My loan was supposed to close on May 30 and it has been at the USDA's office forever! My mortgage broker said he can't get any word on when it will close. They are apparently very backed up. by bcresw_556_652 from Blanco, Texas. Jun 6th 2012
With the real estate market heating up all over the county, this delay is expected.. However I doubt it's been at USDA for 30 days.. I would ask your broker when he actually submitted it to them.. Also, if your refinancing through USDA, you can expect longer turn times.. if your purchasing a new home, they will usually get it underwritten within 10 days or so.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Yeah it sounds like your lender is backed up and isn't working very efficiently. The USDA doesn't take that long to approve a file. Maybe a week or two at the most.
I'm in San Antonio, TX and we were also supposed to close on the 30th. I've been speaking to our lender and on Monday they were working on files that were submitted to the USDA on the 10th May apparently (my lender had called some hotline to get this information). I thought our file was submitted then but turns out our file didn't actually get submitted until the 17th! So hopefully we should hear on Monday. I would contact your lender, find out exactly when it was submitted to the USDA and then it looks like they are taking approx 17 business days to process at present! Hopefully we will both get our new homes very soon!
Double check with your lender to see when they actually submitted it to USDA. It shoul come out of USDA in 2-3 weeks, depending on their volume, but the clock starts when the file is received at USDA. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
You can check USDA turn times in Waco here is the link. Last I checked it was 15 business days once complete file was at USDA. http://www.rd.usda.gov/contact-us/state-offices/tx
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