What is the closing time on a USDA Loan?

Welcome back everyone, Sean Stephens here with Metroplex Mortgage Services and another USDA Loan Pro video quick tip.

We commonly receive questions on this topic and in today’s video I will explain the facts and share the details that you need to know to keep your financing headed in the right direction.

Also, if you have not yet done so, feel free to download our newest “USDA Blueprint” with the link below. This free guide is designed to help walk you through the USDA process step-by-step and is a great educational resource for both homebuyers and their agents.

What is the closing time on a USDA Loan?

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 USDA approved lender to handle the underwriting process which immediately brings to mind the old saying “too many cooks in the kitchen”!  

Being a USDA approved lender provides us the ability to manage the entire loan process from right within my office which includes:

• Pre-Qualification
• Loan Application
• On-Site Underwriting and Loan Approval
• Submitting the file to USDA
• Ordering closing documents, and
• Loan Funding

This type of control combined with giving you the same point of contact through the process allows us to save time where possible and keep all parties on the same page.

Now, on the other hand, if you are not working with a USDA approved lender, they will have to submit to another lender who has USDA approval to underwrite, approve, and submit the files to USDA.

As you can see, this just creates another party involved in the application, another set of requirements, and potentially another source of delay during the process.

So, are you working with an actual USDA Approved Lender? Here is a link to find out:

USDA Approved Lender List

In Summary, while many may 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.

800-806-9836 Ext. 280

SeanS@MPLX.org

Just call or email if you have any USDA qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions

I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

CLICK THE IMAGE BELOW TO DOWNLOAD YOUR USDA BLUEPRINT FOR SUCCESS