DEBBIE......  the lenders that you are using then are either just too busy with not enough internal help or that they just don't know what they are doing. It only takes the USDA about 48 hours, maybe 72 hours to approve it themselves. Each office is different though.  But from our side of things, it shouldn't take more than 3 weeks to fully process the loan, and in many cases, even sooner. Sooner if the loan officer did their job upfront and taking a complete application and got the majority of the documents. Have you found out any reasons to what the lenders are saying, why it takes 45 to 60 days?

In regards to the 2% funding fee.  Why worry that the seller can't cover this fee?  It can be financed into the loan. Just curious..  besides, I would rather use the seller help to pay for the other closing costs.  thanks

PAUL.... .  what I don't understand is that Gerry and I actually gave you proof, what has been done, it populated areas greater than 20,000 people. It goes back to what you read on other sites. Just because it states something, doesn't mean that it's actually true. An updated site or not...  and when we actually make this statement, but someone wants to argue it because they read differently, yet USDA loans have been done in other areas with more people, to me that is the proof. Not what a web site says. It doesn't matter where you are or are from... Gerry is in Florida and I am in New Jersey, so that is proof that it actually can happen in other states. And it had nothing to do with getting a special waiver or approval.

In regards to referencing the USDA site in my blog, I have done that in my comment... and so have others. And sometimes I don't list the sites for a reason, and here is a great reason. You are getting one piece of info off of a site that is not accurate. I want people to come to me with questions and not go to the sites. That is how I work.  thanks

UNKNOWN comment ...... . how can I saw this politely....  first off, not showing your name tells me a few things. But your comment about skin in the game?  A very weak argument, because I have known many that put 20% down and who still went into foreclosure. You apparently don't understand that the economy has something to do with all of this. Sure, there are some irresponsible people that would walk away from their home, with no skin in the game. But you are just throwing false comments out there just like the media did. Do you really think 3.5% in a property would keep those same people in the house? Before 1/1/09, it was only 3%.  And what about VA loans?  They are 100% and they have done very well.

Overall, it just seems like you are one to argue true home ownership. Most people value owning their own home and would do most anything to keep it, even if they put nothing into it. I had 2 people that put 20% into the property, saying that they were upside down, can't make payments, and would just walk away from the home. Yes, I disagree with your comment 110% and many other great professionals would say the same. but you will always have people disagree. Just that your comment sounds like a basic rant without thinking it through, from both sides.

GERRY.... . excellent point... and HUD doesn't even say that, they say no credit scores.  Well, find me a lender that will go below 500, when HUD says that you can. Yes, it's call education, with the experience behind it, things that can be done and not assumed, just because one allows it. Yet you have to find who can....  to me, that's like misinformation. Yes, it is not state by state as he claimed... thanks for your input.

MIKE.... . thanks for the polite compliment.

SUKHDEV.... . my pleasure and I have always learned in this business especially, that you can't ever assume. Do your research before assuming or making statements. Just my opinion.  thanks and good luck with it...

FRAN.... .  that's good to hear about you bringing this program up to your borrowers. And even better that you have to reliable loan officers that can help with this program and that are knowledgeable.

MICHAEL.... .yes, than can be a great program.  In regards to your statement that these take more time?  That statement in my opinion is misleading though and you don't compare it to anything else. They don't take more time. If anything, 2 more days, because you need to send it to the USDA.  Now, if you are a broker, yes, it could take another 30 days... but we are a mortgage banker.  You should understand some of this, the difference. I went to your site and it seems like you are a lead generator, not a lender, hence why you should know more about this program.  thanks

Just for those following the comments, Michael did leave a comment, yet I asked him to delete his link that led to his web site, which was a lead generator site. He didn't understand why I asked him to take the link out. And then he decided to delete his comment. Here is his comment, minus the the link.

I left this comment up here for a reason. There are some false rumors that these loans take much longer. Yes, if you are a broker, because you are relying on another company, who are all backed up. Many are saying that they are taking 45 to 60 days to do a USDA loan. They are still taking us 3 to 4 weeks, because we controls 98% of the process and underwriting them in-house.  thanks