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01-04-2010, 03:19 PM
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5 posts, read 30,381 times
Reputation: 16
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I am in the nail biting stage now......pre-approved in mid November, found a house, offer was accepted and the appraisal is done. Now USDA is pushing closing out until mid-March. They have had me sign the request for tax transcripts twice (did they lose the first one?) and supposedly the appraisal is going to the underwriters today. What could possibly take so long? I don't have anything to worry about with the underwriting do I as long as everything was accurate that I sent in for pre-approval? My seller is not so happy with this and I can hardly blame the guy. Is anybody else having delayed closing with the gov.?
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01-04-2010, 03:44 PM
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185 posts, read 808,987 times
Reputation: 86
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I closed on a USDA loan in early Nov. and did not experience any delays with them. Quite the opposite actually, my lender did my underwriting and got final approval from USDA within 48 hrs. Waiting on the appraisal was my longest part. Again, this was early Nov. and I think it depends on where you're located (I'm in NC) so maybe your region or whatever is backed up. I wouldn't think you would run into any problems with the underwriting but I can understand your frustration at it taking so long.
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01-22-2010, 07:39 AM
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4 posts, read 31,471 times
Reputation: 14
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My experience was the complete opposite also. My offer was accepted December 9. It took less than 1 week to go through underwriting and I'll be closing next Friday on my new house. I have had no issues what so ever with the USDA loan process and it's seemed much easier than I expected. I chose to close next week, my loan officer let me know I could have closed 2 weeks ago if I really wanted to.
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01-22-2010, 11:46 AM
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Location: Salt Lake City UT
61 posts, read 295,774 times
Reputation: 26
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Sounds like the difference between going directly to USDA and going through a broker/bank that is able to do USDA loans
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01-22-2010, 01:15 PM
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11,149 posts, read 14,677,959 times
Reputation: 18820
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My USDA loan was approved in approximately 2.5 weeks, but that was in late October, so they were somewhat overwhelmed by all the applicants trying to meet the 11/30/09 FTHB credit deadline. My loan officer told me it was usually much faster (48-72 hours).
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01-22-2010, 08:55 PM
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Location: Houston
642 posts, read 576,808 times
Reputation: 832
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My offer was accepted on December 17th. Go the appraisal and Inspection done and every thing was sent to USDA 1/15/2010. Everything has been approved and I closed on 1/27/2010. My process went kind of fast. By the way, I'm in Louisiana.
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01-25-2010, 06:36 PM
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Location: Houston
642 posts, read 576,808 times
Reputation: 832
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Well, just got word that I won't be closing this Wed. but it's at no fault of USDA. The bank that's selling me the foreclosed house doesn't have all the original documents. For the bank to be trying to get rid of this property off their books, they sure don't seem to be in a hurry. Now, they won't give me an exact date but they said not this week. So hopefully, next week.
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03-25-2010, 07:39 PM
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2 posts, read 31,336 times
Reputation: 12
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We have been dealing with USDA/Chase and the process has been excruciating... we were trying for a closing this past week but the underwriter for Chase was out all the week before. Our LO was not wanting to send packet to another underwriter as we had already received a commitment letter based on this particular underwriter. Now we are in "preclosing" but must sign 3 more docs... our P&S is dated for 3/31 and our attorney working w/ LO and Chase says that date should be fine.. possibly Monday or Tues instead... UGH it is frustrating...
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04-15-2010, 09:08 PM
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1 posts, read 15,602 times
Reputation: 11
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we are in the process of getting a USDA loan. We have submitted all paperwork,and hope to get an answer soon. We are hoping that they do not run out of money like everyone is saying. Has anyone heard anything lately about that status? Our broker seems confident we will get approved, have great credit scores, and ratios all work. We hope to close on the property we found at end of May, lets hope they still have money then! is it correct in assuming that once you get a commitment letter, its guarnateed to get the loan?
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04-20-2010, 06:45 AM
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2 posts, read 31,336 times
Reputation: 12
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We finally closed a week ago. It really took a long time. USDA final approval was actually pretty quick in our area... the USDA local office got our file on a Friday and sent back final approval Monday... but then it was 3 more days for Chase to finalize conditions. I hope, for your sake, they have enough $. My loan officer said they were not issuing any more commitment letters right now... until funds were replenished. fortunately we started this process in january/ Feb and got our commitment letter within a week.. it was the stuff after that that took so long! Good Luck
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