Home Buying in 28054>Question Details

Fatjoe, Home Buyer in 28120

My Lo has told me that my loan was going to the USDA office and appraisal being done how long does USDA take and how long should it be till close

Asked by Fatjoe, 28120 Mon Dec 5, 2011

Also what does the USDA do when they get it

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Hello,

The appraisal on the property should have been done already. It is actually one of the first steps in the loan process. As far as USDA is concerned, they need to have the appraisal and usually it takes 10 or less business days to get the loan approved and underwritten by USDA (that is if USDA has no condition that need to be met for approval). Best of luck to you and hope you get to move in asap.
0 votes Thank Flag Link Wed Dec 7, 2011
Typically, it does not go to USDA until the appraisal has been done and everything has been completed by the lender. Then it goes to USDA for their review and to make sure it meets their guidelines. From my experience in the Gaston County area, USDA usually turns it around and approves in 2-3 business days at that time. With the holidays, it could be a little longer. Check with your LO to see just what has been sent to USDA and if the appraisal is still to be done. As mentioned, appraisals can take a week to 10 days.
0 votes Thank Flag Link Tue Dec 6, 2011
So then they just make sure we met requirements that's all and we should be closing soon in ur option
0 votes Thank Flag Link Mon Dec 5, 2011
The USDA underwrites the loan package to make sure it conforms to their rules. An appraisal generally takes about 10 business days to complete. Your LO should be advising your on the time to closing.
0 votes Thank Flag Link Mon Dec 5, 2011
Well it's a foreclosure ak no buyer agent and appraisal was supose to be done today
0 votes Thank Flag Link Mon Dec 5, 2011
I don't understand why this question is coming up with 10 days until Closing:
What does your LO say?
What does your Buyer's Agent say?
What is the Loan Contingency on your Offer?
What is the Appraisal Contingency?
You realize the Lender cannot do a thing until they see the Appraisal?
Have you asked for an Extension on both the Loan Contingency and the Closing date?

Good luck and may God bless
0 votes Thank Flag Link Mon Dec 5, 2011
Sorry was told trying to close by 15th
0 votes Thank Flag Link Mon Dec 5, 2011
Oh even for final approval was trying to close by the 15th
0 votes Thank Flag Link Mon Dec 5, 2011
USDA approvals can take up to 30 days. At this time of year with people taking holidays it might be even longer
0 votes Thank Flag Link Mon Dec 5, 2011
And what does the USDA do when they get it
0 votes Thank Flag Link Mon Dec 5, 2011
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