Home Buying in 07856>Question Details

Brianw, Home Buyer in 07856

how long does it take to close on a usda loan?

Asked by Brianw, 07856 Mon Mar 5, 2012

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6
Generally closing time is 45 days from the time of contract. Times can also depend on volume on the state/county level. Please visit http://www.usdamortgagesource.com for more information
1 vote Thank Flag Link Mon Jun 4, 2012
As was voiced, USDA loans process in the same time frame as most other loans, just be aware that both you and the property have requirements to meet to be USDA-eligible. You may be but the property may not or the property may meet the guidelines but you don't. Your mortgage broker should be able to help you with this. If you need a recommendation, please e-mail me at teamhelene@kw.com, I work with an excellent broker who is well versed in these loans.
0 votes Thank Flag Link Mon Mar 5, 2012
BrianW thwe closing process should n't atake any longer than any other loan. The things that can hold it up are the required inspections fromn USDA and the documentation the mortgage comapny will need form you to underwrite the file. Good luck withyour ourchase.
0 votes Thank Flag Link Mon Mar 5, 2012
USDA does not really take much longer than a typical conventional or FHA loan. I would allow for a bit longer than 30 days b/c the loans not only get underwritten at the mortgage company but also gets reviewed at the USDA field office. Feel free to contact me with any questions on these loans.

Lenders have various "credit overlays" on this product. I have seen minimum credit score requirements, restricted seller's assist (USDA is unlimted), and homebuyer's counseling (USDA does not require) imposed by lenders and we do not.

Check out this 30 minute workshop on USDA when you have a moment.
http://www.ezmeetingsonline.com/joecordova/?do=registration&…


Joseph S. Cordova NMLS# 146855
http://www.joecordova.com
Lincoln Mortgage Company
8003 Lincoln Drive West, Suite F
Marlton, NJ 08053
direct fax: (206) 333-0946
cell: (856) 304-2381
0 votes Thank Flag Link Mon Mar 5, 2012
Hey Brian,

I just worked with a buyer who closed on a house in Hunterdon County. The process went pretty smoothly. We closed in under 60 days. We had anticipated closing a little sooner but the USDA approval took about a week longer than expected. I'd recommend giving yourself a minimum of 45 days to close to be safe in case there are any hiccups along the way.

Overall though, it was a smooth transaction, and no harder than a conventional or FHA loan.

Best of luck,
Jeremy
0 votes Thank Flag Link Mon Mar 5, 2012
USDA typically takes the same time as any other type of purchasing financing. But to give you an accurate time frame. I would say within 30 days.
0 votes Thank Flag Link Mon Mar 5, 2012
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