USDA Rural Development loans are one of the best options for first time home buyers as well as repeat buyers. Not only do USDA loans offer a no down payment purchase, but also affordable terms which are tough to beat. Unlike other mortgage loans, USDA underwriting guidelines require an extra step in the process. Actually, very similar to state down payment assistance program reviews. Therefore, once a USDA lender has fully underwritten the file, it must be sent to USDA for final review. That means it is key to understand the USDA turn times for file review.
The goal of the submission is for the loan to receive a USDA loan commitment. Late in the process, a popular question pops up – “How long is the USDA review going to take?“. Although USDA is a national program, each state is run independently. So, USDA state turn times vary. Plus, each state has its own way of relaying the turn times to lenders, buyers, Realtors, and others involved in the USDA loan process.
USDA Underwriting Turn Times Explained
Years ago, it was not uncommon for USDA to tack on an additional 30 days to the underwriting process in high volume USDA states. Talk about ruining a rate lock or contract date! Fortunately, USDA processes have improved over the years. Thus, turnaround times stick to a few days or less. An important point to keep in mind is that your lender cannot request a rush on a USDA file. Every file is treated equally and is solely based on file received date. So, any buyer or real estate agent is wasting time by asking for a rush once the file is with USDA. Trust us, we have asked!
Sometimes, a file is submitted and the stated turn time has elapsed. Basically, the file should have received a decision based on the stated USDA turn around. Then, lenders are allowed to check on a file’s status. But, not before.
USDA Turn Times NC
NC is consistently ranked as one of the highest volume states for USDA loans funded. Like many other states, much of NC is USDA eligible. In order to determine the approximate turn time for USDA file review, North Carolina has a recorded hotline. The phone number is 919-873-2060. Typically, the NC turn times run from same day to about a week. So, here is how it works for NC USDA loans.
Once everyone knows the USDA submission date (which would be shared by your lender), anyone may call the NC USDA hotline. The recording states the date which they are currently reviewing files. Therefore, the approximate turn time may be calculated. For instance, if a file was submitted to USDA on February 3rd and the hotline states USDA is processing files received on February 1, the approximate turn time would be 2 days.
USDA Turn Times SC
SC boasts many USDA eligible areas around popular cities like Charleston, Columbia, Spartanburg, Greenville, and Myrtle Beach. Like NC, USDA SC has a recorded hotline. But, the recording is different for South Carolina file status. SC states the approximate number of days for USDA file review. Usually, the voicemail states “currently, the estimated turn around time is 2 – 4 business days”. Other language typically states the importance of submitting complete files, which we take very seriously. We have found that SC USDA loan commitments generally come back on the quicker side of the stated times. In order to learn the current turn times for SC, call 803-253-3432.
USDA Turn Times TN
Tennessee is another very popular state for USDA Rural Development home loans. In order to determine the turn time for Tennessee USDA loan commitments, anyone may visit their webpage. Once on their website, look to the top right in the “Alert” section. Click here for the TN turn times page. Typical status language looks like this, “Loan guarantee applications are reviewed in the order received. We are currently reviewing TN home loan guarantee applications received on 11/14.”. So, at a quick glance, anyone may see the projected turn around time for Tennessee USDA files.
USDA Turn Times Virginia
Virginia has several large metropolitan areas. Especially on the coast and near D.C. But, Virginia also has a lot of USDA eligible areas. So, most buyers have access to a no money down purchase throughout much of Virginia. USDA Rural Development Guaranteed Home Loan status for the state of Virginia is found out by calling their USDA hotline. The Virginia turn times hotline is 804-287-1598 and may be called by anyone. USDA Virginia turn times are typically very quick.
USDA Turn Times GA
In order to determine the length of time required to receive a USDA commitment for a Georgia loan, anyone may visit their website. USDA GA states their turn times in the upper right corner of their webpage. It is stated in the “Alert” section. Click here for USDA guaranteed loan status. Common “alert” language states, “On November 19, 2018, we are reviewing guaranteed home loan files received on November 16, 2018.”. As other states, Georgia USDA files typically take a few days or less.
USDA Turn Times Colorado
The state of Colorado offers many USDA eligible areas which helps residents buy with no money down. In order to determine USDA file turn around times, anyone may email USDA CO at COGRHInquiries@co.usda.gov. An automated email response will state the approximate turn time along with some reminders of file completeness, no rushes allowed, among other lender instructions.
USDA Turn Times FL
Even though Florida has a lot of large cities, there are plenty of USDA eligible areas as well. Therefore, USDA is a very popular loan choice. Checking turn times for Florida USDA loans may be accomplished in a couple different ways. For a recorded phone call, dial 352-338-3421 or anyone may send an email to RD.firstname.lastname@example.org. An automated email response will respond with the current Florida turn times for USDA guaranteed loan commitments.
USDA Loan Tips
If a buyer or Realtor is involved with a USDA loan, it is important to discuss and have an understanding of a few areas.
- Discuss & understand loan terms
- Allow sufficient time to close based on approximate USDA turn time
- Review seller paid costs needed (if applicable)
USDA loans are a great option for today’s first time and repeat buyers. So, we encourage you to click on other USDA buttons in this article to learn more about the advantages of USDA Rural Development. Furthermore, OVM Financial loan officers are available to answer questions and walk you through the USDA loan process.