Financing in Dallas>Question Details

Erica Texada…, Real Estate Pro in 76065

Has anyone worked a USDA loan in the last 5 months? If so, about how long did it take to close?

Asked by Erica Texada 214.680.4566, 76065 Thu Aug 15, 2013

0 votes Share Flag Financing in Dallas

Help the community by answering this question:

Answers

8
I had one closed in 40 days but it was over 5 months ago. Great program though and available for areas you wouldn't think. Check it out!
0 votes Thank Flag Link Thu Oct 17, 2013
Working on one now and it is taking forever. I would recommend going SBA if owner occupied or finding a different source if at all possible. We work with over 50 lenders so would be happy to see if we have an alternative. Regards, Andrew Baker/Commercial Funding Group/Houston, TX. 713-208-0766.
0 votes Thank Flag Link Thu Oct 17, 2013
So far mine has been between 30 - 45 days but it's been more than 5 months since I worked with them.

Good luck!
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Wed Aug 21, 2013
It all depends. The best person to ask is the lender as they should know how long they are taking. I have had good luck with USDA - did one in 30 days and another in 45 days. What you really need is a great lender who knows what they are doing, that is the true key.
0 votes Thank Flag Link Tue Aug 20, 2013
As you may know, every state USDA office has different processing times for issuing Loan Guarantees. For example my CA USDA loans are taking 7 days to get the Commitment, while FL is taking a full 30 days. My Texas loans are taking 15 days or so, but you can contact the Texas USDA's hotline at (254) 742-9781 for a up to the minute turn time estimate. That's why it's crucial that you work with an experienced Loan Officer so the process is not delayed. The loan approval process through the lender should only take 10-15 days, leaving adequate time for the USDA to do their thing. Let me know if you have any further questions by clicking on my profile.

Best of Luck!
0 votes Thank Flag Link Tue Aug 20, 2013
My last USDA loan closed in 30 days in July. Normal processing of the loan takes place, and then the USDA officer issues a commitment. The backlog wasn't as long that month. That can take another 1-3 weeks, depending on their schedule. The USDA Texas team is clearing requests received in August 1. That is a little more than 2 weeks, but summer is the busy season in our industry.

Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes Thank Flag Link Mon Aug 19, 2013
Hi Erica, I am a mortgage banker and offer USDA loans. If the client meets the minimum credit requirements, the process goes from 30 to 45 days depending on USDA turn-times at the time the loan is submitted to obtain your USDA certificate. Once the loan is approved by the underwriter, USDA takes two to three weeks to issue the certificate so that we can close and fund the loan. Please call me or email me to review your scenario in detail. My email is cvalenzuela@themortgageabiliy.com. You can also visit my website to learn more about us at http://www.themortgageability.com

Thank you,
Cesar
0 votes Thank Flag Link Sat Aug 17, 2013
What is the minimum credit requirement?
Flag Sat Aug 17, 2013
Hi Erica, I did one about 8 months ago, it took almost 80 days to get done. It was horrible. Good luck.
0 votes Thank Flag Link Fri Aug 16, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Texas > Dallas County > Dallas > Financing in Dallas > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer