Home Buying in Sacramento>Question Details

Danielle, Home Buyer in Auburn, CA

I am wondering what the current turnaround time is for a usda loan?

Asked by Danielle, Auburn, CA Sun Apr 21, 2013

Our lender is wells Fargo, we are still in the underwriting stage with them then still need approval from usda but have sold our current house already and have to move next friday. At this point we don't know where we are moving, to our new home or to a storage unit while we wait. Any advice? Thanks!

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7
Joel Lobb’s answer
With the spike in rates, the current backlog that USDA experienced earlier in the year has lessen to about 30 days to complete a USDA loan.

Good Luck Danielle.


--
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Sun Sep 29, 2013
Single Family Housing Guaranteed Loan Status Update:
Today we are assigning requests for conditional commitments received on Feb. 12, 2015. If no additional information is needed, commitments will be ready on GUS Accepts within four business days of assignment. GUS Full Docs, Manuals, Refinances and GUS Refers will be ready six business days from assignment.
REMINDER: If you change information in your initial GUS submission, this could cause a GUS Accept Full Doc and increase the time frame.



--

Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

Company ID #1364 | MB73346
http://mylouisvillekentuckymortgage.com/



CONFIDENTIA
Flag Mon Feb 16, 2015
You should be speaking with your l/o at WFHM.
Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Sat May 4, 2013
Depends on several factors! If the loan officer is not well versed on USDA loans it will take longer.
0 votes Thank Flag Link Sat May 4, 2013
45 day contracts are what I usually write for USDA buyers. Some loans get to docs in 35 or so others I have had to get 5-7days of extension on our purchase contracts due to a USDA UW delay. When did your process start?
0 votes Thank Flag Link Thu May 2, 2013
There's standard processing times that USDA tries to make but that assumes that they have everything that they need from you, when they need it. That's not always possible. Plan for the worst, and hope for the best. 45 days is the standard time to close a USDA loan.

Good luck.
0 votes Thank Flag Link Sat Apr 27, 2013
Hi Danielle,

For standard conventional or FHA loans the time is around 30 days but for USDA you should plan on 45 days from acceptance of your offer till closing. In writing an offer, we have to either put an exact closing date or enter the number of days after acceptance that it will be closed by. Look at your contract and see what your agent put for that as most times they will know what your lender needs for closing on the different loans.

Best of luck that it is almost there!

DeeDee
0 votes Thank Flag Link Mon Apr 22, 2013
The average wait time for the USDA to issue Loan Commitments in CA are 5-7 working days.

Best of Luck!
0 votes Thank Flag Link Mon Apr 22, 2013
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