Most lenders are flooded with loan applications for HARP refinance transactions... Purchase transactions usually take precedence, so they will try to close within the allotted time on the purchase contract.. That being said, USDA loans are underwritten twice.. once by the lender and once by USDA... 10 days (business days) is not unreasonable... 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.comMay 3rd 2012
We received 4 approvals back today - one was submitted on the 11th of April - Others were submitted as late as the 20th, and we received the certs back in time for April Closings. NC USDA RD offices incorporated a new Underwriting "system" in March - all files are now sent to Raleigh, and then they are sent "out" to underwriting. It depends on which RD office gets your file. It will be a good 10 business days.May 3rd 2012
Our loan file was submitted to USDA yesterday 05/02. Does anyone have any idea on how long it will be until we can expect to hear from them? We are in NC.I am submitting files to the USDA in NC and yesterday they were working on files from 04/23/2012. So they are about 9-10 days behind. The turn time went up a lot during spring break.May 3rd 2012
USDA loans can take as little as 3 working days and as long as 20, depend on how much volume your USDA center has. Generally you are looking at between 7 and 12 working days (1-1/2 to 2-1/2 weeks) ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.comMay 4th 2012
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