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USDA Mortgage Processing and Closing Times
We often receive questions about the USDA Rural Housing mortgage turn times in 2016 - how long it take to close a USDA loan? how long it takes to get a USDA loan pre approval? how long it takes to hear back from USDA, etc. Below we are going to break down the process so new home buyers know what to expect when using the USDA RD program in Florida. Home buyers in other states - please click here to learn about National USDA mortgages.
The first thing buyers want to keep in mind is the USDA loan process is a two-step process. The USDA (Rural Housing) doesn't actually underwrite the 502 Guaranteed program direct, this is done strictly by approved USDA lenders and banks. The 502 Guaranteed program is the USDA home purchase program most moderate income buyers will use, and it also accounts for the majority of USDA loans.
The first step in the home buying process is the USDA mortgage pre approval. This is generally completed over the phone, online or face or face and takes about 30 minutes to complete. The USDA loan specialist will ask some basic questions in regards to living history, employment history , income, assets, ... more
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