Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 8
Registered: ‎05-13-2008
0

How long is a loan in USDA underwriting?

My daughter is in the process of purchasing her first home. 

 

Her lender finally cleared her loan package through their underwriting and sent it to USDA underwriting on 5/13/11.   Does anyone know how long the USDA process should take?  Will USDA notify her of their approval...or will they notify her lender?  Is there anyway to "track" the loan application while USDA has it...or is it a wait and see type of deal?

 

Thanks for any help.

Super Contributor
Posts: 8,388
Registered: ‎09-28-2007
0

Re: How long is a loan in USDA underwriting?

The USDA office will notify the lender, however your daughter can call the USDA office or even the loan officer themselves.  There is no system to track it.  Typically just takes 2-3 days though.

New Member
Posts: 8
Registered: ‎05-13-2008
0

Re: How long is a loan in USDA underwriting?

Thanks for your reply, Shane. 

 

My daughter didn't want to step on anyone's toes or pester anyone.  If she hadn't had such difficulties with the local bank (assigning the loan package to someone who was out on sick leave...and letting it sit on an all-but-unoccupied desk for 3 weeks) she wouldn't be so concerned.  Basically, she just wanted to confirm that the bank actually sent it to USDA...or if something was wrong at USDA, she could be on top of it and make any necessary corrections.

 

Thanks, I'll let her know she can call USDA herself.

New Member
Posts: 8
Registered: ‎05-13-2008
0

Re: How long is a loan in USDA underwriting?

I just spoke with our local USDA office (approx 50 miles from our town) and they said they couldn't offer any information whatsoever.  She directed me to the bank's underwriting department.  Unfortunately, she couldn't even confirm the loan was in the USDA system.  Ah, well........it was worth a shot.

Super Contributor
Posts: 8,388
Registered: ‎09-28-2007
0

Re: How long is a loan in USDA underwriting?

New Member
Posts: 8
Registered: ‎05-13-2008
0

Re: How long is a loan in USDA underwriting?

Actually, I searched the USDA Web site...for my state (FL)...and found there were two offices in the state...one in Ocala and one in Gainesville.  The Gainesville number is on the list you provided.  Good to know I called the right number.  Smiley Happy 

 

I called both of them...they each stated I would have to go thru the loan officer and/or underwriting at the bank to check USDA's status.  They seemed confident they couldn't tell me if the loan had been received or its current status.  I don't want to bother anyone, or hold up the USDA process...I just want some sort of confirmation that it has been received by USDA.  If the loan officer had more knowledge of the USDA process (uh, she didn't even know it had to leave her office and go to USDA underwriting until my real estate agent contacted her...grrrr), I wouldn't even consider contacting USDA. 

 

The gentleman at the Gainesville office was very friendly.  He said the turn around is normally 2-3 business days for their underwriting (it's been 6).......and he suggested I ask the loan officer to contact the USDA office to inquire about the status.  When the loan officer was emailed this morning to check on the status......her comment was, "I haven't heard anything."  That's it.  Period.  No offer of help.  Nothing. 

 

I'm not worried specifically about the length of time at USDA, I just want to know if it arrived. 

 

 

 

Super Contributor
Posts: 8,388
Registered: ‎09-28-2007
0

Re: How long is a loan in USDA underwriting?

If the bank said they sent it off then I'm sure they most likely did - it can be emailed into USDA so it's pretty easy.  I'd get the email address for the person you spoke to in Gainesville, give it to your LO, and ask to please email him for status/confirmation the file has been rec'd.

New Member
Posts: 8
Registered: ‎05-13-2008
0

Re: How long is a loan in USDA underwriting?

That sounds like a good idea...I'll do that first thing Monday morning.

 

Thanks for your help...............T

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.