Hello Joshua. I understand your concern because you have a large investment both financially and emotionally in this home purchase. There is no set percentage of successful closings. The key is to keep in communication with you loan officer and Realtor regularly to make sure that anything that is required of you is handled promptly. You should be getting weekly or bi-weekly updates from your loan officer as to the status of the loan. Realtors are very good at what they do so your appraisal will most likely come in at or very near what the purchase price is if you made a full offer. They usually provide the Seller a CMA or Comparative Market Analysis to estimate the value the property should sell for. While the appraisal is being done I would ask your Loan Officer if there is anything else needed for approval that they are aware of so you can get it in ahead of time. You also may want to get 3 estimates for home owners insurance ahead of time so when you get the approval you are ready to get proof of insurance. Congrats on your accepted offer and I wish you and your family the best!

Hi Joshua- Nobody here knows all the details of your file- how strong of a borrower you are, how the property is, and all that kind of stuff. True- USDA loans are not what I would call the easiest out there.

I would say the ballpark of a UW approval might be somewhere between 50%- 80%. Without knowing any of the particulars.
If you need anything else, please let me know. Thanks and good luck,

Ken L.

I appreciate everyones answers, but I'm trying to find out what percentage of these loans make it through underwriting. I'm not concerened about making the Oct. 8th date, I'm concerned about it falling through. I'm sorry if I wasnt clear. Thanks in advance.

Hang in there Joshua. As Paul says, if the appraisal comes back fine and you have all your documentation into the lender, it is out of your hands and in control of the lender. Once the appraisal is in, it shouldn't take long to get a Mortgage Committment Letter, and then you get with an insurance company for an Insurance Binder and be able to go to closing.

I always tell the buyers I work with that sometimes it's a "hurry up and wait" process because you try to get all the inspections done, sign the paperwork, work with your mortgage broker and supply them documents, and then once done, you're just waiting for things to fall in place til the closing, and the waiting is the most nerve-racking thing that buyers go through!

Just keep positive and have faith that you have excellent professionals working on your side to make sure the deal works for you and all the "i"s are dotted and "t"s crossed at the end of the day and most expecially by the time of the closing. :o)

I wish you well on this journey!

Angela Dolber
Prudential Prime Properties
508-826-8553
angela@pruprimehomes.com

The appraisal has been done and should be in by the end of the week. Pauld, are these types of loans more likely to fall through because of the strict guidelines? Everything seems to be going well but it's stressful.

Usda Loans sometimes take a little longer, because of the stricter guidelines. But closing on the loan in 30 days or under is not out of the ordinary. Our business is continously growing because of deals that have gone south with Bank of America and other lenders. They are having a tough time closing loans, meanwhile we are closing loans in under 30 days.
It does make a difference who is originating the loan.

Title V is in hand and I have had the home inspection. How often do these USDA loans go south?

Not necessarely. Is Title V involved - if so, has it passed (this is the only hold up that is out of your control)

Stay ontop of your mortgage person. Oct 8th is a short time - it normally takes 6 wks with no issues. If there are doc concerns, it may take longer - What about home inspection, has this been done? If not, do it right away to address any issues that may come up.

Be patient and wait.

Good luck.

If you have all the correct documentation in with underwriting and a appraisal. It shouldn't take long, every bank is different.
My company, we have a policy for all purchases. If we have all the docs (appraisal, signed docs, & financial docs), we can offer a commitment in seven days.
If something goes wrong with your loan, contact me and I will try to right your ship.
Best of Luck.....
Paul