Financing in Union Mills>Question Details

shooter_989, Home Seller in Union Mills, IN

USDA Home Mortgage in Indiana

Asked by shooter_989, Union Mills, IN Mon Nov 26, 2012

Hy house appraised out and the papers were sent to the USDA for underwriting. The bank says they cannot give me a closing date because they have to wait to hear back from the USDA underwiters. What does this mean exactly and about how long until they close from here?

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Great question shooter, realtiy is if your "lender" can't give you an answer on how long it will take for underwriting, you should RUN! I don't know who you are going with and/or what kind of organization it is, but as a national direct lender (we lend our own money and underwrite our files in house) I can tell my clients exactly how long it will be. With us, once all paperwork and appraisal is in, we close our loans in around 10 day.

Great part it, USDA appraisals are transferable and you already have all your paperwork so if you want to work with someone that can close your loan in a timely manner, feel free to contact me. I can walk you through the steps.

Joshua Lerette - Sr. Loan Officer
Residential Finance Corp.
1 vote Thank Flag Link Tue Nov 27, 2012
USDA loans go through a 2 step approval process. First the lender, then the actual USDA. It can take 1-2 weeks once the file is sent to USDA. Turn time change from state to state.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
0 votes Thank Flag Link Wed Nov 11, 2015
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