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Valued Member
lien0569
Posts: 37
Registered: ‎08-19-2009
0

USDA turn around time?

My USDA Guarantee loan was approved in UW and overnighted to the USDA, who received it yesterday.  USDA in NJ say they have a 3 day turn around right now and my closing date is this Friday so it should be no problem.  But after reading all the horror stories about 2-3 weeks at USDA, I'm a little skeptical this will get done in 3 days.  Anybody ever hear of USDA taking only 3 days to process the loan?
Regular Contributor
hawkeye33
Posts: 248
Registered: ‎09-04-2008
0

Re: USDA turn around time?

Mine worked pretty much the opposite. My LO told me USDA (in Iowa) was about 2 weeks, and mine came back in 3 days. I'm assuming you've already gotten the appraisal back on the home? I got title opinion back from attorney a few days after my commitment letter, so I'm not sure what the timeframe might be for you on that. However, to answer your basic question, yes, in my case 3 days at USDA itself was feasible.
Valued Member
lien0569
Posts: 37
Registered: ‎08-19-2009
0

Re: USDA turn around time?

Yup home is appraised, everything is done . . . just need USDA to sign off on it.  I haven't been this stressed out about something in a long time, I cannot wait for this to be over.
New Member
MortgageBanker007
Posts: 9
Registered: ‎11-17-2009
0

Re: USDA turn around time?

USDA should only be about 3 days. As long as your lender has already approved the file you should be okay. Once the underwriter sends it to USDA its quick provided they (the underwriter) didn't miss anything
New Member
shiversandspice
Posts: 4
Registered: ‎11-15-2009
0

Re: USDA turn around time?

USDA actually turned my file around next day - I was set to close over a week before my closing date!
Frequent Contributor
MrsQ
Posts: 404
Registered: ‎04-15-2009
0

Re: USDA turn around time?

My closing is set for 11/23 and as of today, my LO has not told me he got word back from USDA.  He keeps telling me not to worry/stress, that they have been in contact with USDA and are expecting word any day now.

 

 

*Sigh, I am trying not to let it get me down, but I am excited/anxious.


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Valued Member
lostinlala2
Posts: 45
Registered: ‎02-24-2009
0

Re: USDA turn around time?

We lost our contract because USDA took so long. Our local office staff (H-burg VA) has been cut in half but volume tripled. They won't even give an estimated time. Best we could get out of them was 10-30 days. Our mortgage broker left the loan running through USDA after the seller backed out just to see how long it would take and keep the option open for us if we want to go back and try to renegotiate.

 

Loan went to USDA 10/26 and still no sign of completion. They aren't asking for info either, so it's not like it's because they need more stuff.

 

On our next contract we will ask for  60 days from ratification for closing.

 

Hope your field office has more staff! Good luck.

Valued Member
lien0569
Posts: 37
Registered: ‎08-19-2009
0

Re: USDA turn around time?

Apparently there is a USDA requirement that any home over 50 years old has to be confirmed that it is a not a historic landmark.  My house (hopefully) is 109 years old but is not registered as a historic place.  This information is easily available online with any state's Dept. of Environmental Protection as it lists all the homes that are registered historic places but apparently this is not good enough for the USDA and they need it confirmed formerly with the DEP.  I seriously think my attorney is ready to back out if he has to go back to the seller's attorney and tell him the closing has been delayed AGAIN.

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