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How long are USDA 100% financing loans taking to get to closing in your area?
I am a seller here in North Carolina.
My agent thought he was being on the safe side by putting a date 6 weeks out on our contract. We were due to close next week. The house has been under contract, and thus off the maket during this time.
Now being told by the lender that the Rural Development office in Raleigh is running about 4 weeks behind, so the closing may not happen for a few more weeks.
If I had know this, I may have put a "continue to show" clause in the contract, just for back-up. Has anyone else done this?
I'm bummed. I thought I had cut the grass for the last time last weekend!
With USDA it can be week to week info. A good lender can find out accurately at contract that loans are now closing that were placed, say, 7 weeks ago. Then in three weeks you may be told there were a lot of loans placed for whatever reason at a certain week so now they are closing loans placed 6 weeks ago. Then they can catch up. It can be frustrating.
Both agents should know this and should be in touch from contract with their best loan officer/mortgage officer/whatever in your area that brokers loans and can in turn get the latest word on USDA closings.
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