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Old 06-22-2009, 12:19 PM
 
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1. Not by any means.
2. With a USDA loan, it could be a month before you ahve an underwriting decision, and another month before you close.
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Old 06-23-2009, 07:37 AM
 
Location: Raleigh, NC
467 posts, read 1,551,960 times
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I'm not sure if the process has slowed any in the last year, but I was under contract on my home as of 6/16/08, and closed (with a USDA loan) on 7/31/08. In hindsight, it was a relatively expedient, painless process, though I certainly jumped through hoop (like w/ any home financing).
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Old 07-14-2009, 08:28 AM
 
1 posts, read 28,780 times
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Default USDA Loans

Quote:
Originally Posted by Lisalrenee View Post
I'm not sure if the process has slowed any in the last year, but I was under contract on my home as of 6/16/08, and closed (with a USDA loan) on 7/31/08. In hindsight, it was a relatively expedient, painless process, though I certainly jumped through hoop (like w/ any home financing).
I was just told that I have to be employed in the county that I wish to obtain the loan from. I want to move to Smith County from out of state...I am employed now...but eventually will find a job where I want to live....does this mean I have to save up money to stay in a hotel until I find the job ? This does not sound right to me.
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Old 08-17-2009, 05:21 PM
 
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I am trying to get a usda guaranteed loan and have been approved at my bank. The loan officer sent it off to usda about a week later after it went through underwriting at the bank. A usda inspector went to the house and gave me a list of things that needed to be done before closing. I did most of the things on the list that werent much money or free to fix but am hesitant to put anymore money into the house without knowing for sure if usda will approve the loan, yet it all has to be done before closing. Do they send something to my bank such as a commitment to guarantee the loan or what? When will it be a sure deal so that I can put hvac ($5000) into the house to satisfy usda?
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Old 08-18-2009, 06:41 PM
 
Location: Myrtle Beach, SC
539 posts, read 1,466,808 times
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Quote:
Originally Posted by mrmorlas View Post
I am trying to get a usda guaranteed loan and have been approved at my bank. The loan officer sent it off to usda about a week later after it went through underwriting at the bank. A usda inspector went to the house and gave me a list of things that needed to be done before closing. I did most of the things on the list that werent much money or free to fix but am hesitant to put anymore money into the house without knowing for sure if usda will approve the loan, yet it all has to be done before closing. Do they send something to my bank such as a commitment to guarantee the loan or what? When will it be a sure deal so that I can put hvac ($5000) into the house to satisfy usda?
Why are you fixing the stuff instead of the seller? I would put that into my contract with them. We are currently purchasing a home via USDA as well, and we're in underwriting right now. Everything that needed to be fixed was in our contract with the seller and he agreed to do it all. If they don't do it, you're free to walk away from the home without losing anything other than cash you've layed out (like the inspector you hired, etc).
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Old 09-24-2009, 03:50 PM
 
179 posts, read 766,983 times
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Anyone familiar with closing a land/home package deal using USDA? I have gotten final approval from the USDA and Clayton Homes (the manufacturer) has purchased the land and ordered my home. They expect it to be here in 2-3 weeks and in the meantime we are beginning on the land improvements. Once the home is complete though I will need to close with my lender. Any idea how long this generally takes and what exactly is involved? I am just trying to be sure I have enough time to get this thing in before the Nov. 30th deadline for the tax credit.
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Old 11-01-2009, 05:31 AM
 
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I have found my house I wish to purchase, put in a contract, been approved by my lender and submitted a package to USDA for approval. That was 2 weeks ago. How long does it take for USDA to make a decision on the approval? I was told by my lender 2 days, then 5, then 10 so I am unclear as to how long this actually takes. I was given the number to USDA, called to check application status and someone called me back who was very angry I had called and absolutely told me that he would delay my application simply because I called to check the status....why is this?
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Old 11-02-2009, 02:15 PM
 
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It took us a month to hear a forsure threw the USDA loan its took about a month and a half for the whole process.Now I am setting in this beautiful home and am wondering why I stressed so much on all of it.
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Old 11-02-2009, 02:49 PM
 
11,151 posts, read 13,791,023 times
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Quote:
Originally Posted by homebuyer1 View Post
I have found my house I wish to purchase, put in a contract, been approved by my lender and submitted a package to USDA for approval. That was 2 weeks ago. How long does it take for USDA to make a decision on the approval? I was told by my lender 2 days, then 5, then 10 so I am unclear as to how long this actually takes. I was given the number to USDA, called to check application status and someone called me back who was very angry I had called and absolutely told me that he would delay my application simply because I called to check the status....why is this?
In my area, USDA currently takes 7-10 business days to approve a loan. Normally it's more like 2-3 business days, but the pending deadline for the 1st time home buyer's credit has caused applications to pour in.

And, yeah, the underwriters really don't have time to be answering calls about the status of loans. I don't think, however, that the person would move your application to the bottom of the pile just because you called. (I hope .....)
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Old 11-02-2009, 05:10 PM
 
Location: Sacramento, CA
32 posts, read 162,065 times
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Here is a link for USDA Underwritign Guidelines. Now it will just depend on the lender/Bank on what their turn times are.
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