Financing in Garland>Question Details

123456, Home Buyer in Garland, TX

I'm interested in purchasing a home with the USDA loan how long does it take to close in the DFW area? Heard mixed results any do this

Asked by 123456, Garland, TX Sat Mar 31, 2012

recently????

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DO NOT USE THE USDA loan we have been trying since Jan 24th,2013 to close and now is it March 27th 2013 and they just keep moving our date. They do not get in any kind of hurry, they are the government so what do they care...They have totally burnt me and my husband and they have made it so that I NEVER want to buy a house again!!! THEY SUCK!!!

I would use any other loan besides this one, you do not want this headache...
0 votes Thank Flag Link Wed Mar 27, 2013
In Texas the USDA has consolidated all of their file review to just one office in Temple, TX. That of course has increased the turn times to get them out and issue a commitment but your loan officer should be able to call and find out.
0 votes Thank Flag Link Tue Apr 10, 2012
I am currently in the process of purchasing a home with a USDA loan. My closing date was set for 4/20, which was set a month out from execution. So far everything seems to be running smoothly and we should be able to close on time. My file has already been thru the lenders underwriting process, appraisal good, and was sent to the USDA office on friday 4/6. Lender received email on Monday 4/9 confirming they have the file and to allow up to 15 days for approval. Hope that helps! I will update after closing!
0 votes Thank Flag Link Tue Apr 10, 2012
With a USDA loan you need to basically fully underwrite the entire file. From there the file is sent to USDA for their approval and then back to the lender to close. The time it takes the USDA to look at files can be found by calling their office. I don't have the number at this time but in the past the range has been anywhere form a few days to over 15 business days. This would be important to know when submitting and offer on a home with this type of financing so have your lender check on these turn times for you as this will also effect your lock.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
http://www.AustinListed.com
0 votes Thank Flag Link Mon Apr 2, 2012
Am presently involved in an USDA loan. In my case the purchase is also a short sale and needs work. It will take us a total of about 4 months to close this Loan but repairs were also involved as well. Best of Luck!
0 votes Thank Flag Link Sun Apr 1, 2012
I would plan on 45-60 days.
USDA has specific guidelines and typically lends in more rural areas.
It's a great loan, but you have to fit many of their guidelines.

Let me know if I can refer you to a great lender.
0 votes Thank Flag Link Sun Apr 1, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Most loans can take 45 - 60 days close from execution of sales the agreement

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Mar 31, 2012
It depends on if your mortgage lender is familiar with doing an USDA loan. You must be sure to get the best one you can. It does take longer than some other loans but there are many good benefits to it. If you need the best lender you can get, call the Linda Davidson Group at: 972-278-3400 and they can tell you all about it. Then get a good Realtor to show you the properties available. I'd be glad to help you find an USDA property after you've called a good lender. Karen Whitehead, Coldwell Banker Apex Realtors, LLC 214-766-0850 or kwwapex@yahoo.com. We can do it!
0 votes Thank Flag Link Sat Mar 31, 2012
It depends on if your mortgage lender is familiar with doing an USDA loan. You must be sure to get the best one you can. It does take longer than some other loans but there are many good benefits to it. If you need the best lender you can get, call the Linda Davidson Group at: 972-278-3400 and they can tell you all about it. Then get a good Realtor to show you the properties available. I'd be glad to help you find an USDA property after you've called a good lender. Karen Whitehead, Coldwell Banker Apex Realtors, LLC 214-766-0850 or kwwapex@yahoo.com. We can do it!
0 votes Thank Flag Link Sat Mar 31, 2012
It generally takes about 45 days depending on the lender. Approximately 21 to 30 days for lender to process the loan and another 10 to 15 days for USDA approval. The areas for USDA loans is limited to the more rural areas. Garland does not qualify. But places such as Royse City and Forney do. Call me if you have any questions.

Sam Young
Coldwell Banker Jane Henry, Realtors
(972)837-0788
0 votes Thank Flag Link Sat Mar 31, 2012
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