Reply
New Contributor
Hairy_Satchel
Posts: 52
Registered: ‎12-09-2008
0

How long should it take to get approval from USDA?

How long should it take for an approval from USDA after my mortgage broker submits everything? Can it be done in 3 weeks? I hope to close by the end of the month and it's the 11th now.  I'm in North Carolina and everybody around here is pushing USDA loans to first time buyers, and they are really busy.

 

5/09   TU 809 EQ 728 EX 800

4/09   TU 789 EQ 676 EX 696

2/09   TU 783 EQ 731 EX ???
2/09   TU 678 EQ 674 EX 676
12/08 TU 611 EQ 659 EX 620
2/07   TU 570 EQ 565 EX 550

 

I don't need more credit...I need more income.

New Contributor
djspeer
Posts: 74
Registered: ‎05-11-2009
0

Re: How long should it take to get approval from USDA?

I am using them as well and i was told they was backed up so it might take up to 8weeks but i live in FL. It might be different in your state not sure.

 

 

 

Mrs. Dee
Established Contributor
medicgrrl
Posts: 703
Registered: ‎03-23-2009
0

Re: How long should it take to get approval from USDA?

I am in NC also.  My broker told me today that it is taking a few weeks for USDA's side of it. 
Goal: 700 by end of January!!! 7/20/09 EQ 605
6/03/09 EQ 587
5/15/09 Ex 686 TU 653
5/11/09 EQ 628/ TU 639/ EX 656 (81% util.)
5/9/09 EQ 628/TU ?/ Exp ?
3/23/09 EQ 491/ TU 565/ Ex 627
Established Contributor
granny031350
Posts: 951
Registered: ‎12-04-2007
0

Re: How long should it take to get approval from USDA?

I just closed my USDA loan.  It took about 3 days for final approval.  My hold up was the underwriting at the bank.  I was in underwriting for 3 weeks there, then off to USDA and then back to bank underwriting before the clear to close was issued.  However USDA was 3 days tops
New Contributor
djspeer
Posts: 74
Registered: ‎05-11-2009
0

Re: How long should it take to get approval from USDA?

WOW Granny!! that was  fast!! i am getting a house built it's almost done. So i dont know if that plays a factor in my wait either. but i do have a closing date of june 30. long as everything go smoothly!!! i dont mind waiting a week past that lol

 

 

 

 

 

 

  Credit Score 660 and we Didnt have to pay off no BAD DEBT!!! and still got a house!!! GOD works 24 hrs a day!!! :smileyhappy:

Mrs. Dee
Frequent Contributor
deemac
Posts: 388
Registered: ‎09-09-2008
0

Re: How long should it take to get approval from USDA?

Our LO told us about 8 days for USDA processing after the underwriter approves the loan. We go to underwriting tomorrow with no idea how long it will take, except that "it's very complex" (a rehab mtg) so it won't be quick. I think I'm going to throw up.
Member
BruceBanner
Posts: 13
Registered: ‎10-09-2007
0

Re: How long should it take to get approval from USDA?

hey all, we are also waiting for usda approval. my LO said he submitted everything on 6/3 but got confirmation it was received by usda on 6/5, he said they are about 8 business days backed up right now. we were supposed to close on the 6/15...we filed for an extension til 6/22, the bitchy seller wants $40 a day until it closes, and if anything happens and it doesnt close wants to keep our earnest money. This has put us in a real tough spot, all though we may just have to pay the $40 a day because our interest rate is locked at 5% and my LO says that USDA loans are now at 6% so if we went shopping again that would be our rate. HURRY UP USDA!!!
Frequent Contributor
MrsQ
Posts: 404
Registered: ‎04-15-2009
0

Re: How long should it take to get approval from USDA?

I am in NC also, and my real estate broker told me today that I should apply with them as well, based on the area I would like to live.  I was reading some things online and read that they might run out of money and then you would be put on a waiting list?

 

 


Starting Score: 545
Current Score: 725
Goal Score: 750


Take the FICO Fitness Challenge
Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011
0

Re: How long should it take to get approval from USDA?

A family member of mine applied directly through the USDA (didn't go through a broker first) and she got her approval letter in 3 days and got her packet of forms to sign within 5.  

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
New Visitor
RADARB8
Posts: 1
Registered: ‎09-01-2011
0

Re: How long should it take to get approval from USDA?

I also applied directly with USDA  in Ohio after being told by lenders we wouldn't qualify (the lenders here are pushing FHA). They sent a mini application within a day or two and pre-qualified us then sent us a lengthier application. They are still in the process of verifying everything, but I think they are just waiting on my landlord's information since he was on vacation. So far, it's been a total of 3 weeks from the time I initiated the call.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}