Home Buying in Radford>Question Details

A.p., Home Buyer in Radford, VA

USDA waiting period for Virginia?

Asked by A.p., Radford, VA Tue Mar 6, 2012

My loan was received by USDA today in VA and I was wondering if anyone knew what loans they are processing right now or what the wait time is for approval right now?
Thanks!

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I just checked with the processing center in Culpepper and as of today, Tuesday March 6th the are processing files received on February 9th. I hope that helps.
0 votes Thank Flag Link Tue Mar 6, 2012
The Virginia USDA offices were consolidated in late December and all underwriting is now sent to that one location, I've been seeing times of about 30 days to process once they receive the loan docs depending on backlog. It was worse early on. Your agent and or lender should have an idea of how long they are taking at this moment. We are lucky they are offering the loan in this area, it's a great loan.
0 votes Thank Flag Link Tue Mar 6, 2012
A.P. -

I'm finding they're between 14-30 days right now. Everything can change, of course, but I think you'll find that fairly representative.
Web Reference: http://www.NRVLiving.com
0 votes Thank Flag Link Tue Mar 6, 2012
Wrightrealtytrust,

In VA we do secure our own financing but, after doing so the loan is sent to the USDA/Rural development office for the state in order to be underwritten by them as well. So yes you do secure your own financing but the loan has to be approved by USDA/Rural development before you can close.
-A.P.
0 votes Thank Flag Link Tue Mar 6, 2012
Hello,

When you say USDA, I think you are referring to the old Farmers Home Administration or FMHA if the Initials are correct.

The USDA, contrary to popular belief, not only inspects chickens and cows but also sells prime USDA Real Estate. I do not however think that they process loans. They want you to secure your own financing.

You may want to check your details and do a repost of your question.

you non-agent friend,
Chris
0 votes Thank Flag Link Tue Mar 6, 2012
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