Paramed, Home Buyer in Surprise, AZ

When the USDA does an audit how long does it take on average and what do they look for?

Asked by Paramed, Surprise, AZ Tue May 22, 2012

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Loren Hoboy, Agent, Phoenix, AZ
Tue May 22, 2012
Do you mean how long does an appraisal on your new home take using a USDA loan?

If your lender is experienced and knows the process, usually less than 3 weeks. Some lenders are not experienced/connected and can take significantly longer.

Be sure to check out the USDA website to determine if a property qualifies before planning to use this type loan. Also, if the home has a pool, that value will be excluded from the appraisal and you will need to pay cash for any short fall between the appraisal and the purchase price.
Don't forget the income limitations that also apply to a borrower.

Call me an I can get you the name of two lenders to consider.

Loren Hoboy-Realtor
623-688-0004
.
0 votes
Jim Mitchell, Agent, Tempe, AZ
Tue May 22, 2012
When you say 'audit' by the USDA, what are you referring to? An appraisal review? Underwriting of a loan?

Or do you mean a USDA 'boundary' review to re-write the physical boundaries for the USDA loan program?

I have heard recently that soon they are going to review those boundaries and possibly eliminate some areas here in the Valley that were previously approved for a USDA loan, but I can't find any info to confirm it.

I'm sure the lenders on this forum can chime in, but I'm not familiar with the term 'USDA audit'.

Jim Mitchell
Realty ONE Group
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