How long does a sales contract date need to be for on a USDA loan?
How long should a contract date be for on a USDA loan?
As you can imagine this is a common question, whose answer can range from lender to lender.
In today’s video tip, I will show you what to look out for and how to reduce the time it takes to close a USDA loan.
Before we get started, don’t forget to take advantage of our free 2nd opinion service. This is a great way get an expert opinion and is great for helping to maximize your pre-qualification.
As a USDA Approved Lender, we have the ability to work directly with Realtors, Homebuyers, and the USDA field offices when submitting the file for their approval.
Many banks, lenders, or credit unions are not USDA approved, therefore they must submit to a 3rd party UDSA lender to handle the approval process.
This bring to mind the old saying “too many cooks in the kitchen”
When it comes to USDA loan processing times, many are under the impression that it has to take 60 days, but just recently we were able to process and close a USDA loan in only 27 days!
As many of you know, we have established a team philosophy at my office that allows us to coordinate the USDA loan qualifying process efficiently from pre-qualification through closing.
While it is good practice to customarily plan for a USDA closing date of 45 days or less, we will do our best to close a USDA loan as fast as possible as noted above with the recent USDA 27 day closing we experienced.
Now, that is definitely on the shorter end of the closing window, because we are always on the lookout for variables such as potential appraisal delays, re-inspections, well testing, and any other unforeseeable circumstances that would be accounted for in the customary 45 day or less time frame.
However, through proper planning, preparation, and experience Metroplex Mortgage is built to close loans as quickly as possible.
It is important to remember, that while many offer the USDA program, it is important to find out who has the required experience to help navigate the USDA loan approval process successfully. It may sound funny, but we truly eat, breathe, and sleep USDA Loans each and every day because this is a program that is there to benefit our rural communities.
