Financing in Tampa>Question Details

Jessica, Home Buyer in 33579

This is about Closing date and USDA

Asked by Jessica, 33579 Thu Jul 25, 2013

Ok So we are working with a loan officer and we were told by them that they could close on the house we want by the 31st but now their saying that its gonna be pushed back. Can closing be pushed back by couple of days or weeks or months?? Also my question about USDA how long does it take from usda to approval a loan?

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USDA is taking a long time these days. If you want to buy the home, then yes, you just have to push out the closing date. There's not much you can do. Hopefully the seller/listing agent are agreeable to this. But sometimes they are not. Good luck!
1 vote Thank Flag Link Thu Jul 25, 2013
The Loan officer should have checked the USDA turns times in advance and set the proper expectations on closing in advance.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
http://www.UsdaMortgageHub.com
0 votes Thank Flag Link Wed Nov 11, 2015
Sometimes the closing step in the real estate transaction can be delay by many reasons, which can be from either sites, and then in short sale process there is third party, fourth party. It can be delay a day, two days or even month. For the USDA loan It can take as long as 90 days for the loan approval..
0 votes Thank Flag Link Tue Jul 30, 2013
Jessica, hopefully you are also working with an agent to write a contract extension.

A typical financed loan will take 45 days to close. If underwriting requested information from you and you were "slow" in providing it to them, then your loan will be delayed.

Just because you submit paperwork on say Monday, the lender does not look at it until your file is complete and place in line for an underwriting review. Underwriting might be reviewing all files received on July 15th on July 31st.

Hopefully your real estate agent wil be working in concert with your loan officer.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com
0 votes Thank Flag Link Mon Jul 29, 2013
The contract to purchase that you signed will specifically state how a closing is to be handled. Some times things happen ( weather, missing docs, somebody got sick, etc) but the terms are defined under the closing paragraph as to how it is handled. Some lenders give you a guarantee to close by a certain date or they give you a discount or a bonus. Call your loan officer regularly during the process to keep them on task. If they promised by a certain time, then ask for some type of concession--it may be little, but you've made plans and promises based on their word...as well as the seller. USDA is the government however, so don't expect much is concessions.
There's a saying, "Squeaky wheel gets the oil..."
Be that squeaky wheel!
Good Luck...
0 votes Thank Flag Link Thu Jul 25, 2013
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