USDA Rural Housing is back up and running after the Gov shutdown. However, the USDA loan processing time as slowed a bit due to the shutdown and reduced staff. As of Oct 2013 – USDA (Florida) is telling lenders to allocate 60-70 days for loan approvals. Keep in mind it generally takes the USDA lenders and banks about 3 weeks to get the file cleared and sent to the USDA for final approval/commitment. So… until further notice, buyers in contract to purchase a home should allocate around three months for closing. These turns times can, and do change. Please check back frequently for updates!
As for USDA loan in process already - USDA Rural Development (RD) Rural Development has begin issuing Conditional Commitments with language referencing the loan approval is “subject to the availability of commitment authority” for purchase and refinance loans while awaiting new funding for fiscal year 2014.
We know all this USDA stuff get’s confusing around this time of year. So you may be asking.. “what does this mean?” As in the past, we will continue to take USDA loan applications and process pre approvals during this time. We will also continue to close and fund existing USDA loans in process as normal.
As for the USDA map of RD eligible locations - this was due to change ( be revised) in October. However, this has been delayed until Jan 15th. Please read more about the maps here.
So it’s business as usual until Jan 15th.. please check back for funding, map and turn time updates at that time. Please call us at 904-302-6060 or visit http://www.usdamortgagesource.com/blog/ for updates.