Posts
USDA Loans Taking Longer – Review Process
November 17th, 2009 | 
Author: Our USDA Guaranteed Home Loans are underwritten by our in-house underwriting staff, but after it is approved through our staff underwriters, the loan then must be forwarded to USDA for their approval of the loan, since they are the ones guaranteeing the loan. This is similar to what happens when a mortgage insurance company requires loans to be submitted to and approved by them prior to insuring the loan.
Because this is an extra step in the process and USDA is currently reporting they are 20 business days out in reviewing the loans, they are not closing on original schedules. 20 business days is what is in a normal month, so it may take up to two months to close a USDA loan, since normal processing time on a loan is about 30 days.
This just means that buyers, sellers and the Realtors involved in a USDA transaction should be prepared for the additional time in process. If you have questions about USDA Guaranteed Loans, or any other loan product for Oregon, Washington or California, give me a call at 541-342-7576/541-221-3455 cell and let’s discuss your process. It is worth waiting a bit longer for one of the only 100 per cent loan to value loans available in today’s market. Processing time in Washington is currently longer than Oregon.
Posted in 
Tags: 
Can it be done in less than 20 business days for USDA approval or is that pretty standard?
laane penge´s last [type] ..Lån penge online uden besvær og spørgsmål
This is true that USDA loans take a longer time to get approval for unlike the quicker FHA loans, many people might find that this extra time needed can end up saving them a lot more money in the long run.
Depends on what you are referring to laane. The approval from USDA is in addition to the normal underwriting time and depending on their workload, we have seen this part of the approval process taking over 30 days or as few as 3.
The USDA loan will almost always save someone money over the FHA loan. However, the difficulty with USDA loans in comparison to FHA has to do with property location. Also, FHA has the 203k available for those properties that need repairs.
I am about to have an Loan for a home submitted for a home in Washington should be in the next couple of day. Do you think the USDA will provcess it by thr 6/25 closing date?
Quick answer is probably not. Right now, according to my information, USDA is taking about 30 days to review the file after it is approved by the lender. Unless you are in process and have the lender approval or near to it, I doubt you will get that timeframe met. Good luck and if you need any help, give me a call.