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USDA Home Loan Process

Posted on: April 29th, 2010 by admin

USDA Home Loan ProcessThe USDA home loan process is very similar to that of a conventional or FHA mortgage . The main difference is that your USDA Home Loan will be submitted the State’s USDA Field Office for review and final approval. From a client’s perspective  USDA Rural Mortgage process is seamless. The mortgage lender underwriting the file will submit the loan to the USDA Field Office. Once the field office has completed its review the client will be notified and loan docs will be ready to sign.

USDA Rural Home Loan Process

Step 1 – (0 to 2 Days)

Loan Application- we review your file, and determine if you meet the USDA Property Eligibility, USDA Income Eligibility, & USDA Credit Eligibility Guidelines.

Step 2 – (1 Day)

Lock Interest Rate (if applicable), Order appraisal, Request Remaining underwriting items.

Step 3 – (3-6 Days)

Wait for Appraisal to be completed, Gather all remaining underwriting items, prepare file for underwriters review.

Step 4 - (2-3 Days)

Underwriting items are gathered. Cornerstone underwrites the USDA Home Loan and Submits the file to the USDA Regional office for final approval.

Step 5 – (2 or More Days)

The loan is reviewed by the USDA Field Office, this process can take as little as two days or more than a week depending on the number of USDA home loans being processed by the USDA Office at that time. Underwriting for Washington and Oregon USDA Home Loans typically averages less than 7 days.

Step 6 – (2-3 Days) Closing

Once the USDA has issued its approval, we drawn loan docs, the client signs, and the loan typically funds the day of signing or the day after. 3 days later for refinances.

Work with a USDA Rural Mortgage Specialist

The USDA Mortgage Group is a team of dedicated mortgage professionals who specialize in USDA Home Loans for Washington and Oregon. Our expertise helps insures a smooth transaction that closes as scheduled. If you’re in the market for a USDA Mortgage please contact us today, we would be happy to answer any questions you might have.

USDA Mortgage Group.com – Call Us Today! - (206)-707-9658

 

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