[Puyallup Agent]

Looking for some feedback about the USDA RD (Rural Development 100% loan product) for those of you in states other than Washington.

Are you experiencing backlogs with your local office?

Here in Washington they are currently reviewing applications made on September 30th 2009. That's about a 50 day delay here, resulting in a 60+ day close at best.

This delay is causing some real problems for my USDA buyers here as they are no longer competitive with FHA, VA or Conventional buyers.

Seeing the same thing in your state?

[Puyallup Agent]

Is no one else experiencing delays with USDA financing?

[Brian Mc]

We were running around 15 bus days (three weeks) at the worst but we are down to around 11 days now. Many agents bring us contracts and say it should only take 3-4 days but we know better and can tell them almost exactly lol.

[donnalong]

The Rural Development loans typically have to go thru the normal underwriting process of about 3 weeks and once they are out of underwriting they go to Rural development for about 3 more weeks.

So, a rural dev loan usually takes about 6 wks from contract to close.

[Goknights]

i just completed one in central florida last week. there were no delays. the sale actually seemed to move quicker than previous FHA deals. Seemed much easier to get the appraisal done.

[Puyallup Agent]

Our local lenders can push it through their underwriting pretty quickly. Of course we are having inspections performed within a couple days of mutual acceptance and ordering appraisals with in 3 or 4.
It's the local USDA RD office that is responsible for the delays. Pushing the transaction as quickly as I can, we are still looking at 60 plus days to close.

[Toby Lane]

Running about 40-45 days on these right now, start to finish. USDA is taking 10-15 days right now for their part, which usually is only 3-4 days. They should be back to normal soon. Other loans are taking about 3 weeks.

[Dallas Broker]

My brother recently close on RD loan here in North Texas. Everything went fairly smooth with 30-45 day close. Of course this was back in August. I can't imagine backlog would be any worse in Nov/Dec with slow down on transactions

[TrophyHomes]

I am closing them in 3 weeks in Utah thats about 2 weeks for RDA and 1 week for normal underwriting and funding.