Did You Know that Processing Times for Florida USDA Loans Have Drastically Improved?
Florida USDA Processing Times Show Vast Improvement
Due in large part to the October government shutdown, USDA processing times in Florida became severely delayed. However, I now have tremendous news to share which will greatly help both Realtors and homebuyers.
How Have Florida USDA Processing Times Improved?
Florida Rural Development (RD) has gained significantly on the backlog of application requests for USDA loans under the Single Family Housing Guaranteed Loan Program.
As of December 31st, 2013 Florida USDA turn times have been reduced to only two weeks. This was in large part due to:
- Temporary reassignment of RD employees who would normally process other loan types
- A decrease in the number of new applications for the program
Most of us can remember that even before the shutdown Florida USDA processing times were normal to be at or above 30 days, so this is a great way to kick off 2014!
Due to the longer processing times mentioned USDA applications had decreased, but with the recent improvement it would be a safe bet to expect more Realtors and homebuyers to seek the benefits of a USDA loan as soon as possible.
USDA loans are as attractive a financing option as ever before. Especially when you consider several other important guideline changes that happened in 2013 such as: