USDA Loan question

Asked by KaylaDriker, Orlando, FL Fri Jan 17, 2014

Do they take a very long time to close, or can they close within 30 days? Would be nice to choose this for an approved property that an offer was just accepted on?

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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Jan 18, 2014
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

90% LTV- 2nd Home- 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 n’ FLIP Invest. Prop.
75% LTV- Soft and Hard Money


Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service: U.S. MARINE CORPS
1 vote
Mark, its amazing to see the difference. On average, the lower the credit score, the more the excuses and more complaining throughout the entire loan process.
Flag Sun Jan 19, 2014
Good comment Steve. I've certainly had similar experiences with lower credit score buyers providing info. Not always true, but certainly more likely.
Flag Sat Jan 18, 2014
Kim Zuppa, Agent, Clearwater, FL
Fri Jan 17, 2014
Although it would be nice if USDA loans could close as quickly as other loan types, currently they are taking up to 90 days.
1 vote
, ,
Thu Jul 24, 2014
USDA laons require an additional approval from them after your Lender has approved the loan and taken it through underwring..this adds an additional 2 to 3 weeks to the closing depending on how far
behind the USDA is, last week USDA in Orlando was behind about 3 weeks,

Tom Bawany
Loan Officer
NMLS# 519971
407-924-2759 Cell
877-874-5962 Fax

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0 votes
Usda Mortgage…, , Jacksonville, FL
Wed Jan 22, 2014
USDA RD has recently made some positive changes in the way they process loans. As a result, the turn times (time it takes to close) has greatly been reduced as of Jan 2014. A few months back the USDA loans were taking about 75 ++ days to close. The government shut down also didn't help things during that time. The good news is that the closing time frame as recently been reduced back down to 45-50 days.
Florida home buyers please visit us at for more info on the USDA program here in Fla.
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Fri Jan 17, 2014
USDA has never been known to be a quick loan. On average it is 6 to 8 weeks.
0 votes
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