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Drew3134, Home Buyer in Monroe, NY

USDA turnaround time

Asked by Drew3134, Monroe, NY Tue Jun 18, 2013

What is the standard turnaround time for a USDA loan within Orange County, NY?

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Hi Drew; After a USDA loan is cleared to close by the lender's underwriter, it must be sent to USDA for them to approve it. This takes from 2-5 days. That is the only additional time this loan requires. "Standard turnaround time" is a loaded statement for any loan. Time to get executed contract, strength of loan, title issues, etc... all affect the elngth of the loan process.

Tom Gildea
1 vote Thank Flag Link Tue Jun 18, 2013
Thanks Tom! I have been given information that the initial lending underwriting can take updwards of 30 days. Once approved it goes to USDA for their official underwriting process, which can take an additional 30 days. So 60+ days from time of executed contract. From what I heard the USDA portion of underwriting could be the lengthiest portion of underwriting due to the fact there are only a couple USDA offices in the area...is that innacurate?
Flag Tue Jun 18, 2013
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