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Realistic USDA approval time??

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New Contributor

Realistic USDA approval time??

Hi,

 

Our loan is in underwriting for 2nd time.  Once it clears that how long should usda take? We are supposed to be closing the 15th of this month and I feel like Ive read usda may take longer.  Underwriting for first time took about 4 days and they said 2nd time is faster. 

 

Thanks

 

 

Message 1 of 9
8 REPLIES 8
Established Contributor

Re: Realistic USDA approval time??

24-48 hours. Just doing a final review of the documents before issuing a clear to close

Licensed in IL
Message 2 of 9
Established Member

Re: Realistic USDA approval time??

I think he's saying his lenders approval 2nd underwrite, then ETA to USDA time frame. AKA USDAs first review.

Message 3 of 9
Established Contributor

Re: Realistic USDA approval time??

Usda takes 24-48 hours to review guaranteed loans BUT there are places you can find the published turnaround time for your state. USDA expects the lender to do the majority of the footwork.

If it is a direct loan, that could be different.
Message 4 of 9
Established Contributor

Re: Realistic USDA approval time??

Also when we applied for our loan they said to ask for 45 days for closing and ours took 60 but we had some hiccups along the way.

Message 5 of 9
Established Contributor

Re: Realistic USDA approval time??


@kladd85 wrote:

I think he's saying his lenders approval 2nd underwrite, then ETA to USDA time frame. AKA USDAs first review.


Depending on the lender. It would be a waste of time for the lender to not submit to GUS (USDA's automated system) for the initial underwrite because GUS will have conditions of its own. Those turn aorund times are usually 24 hours once the underwriter has seen the file and 48-72 hours for GUS and USDA to process everything for the initial underwrite. If the file gets submitted to underwriting in the morning time, underwriting will take a final look submit to GUS for the last time for USDA to give us the clear to close.

Licensed in IL
Message 6 of 9
Established Contributor

Re: Realistic USDA approval time??

Usda did not even see our loan until it was fully underwritten by our mortgage broker.
Message 7 of 9
New Contributor

Re: Realistic USDA approval time??

Thank you. Seems to be problem after another. They resubmitted Thursday night. Should know Monday

Message 8 of 9
Established Contributor

Re: Realistic USDA approval time??

The good news is that they are still working on it, so keep your chin up.
Message 9 of 9
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