Forgotten Your Password?

Need to Register?

Question Icon

Average time to close FHA vs. USDA loan in CA?

by SallyFitz from Napa, California. Mar 5th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

FHA should be 3 to 4 weeks, start to finish. USDA.. Much longer.. USDA loans are underwritten twice.. Currently USDA is reviewing packages submitted on 2/13, so they are 3 weeks behind.. 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

Mar 5th 2013
2
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,242 contributions

USDA can take up to double the time an FHA loan can take.

Mar 5th 2013
0
0
Carrie Diaz (carriediaz)
#720 ranked lender in California - 5 contributions

Hi, it will take approximately 30 days with Prime Lending. I am an expert in FHA and USDA for the past 22 years and a direct lender in California. Please give me a call at 949 224-8517 and I will be happy to walk you through the process and answer any questions.

Mar 5th 2013
0
0
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Depends on the bank

Mar 5th 2013
0
0
Meena Iskander (Miskander)
#0 ranked lender in California - 18 contributions

USDA loans are only for rural areas. They take a long time. 60 days is average. You put no cash downFHA loans are for cities or rural. They take 30 days. You put 3.5% cash down. Only you can decide if one is "better"..also keep in mind You only get to borrow based on the appraised value. If the appraisal is less than the contract price, you can cancel the sale; or you can pay the difference in cash so the seller gets his money.I work here in Irvine, CA give me a call @ 201-673-7205 and we can see if you can qualify for FHA if you want to close in a timely manner.Thank you

Mar 5th 2013
0
0
Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

FHA loans should take 30-40 days if your paper work is in order. USDA loans take double the time as after the loan is approved with the bank it is sent to the local USDA office for their approval. In many areas of the country the local offices are busy and backed up.

Mar 5th 2013
0
0
Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

Contact one of the lenders on Lender411, who are part of this forum, and serve your area.

Mar 5th 2013
0
0
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Like William stated above is that an Fha loan Can be closed in only 8 days if you have a lender that can do it in that time frame. USDA first underwritten by your lender AND then by USDA which is about 3 weeks right now. Contact a Lender411 loan officer for some help and advice.

Mar 5th 2013
0
0
Subscribe to our news feed.