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How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

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Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

That's great! Glad to hear it!!!

 

I still have not closed yet. But! I did get a clear to close yesterday. I was told it would be Friday Sept. 4 when we would close...My LO told me that the closing department "should" get the package out no later than today. With the way my luck's been running, they won't get the package out until next Monday. We shall see....I'm still not getting my hopes up about Friday. They've promised me too many dates and times and it has been way past whatever they've told me. I will update you when I get a date/time this time, because it's with the title company, not the bank.

Message 31 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

You guys aren't even going to believe what's happened. After getting the clear to close, the title company, Watson Title Insurance, Inc decided that we could close on Friday...BUT!!!!!!!! They won't give me the keys until all funds have cleared. My LO said that's crap because the "certified" funds will be wired to them the same day of closing. I'm doing the closing locally. My realtor and a friend of mine who is also a realtor said that they'd never heard of anything like this. The house I'm buying is a foreclosure...it went all the way to closing with another party before I got my hand at it. I was told this when I made an offer on the place when it came back on the market. The LO told me that the deal fell apart at the closing table because of something to do with the wire transfer. I think I'm starting to understand why they can't sell this house now. I've done a lot of research on Watson Title Insurance, Inc. It appears a LOT of people have had the same experience with this company. Some not getting the keys until up to 90 days later after closing because they won't accept a wire transfer unless it meets several conditions. I don't know how true this is. But, leave it to me to get involved in something that's almost impossible to complete. I really hope they don't screw me on this. I told my LO and my realtor that I WILL NOT CLOSE WITHOUT KEYS...PERIOD! My attorney says he will take them to court if they screw me around. I hope it doesn't come to that.
Message 32 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

Well...we closed on Friday...the title company (Watson) told us we couldn't have our keys!!!!! It's Wednesday...6 days later and we still don't have our keys...We are paying for a house we can't even get in to. Each day that goes by is money lost and time that we can't move in to our new home. I'm so upset, frustrated, angry!!!! I don't know what to do. The title company says they will not release the keys until they get a copy of the signed HUD which was fedexed to them last week. The loan has already been funded. Everything has been done. I didn't sign anything that says I can't get in to my house. But, they verbally said we couldn't have the keys until they clear us. I don't know what to do...should I call the title company???? Will someone please give me some advice??? Thanks!
Message 33 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

Well, after 7 days we finally got the clear to get our keys. I'm so happy now. This was probably one of the single worst experiences I've ever had. It wouldn't have been so bad had the title company not refused to give me the keys. But, now the house is mine! If any of you ever have to deal with Watson Title Insurance, Inc (marshall-watson)...please be aware that they will not release the keys to you on closing day. Apparently this is a policy they have according to my realtor.

 

Anyway, all is done and over. Now time to get situated in our new home!!! 

Message 34 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

I'm glad that you finally got the keys. I hope you are ready for the moving. We have spent the last few days with packing and unpacking and moving stuff around... this is the fist time I have a chance to sit down and watch some football.

 

Laz

Message 35 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

Just curious...have you closed yet?  Our paperwork was sent to USDA the week of July 17th.  Still no word.  We are in Washington, too.  
Message 36 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

Yep, closed on Sep 4th. I'm surprised you haven't heard anything back. USDA direct or Guaranteed?
Message 37 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

The different offices must have hugely different wait times. My UW sent my package to USDA twice, and it was a one-two day turn around  each time. I was actually cleared to close around 10 days ago, but the sellers wouldn't budge early, so I'm closing tomorrow.   Smiley Very Happy
Message 38 of 39
Anonymous
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Re: How long (on average) has it been taking USDA to do the final approval on a loan? Anyone ??

Does anyone have any updates, My file went to USDA today. I live in GA (southeast)
Message 39 of 39
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