usda guaranteed ohio loans

Welcome josh,

It might take some time to complete the loan closing. You can contact the lender and ask him to complete the process ASAP so that you can get the loan fast and purchase the concerned property.

Most lenders are running 2-4 weeks on closings because of the influx of applications with rates being so low. Add into the fact several lenders have gotten out of wholesale, HARP loans and the change in mortgage insurance for FHA, lenders have a huge bottleneck at the moment.

Well my lender submitted the app July 2.. this coming week I should here back from the title company and appraisal id hope. How long do those usually take? Then I take it after that then my file will be sent to usda?



Thanks for any answers this is all new to me since I'm a first time home buyer

What are you waiting to hear back from the title company for? Fees should have been provided to the loan officer during the time of application otherwise they cannot disclose fully on a GFE. If you are waiting for a closing date they usually do not schedule that until the week of closing or sometimes 24-48 hrs before the closing date. Appraisals are ordered 3 days after a submission. Appraisers have up to 5 days to pick up the appraisal order and up to 4 days to return it to the lender. After that your file typically goes to the underwriting who will issue any remaining conditions. Some underwriters are at 24 hrs others are taking up to 2 weeks to address a file fully. Hope that give you some perspective. Is your loan officer explaining these details to you?

Ok on my gfe it has my appraisal fee and title service fees. She didnt say when see ordered it but when I talked to her Friday she said it has been ordered. So pretty much its probably just a sit an wait. I should probably here something this week then.