QUESTION: I was wondering how long the USDA closing process takes here in Florida. I heard it takes longer when compared to FHA or conventional loans.
Thank you – V. Hatfield / Ocala, FL
Thank you for your question. We have been receiving many questions lately regarding the USDA / Rural Development closing times. We have some past blog posts that address the USDA closing times as well
To clarify, yes the USDA home loan closing process typically takes on average 5-10 days longer when compared to other loans ( FHA/Conventional loans)
The reason for this is that USDA / Rural home loans go through a secondary approval process with the local USDA office once fully approved by the lender. Once you have a fully approved/ executed sales contract on a home, plan on the USDA closing time taking anywhere from 30-40 days to complete on average. Again, the exact time will depend on what county your new home is located in.
Counties in north Florida and the panhandle ( Clay county, Alachua County, Gulf County, and Bay County to name a few) have faster USDA closing times when compared to other counties in central /south Florida like Polk county, Hillsborough county, Pasco county, Sarasota county, etc. Generally, the counties in central and south Florida will take the most time.
Please be sure not to confuse the USDA closing time frame with the USDA pre qualification process time. The pre-qualification time ( the time it takes to check your pre-qualification factors) only takes 20 min to complete. We can generally issue your USDA pre qualification letter on the same day. Again, the closing time frame only applies to the time it takes once you are in contract on a home.
Need a USDA home loan pre-approval? Please contact us 7 days a week to get started.
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