what's the turn around time for usda approval in new york?
Gene Neal (eneal@athccorp.com)
#31 ranked lender in New York - 281 contributions
I can approve and close your loan within 30 days. Have you selected a property?
SHAHROKH CHARLES BEROKHIM (mortgageusa)
#87 ranked lender in New York - 68 contributions
USDA APPROVAL IS NO DIFFERENT FROM ANY OTHER LOAN. one wk to get approval , one wk to get appraisal and title , one wk to clear conditions if any .you are looking at a realistic closing date of 3 to 4 wk.Lord should bless your new house.
SHAHROKH CHARLES BEROKHIM (mortgageusa)
#87 ranked lender in New York - 68 contributions
it should be there any day. Give it another day or so and if you had not heard anything call up. Was appraisal done? is the report in ?
Michael Lettre (MortgageMike)
#93 ranked lender in New York - 3 contributions
USDA approval and turn time should be 2-3 business days. anything longer suggest a real big problem
SHAHROKH CHARLES BEROKHIM (mortgageusa)
#87 ranked lender in New York - 68 contributions
something is not right. If file cleared by underwriter then it should take only a day to get USDA approval . It is very quick . I am expecting some sort of issue , some where? how do you know it was sent two wks ago? how do you know file was cleared by underwriter ?
At this point, I am not sure of anything anymore. Mortgage broker lied and said we were ready to close but must do it next day on May 29 or she would have to ask for extension to our bank. Now she is saying, file has been with USDA for two weeks and our bank has already cleared it and given us extension. This is a short sale with many extensions given by seller's bank already. First approval from seller's bank was given on December 24,2013. Seller's agent is agitated and has requested USDA approval proof today in order to consider asking for yet again another extension to seller's bank. At this point it seems the whole deal will be lost and my husband and I are really devastated.
SHAHROKH CHARLES BEROKHIM (mortgageusa)
#87 ranked lender in New York - 68 contributions
BE POSITIVE and be sure prayer helps. ask for commitment
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Typically USDA underwrites the file at the same time your lender is underwriting it.. for it to be with USDA for 2 weeks is not uncommon, but it's also not the normal either.. tell your mortgage loan officer you need a status updated from USDA.. they should be able to tell you exactly when the file was uploaded into USDA's system. If your lender dragged their feet, it's possible USDA did not have the file as long as your lender is saying they have.. 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. William J. Acres 480-287-5714 WilliamAcres.com
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