment. So what that means is we have to send in all your information to Rural Development, they give us the final okay to close the loan, and then you're allowed to close at the title company. However, we cannot close without that conditional commitment. So, because they are two weeks out, it's very important to get your information to your lender, whatever they request right away, so then you can keep that closing date. Otherwise, you will have to do an addendum and push that closing date out. So, very important, always get your lender what you need right away, and then you can keep your closing date and move forward with purchasing your home.

- And so that's strictly with just Rural Development?

- Strictly just--

- program.

- with Rural Development.

- Yep.

- Okay.

- Yep.

- And this part of it is the approval piece?

- Yes, yep so you get your preapproval with us, and then, basically, we send all your information to get final approval from Rural Development. And then, they're the ones that basically send us a certificate saying, "Yep, you're good to go." You can close, but you cannot close without that conditional commitment. It's not, not possible.

- Not possible and you can't start that process until we get past the appraisal process, right?

- Correct.

- Yeah, so.

- And appraisals are what? About two to three weeks out yet? Somewhere in that range?

- Usually about two right now, yep.

- Okay, so with just the appraisal process and the Rural Development acceptance process there, you're potentially four weeks out, that's a month.

- Mhmm.

- And that's a little bit longer than what we're used to right now. So good, good information. Are you currently working on some Rural Development?

- Yes.

- Loans here--

- Yep.

- that you're running with that, okay alright. So sounds good well that is a quick and dirty Monday morning tip to start us off here with 2020. Thanks for starting us off here this year,

- Yeah.

- And we appreciate it, and like I said, if you have any questions for Emmy let her know, just reach out to her again. All of her information on the top and the bottom, where ever your device allows you to see that. If you have questions for us going into 2020, any tips that you'd like to know about, or any mortgage questions that you have, feel free to reach out to myself or for any of our lender friends, and we'd be happy to talk about those on our next episode. So, thanks for watching. Be sure to share and tag anybody else you think would benefit in this video. Have a great rest of the week. We'll be back next Monday, barring weather this time of year. Thanks for watching, guys. We'll see you later.

- Happy Monday!

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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