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Home Buying in 07856 : Real Estate Advice

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  • Local Info1
  • Home Buying5
  • Home Selling1
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Activity 5
Thu Dec 13, 2012
Corey Grushin answered:
Rita if your loan was chosen for the internal audit it can take a while. USDA usually reveiws each loan and let's their computer underwriting system go thrugh the file,but every so often files are pulled to have a manual underwrite which will elongate the process.

Ask your morggae company if their file is under a manual reveiw by USDA to see if this is the case.
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Mon Dec 10, 2012
Simon Campbell answered:
If you are selling the property through a short sale or foreclosure, renting it back is not an option. Every short sale regardless of lender requires the "arms-length transaction" certification that has wording like below:

"The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at any time after the execution of this short sale transaction. None of the parties shall receive any proceeds from this transaction except the sales commission."

There are certain programs which allow homeowners to stay in home and either rent or buy back. A new supplement to the HAFA guidelines "amends this restriction to allow servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met."

Simon Campbell -
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Tue Mar 27, 2012
Corey Grushin answered:
I just spoke with with the USDA office that is underwriting all New Jersey USDA loan applications. Underwriting tuen times are running 72 hours after receiptof complete loan file.
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Mon Mar 5, 2012
Usda Mortgage Source answered:
Generally closing time is 45 days from the time of contract. Times can also depend on volume on the state/county level. Please visit for more information ... more
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