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We are getting a USDA guarenteed loan in Lane County, OR. Our loan was sent to USDA on Nov 3rd. I called the state office and they told me "between 1 and 17 business days". I called the field office that our package was sent to to see if I could get something less vague and the woman who answered rudely told me that I wasn't supposed to be calling them that I should be calling my broker and that they would only talk to him. (which is fine but she could have been a little less condescending about it). So, my questions is: Can anyone give me a better idea as to when USDA is going to sign off on our loan? It's the last hurdle we have before scheduling our appointment with the escrow officer and has we have been in contract for 50 days now we are getting a little antsy. Thanks in advance for any help!
I don't know if my wait was typical, but I just closed this week on my home through a USDA loan. All the underwriting was done within office at my lender and when they sent the paperwork to USDA for final approval I had my answer in less than 48 hrs. That's what my lender had quoted me and they followed through. I was never told it could be 17 days but then again I could have just been lucky.
I just had one I sent through Suntrust come back yesterday clear to close and they only recieved it from Sun on Monday so that took less than a week with a day off in between.
Well I talked to the broker and he said there is really nothing he can do at this point and he is as ready to close as we are. Oregon only has 4 USDA field offices for the entire state BUT the majority of the state qualifies for USDA because UGB's here are relativly small.More and more people are moving out of the city because you can almost double the amount of house you get for the same money and only increase your commute by 10 minutes so the USDA here is just absolutely backlogged and there is nothing we can do to expedite the process, we just have to wait for our turn in line
I think it's a regional issue. Not all states are 100% eligible and they have smaller USDA offices handling very large loads. In October, we (Virginia) were at a 3 week wait for underwriting.
marshallcc, we just submitted our loan to the USDA too (Linn county). Did your loan eventually come through? If so, how long did it take the USDA, and was there any reason it took as long as it did?
Our lender wants to close by the end of the month, and we're hoping for the same... Hopefully we can get everything through in a coupe weeks.
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