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USDA Rural Mortgage Program
Has anyone ever gone through this program??
After over a year of hunting...we finally found a property that qualified and wasn't falling over. Then after a few weeks of negotiation, we had a contract.
We're on day 63 of our contract and our 3rd extension...we were told it would take approximately 45 days to close. Has this happened to anyone else? It's a low income program and we've invested $1700 precious dollars into this (the seller demanded $1000 for earnest money, the inspection was $300, and the appraisal was $400). It seems like there is no end in sight and we are well beyond contractual contingencies to recoup the $1000.
My agent is annoyed because she wants to get paid and this has dragged on for months. My loan officer is apologetic but has nothing to say other than "I will let you know as soon as I know something."
I'm starting to lose hope.
Re: USDA Rural Mortgage Program
Hang in there. Many government loans are taking as long as 90 days.
Unfortunately, everyone, including your loan officer, are at the mercy of the government.
look up online where your closest USDA office is. I think you can go on the USDAs website and find a link there telling where to find an office. I would call them first and try to schedule a meeting with someone who deals with loans.
We literally just went through the USDA program (we just closed on our house last Wednesday) and it took approximately 60 days from the time we went under contract until the day we closed. Initially we were supposed to close on June 6th (which would have been 45 days) but our closing got pushed back until the 24th due to delays with the underwriter, which delayed our file being submitted to USDA. At the time our file went to USDA (on June 3rd) they were looking at a 10 day turn around time to process it but we ended up closing a few days earlier than anticipated on the 19th.
If your file has gone to USDA already, I think the turnaround time can vary depending on where you are located and will also vary from week to week. I know when we started this process our lender indicated that it could take as short as a week to go through but up to 15-20 days depending on how busy USDA is at the moment.
Hang in there and hopefully you'll hear something soon. Good luck!
I'm currently in the process of going through this, which started in March. Our closing date has been set back 3 times since then, with us losing financing at one point due to them wanting us to buy our interest rate down for $6000. I'm now working with another lender who says it takes 4-6 weeks for the USDA to approve loans right now, so if everything goes through, we now close end of August.