USDA Loan Closing Times In Less Then 30 days!
Is it possible to have USDA Loan Closing Times in Less Then 30 days? Can you close a USDA loan in Florida, Texas, Tennessee, or Alabama in under 30 days? Yes, you heard me correct and that is what you should expect!
With the market beginning to change from sellers requiring cash or conventional offers, many do not realize how fast USDA loan closing times can actually be! Understanding these details, can help maximize a seller’s available offers while at the same time not sacrifice any closing time when comparing Conventional vs. USDA loan closing times.
In today’s video I will explain how working with a USDA Approved Lender can deliver a streamlined loan process and walk you through how to plan for a USDA loan closing in less than 30 days!
Now, before we get started, don’t forget to take advantage and download our USDA Blueprint for Success with the link below. This free guide is designed to walk you through the process step-by-step and is a great tool for both homebuyers and Realtors alike.
USDA Loan Closing Times In Less Then 30 days!
I have heard it many times, that a seller does not want to take a government loan because it will take too long to close. While I understand that as a potential concern, that is by no means a blanket policy and it is far more important to understand who is providing the financing and gauge the offer’s qualification strength with that lender’s reputation in mind.
Especially with the cash buying frenzy continuing to slow and interest rates on the rise, a flexible seller can only benefit themselves by taking the opportunity to look at all offers, cash, conventional, FHA, VA, and of course USDA Rural Housing.
As a USDA approved lender, our team at Metroplex has built specific procedures to process, approve, and close USDA loans. Through these dedicated systems, this allows us to continually have our USDA loan closing times in less than 30 days!
With that being said, specific advantages can be gained by working directly with an actual USDA approved lender such as Metroplex Mortgage Services.
USDA Processing and Underwriting:
USDA Approved lenders have direct access to the Guaranteed Underwriting System (otherwise known as GUS). The GUS Automated Underwriting System is specific for USDA loans and their eligibility. When working with GUS, it provides a roadmap for eligibility, maximum debt ratios, and the all important qualifying limits and sales price range that both Realtors and Homebuyers need to know when shopping for a home.
Reduced Processing Time:
While it is true that there can be more steps in the USDA loan process when compared to a conventional loan, USDA approved lenders are able to work directly with USDA field offices, which eliminates a middle man in the process. The importance of managing the loan file and holding direct communication between our office and any USDA specialists is critical for responding to their questions, supplying additional documentation, or provided a quick clarification when requested.
Additionally, we have built systems specific to the USDA loan process and because we also have the ability to communicate directly with both USDA, the homebuyer, and their Realtors, we are able to streamline the process and thus reduce USDA loan processing times.
Prioritize USDA Loan Specific Documentation:
USDA Rural Development requires specific documents as part of their approval process. We understand the steps needed and are able to prioritize and clear the necessary items needed in order for the file to be shipped to USDA. Then while the file is already in line waiting for USDA review, we can satisfy remaining underwriting conditions and prepare the file while we wait for the USDA commitment to be returned. There are many lenders who still require documentation that is above and beyond what is required before submitting the file to USDA to receive their commitment. Because of our specific USDA lending experience, we know exactly what USDA requires and the format it needs to be delivered in.
USDA Program knowledge and experience:
Another great benefit that goes without saying is the amount of expert knowledge our team holds as a USDA approved lender. USDA loans cover a specific market and it’s incredibly important that lenders know the ins and outs of this unique loan program. A USDA approved lender is better equipped to understand how the program can be maximized for both consumers and the real estate community.
As a USDA Approved Lender, we will walk you through the USDA loan qualifying process step-by-step. Just call or email to discuss your scenario and let us show you the “Metroplex” difference!