USDA LOANS are no longer quick

By
Mortgage and Lending with Ruoff Home Mortgage 234777

The USDA Rural Housing Loan has always been a great way for young buyers to get into a home. But over the last year this loan program has become a lengthy process timewise.

Standard procedure for a USDA would be that we (Ruoff the Lender) would underwrite and approve a USDA mortgage loan for a client and then send the file to a USDA office and they would in turn review the file and then issue their loan committment. This is the Guarantee and you don't close without it.

Here in Indiana, we used to be able to send the file to whatever regional office of our choosing, which was always the one that had the least amount of files in order to get a USDA loan committment back in a 48 hour turn time. 

Now they all go to one central location and are farmed out from there. The new turn times here in Indiana are running 3- 4 weeks, but you never know when it will arrive. This is really making a mess for buyers and sellers trying to plan ahead for possession day of closing.

Just curious if fellow lenders or Realtors in other states are experiencing these delays also?

Posted by

************************************************************************************************

 click to apply online

 Secure online application for all of  Florida & Indiana


Greg Miller   
Mortgage Loan Originator 
NMLS # 234777
www.Ruoff.com
gregm@ruoff.com

941-552-9989


close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Active Rain Newbies
Realtors®
"Whacked"!!!
USDA Rural Development Loan Group
Bananatude

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
284,468
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Greg -- sorry to hear about this delay in the process for your loans.  Our office has only done one USDA loan, and it was a couple years ago, and it took at least that long for us to get our approval back.  Blessing on your weekend!

Dec 14, 2012 11:26 PM #1
Rainer
258,646
Darren Copeland
Leader One Financial - Lee's Summit, MO
Darren Copeland

We're having similar issues in MO too! PS - Love your social media iconography

 

Jun 05, 2013 01:59 AM #2
Rainmaker
171,122
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

Why thank you Darren. The time delays at USDA are really creating havoc .

 

Jun 05, 2013 10:43 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
171,122

Greg Miller

Florida Home Loans - Conventional,FHA,USDA,VA
Ask me a question
*
*
*
*
Spam prevention

Additional Information