04-22-2010 09:42 AM
I've been under contract since February 12th. Prior to being sent to USDA it had been signed off by the UW. File came back approved from USDA yesterday. How much longer should I anticipate before getting a close date? I feel a bit defeated when I see folks on here in the same place that I am with my file and already are closing before the weekend. When I asked my LO, who is a broker, he said he needed to check with the corporate folks to see where they are in the process. It seems like every step I take forward is two steps back as the corporate office seems to be sitting on my file. They held it up for a week hoping to escrow when I told them they couldn't and now they won't give me a straight answer as to close date. I was hoping like the rest of the folks here to close by the weekend, doesn't look like that is going to happen. Just want this process to be over with already!
04-22-2010 01:42 PM
Congratulations on the final approval!
I received my USDA approval and was told by my mortgage broker that they needed about 2 days to finalize all the paperwork and have the funds transfered. I bought my home last month through Fannie Mae, so we had to wait on them. I would guess it totally depends on how fast your bank/mortgage broker takes so it is hard to give an exact timeframe. Each one is different. Theoretically, once USDA signs off on it, you could close that day, but there are some things that still need to be done and that can take a few days (transferring funds, setting a time when everyone is available, etc.). In my case, once USDA signed off on it, the closing paperwork was ordered and I was told two days. I received approval from USDA on 3/4 and signed all the paperwork on 3/10. However, we had to wait for Fannie Mae to sign the paperwork and send it to the title company before they could submit it to recording. That happened on 3/15.
So, they should be telling you soon and setting a date fairly quickly. Like I said above, when my broker called me to tell me USDA approved the file, she also gave me a closing date. (The Fannie Mae signatures were out of our control.) From what I have learned, it just depends on the company you are working with and how quickly they work.
(First-time homebuyer here, so this was just based on my experience.)
04-22-2010 03:20 PM
So when they say the file is back in underwriting and is set for review in the next two days is this what they mean? I thought the file had been through final UW, we were waiting on USDA approval, which was given. Now I'm being told the file is back in UW and should get a closing date set as soon as they review it.
04-23-2010 10:32 AM
That does seem odd. When I closed on USDA loan, it took a while in lenders UW getting conditions satisfied for paperwork they knew would be asked for by USDA. Then, it went to USDA, and after their approval, it was all good. Is it possible that the USDA approval had some sort of conditions on it, which caused it to go back to the lender's UW for review? The only way you'll know for certain is to contact your LO and explicitly ask them why it is back in UW review. Ask them if the USDA approval had conditions or if it was, in fact, an approval from USDA or if USDA had completed their review and sent it back because something was missing or they saw something they didn't like.
Unfortunately, I would prepare yourself for the possibility that UW will ask for something additional, and then it will have to go back to USDA. I'm not saying this will happen for sure, but based on my understanding, if there's something that needs to be satisfied still by UW, then USDA will need to review the final again after it clears UW. Good luck.