I just closed one this past week and 30 days closing won't happen.
First of all, USDA loans require a double underwrite, first thru the funding lender and then thru USDA.
The time frame depends on the borrower's willingness to cooperate. As a Loan Originator, its amazing to see the difference in those with high credit scores vs. those with low credit scores.
Funny though, you ask the high credit score borrower to provide basic info or to complete a simple task and its generally done quickly, without issue. On the other hand, when you ask a low credit score borrower to do the same, it takes 5 times as long and they give you all kind of excuses why they can't complete a simple task or provide basic info.
So the getting a USDA loan completed from start to finish can take as little as approx 50 days best case or up to 90 days.
100% LTV- USDA
99% LTV- FHA/580 score @ lower LTV
97% LTV- NO PMI
97% LTV- CONDO- NO PMI
90% LTV- 2nd Home- NO PMI
90% LTV- JUMBO- NO PMI
85% LTV- Super Jumbo- NO PMI
85% LTV- Invest. /Rental
80% LTV- Foreign Nationals
70% LTV- Manf. Homes over 90k
STATED INCOME ALT-up to Super Jumbo
90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX nâ€™ FLIP Invest. Prop.
75% LTV- Soft and Hard Money
Pro Option Mortgage/ Florida
Ph: 888 662 4404
Prior Service: U.S. MARINE CORPS