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.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.comJun 6th 2012
USDA loans are underwritten twice. First with the lender, and then it goes to USDA for a second underwrite. This usually adds about 2 weeks to the process for a total of about 5-6 weeks from start to finish. Remember, this is the busy season so things will be cacked up a bit. Hang in there, if it's made it's way past the first lender, it usually will make it past the second one as well.Jun 6th 2012
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!Jun 6th 2012
Indeed they are, while it may vary by lender's own underwriting turn times USDA is currently running 15 days behind to work on a file then up to another 10 days to approve and fund. At present we are telling borrowers to expect a 45 day turn time at the very least when signing a purchase contract.Jun 6th 2012
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 888-889-9950Jun 6th 2012
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