We receive many questions from USDA home buyers wanting to know how long the USDA closing process takes? As of 2023, Florida USDA loans are currently taking about 30-40 days to close from the time of the complete approved purchase contract. Keep in mind that USDA home loans go through a two-tier approval process before closing.
First with the lender: This generally takes about 2-3 weeks for the underwriting, appraisal, closing conditions to be satisfied assuming you are working with a competent USDA lender. Second with the USDA office: this normally takes about 1 week or the final review.
The USDA always must do the final review on the file to ensure the lender/bank underwriting was according to the USDA Rural Development guidelines. The review turn times at the USDA office can fluctuate depending on your state and the number of loans (workload) in process.
If you are a home buyer and have questions about a current USDA loan currently in process (how much longer, etc) you will need to contact your lender’s loan officer directly for status. Any new home buyers that wish to apply for a USDA RD mortgage can submit the short Info Request Form on this page to get started today. You can also contact us at 7 days a week at ph: 800-743-7556
The USDA mortgage still offers U.S. home buyers 100% financing with zero down payment. In addition, buyers also have added flexibility to finance their closing costs or have the home seller pay for them. The result is very little money out of pocket, especially wonderful for first time home buyers.
Many cities around Florida and Georgia are still approved locations for USDA Rural Development loans – even the suburban locations surrounding major cities like Jacksonville FL, Tallahassee, Gainesville, Lakeland, Pensacola FL, Naples, Sarasota FL, Tampa and Orlando. If you aren’t sure about your area, contact us today so we can check for you and discuss all your home financing options. Even if you are located in a major city, you still could have options for other minimum down / zero down home loans.
USDA Closing Review Turn Times 2023