How Long Does it Take to Close on a USDA Loan?
What is the Closing Time on A USDA Loan?
How long is the USDA loan process? It is common for us to receive questions on how long it takes to close a USDA loan, and in today’s short video we are going to dive into the details and keep you in the know!
Have you had a chance to view our FREE USDA resources page? These free guides are designed to help walk you through the USDA loan process and are a great educational resource for both home buyers and their agents.
Many banks, lenders, or credit unions are not USDA approved, therefore they must submit to a 3rd party USDA approved lender to handle the underwriting process. This is obviously less efficient and because it is not a streamlined process it customarily takes longer to complete.
As a USDA approved lender, we have the ability to work directly with realtors, home buyers, and then with USDA field offices when submitting for approval. This provides us with the ability to manage the entire loan process from start to finish at our office.
In short, as a USDA approved lender, this permits us to streamline the process so closing on a USDA loan becomes much faster.
So, are you working with an actual USDA Approved Lender? Here is a link to find out: USDA Approved Lender List
Being an approved USDA lender means the following events take place ALL under one roof:
- Loan Application
- On-Site Underwriting and Loan Approval
- Submitting the file to USDA
- Ordering closing documents, and
- Loan Funding
This type of control combined with giving you the same point of contact throughout the process allows us to save time where possible and keep all parties on the same page.
On the other hand, if you’re not working with a USDA approved lender prepare yourself for a longer time commitment. They will have to submit to another lender who has USDA approval to underwrite, approve, and submit the files to USDA. That’s time-consuming and another source for delays during the process.
Approval is Critical
In Summary, while many may offer the USDA program, it is important to find out who has the required experience to help navigate the USDA loan approval process successfully.
It may sound funny, but we truly eat, breathe, and sleep USDA Loans each and every day because we understand the tremendous value that this program brings to our rural communities.
800-806-9836 Ext. 280
Have questions? Call or email to take advantage of our free 2nd opinion service which is great for those existing transactions.
Make it a great day, and I look forward to seeing you right here for the next tip of the week!
P.S. – You can also download our “USDA Blueprint for Success” by CLICKING HERE