Home : Blogs : Charlie Arthur, CCIM : Charlie Arthur, CCIM Real Estate Blog

90 days to close a loan

tick tock

USDA loans can take upwards of 90 days. This is becoming very, very frustrating for people selling homes right now. This won't work in the long run. When a seller is looking at 2 competing offers(which CAN happen right now) and one buyer is using USDA...they will hesitate before accepting it because of the ridiculously long time lines.

The USDA should hire more processors, but that isn't happening. If you are a buyer right now, I recommend trying to get approved for a different type of loan than USDA if you want to be competitve. As prices have dropped, more buyers have started looking. If you want to have a competitive offer, you shouldn't have a 90+ day closing.

Just my opinion of course.

Posted by Charlie Arthur, CCIM on 10/14/2009 01:42 PM

Comments (1)

usda loans, loans, mortgage, home, time, default, short sale, bank, credit union, tax credit

This post has been included in Washington Information
Post is included in group: RE/MAX FIRST, INC.

1 Comments on 90 days to close a loan

OCT

I have a client looking to use a USDA loan right now and I am just coming up to speed to the program. Sounds like I need to educate my buyers upfront regarding the challenges.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?