what can cause several weeks delay in the processing of a usda guaranteed loan?

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Icon Mini Profile k3dec





Joined: 12 Dec 2009

Posts: 1

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Post Posted: Sat Dec 12, 2009 1:05 pm    Post subject: what can cause several weeks delay in the processing of a us
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The sale of our daughter's previous home closed on
10/30/09.
She already had her paperwork in for buying her next
home under the usda guaranteed mtg program.
The LO said her paperwork had passed underwriting and
been forwarded to usda by 11/10 and would take apprx
21 days. Now it is 12/12 and LO claims response not yet
received.
Should she be dealing with a different Mtg Co/LO ?
Thank you
Dee
Icon Mini Profile savior70





Joined: 25 Mar 2009

Posts: 1895
Location: Florida
261.85 Dollars($)
Post Posted: Mon Dec 14, 2009 5:45 am    Post subject:
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Hi,

As far as I'm aware of, USDA officials take no more than 30 days after receipt of loan application to make a decision about the loan. If your lender has sent the loan application and all other required documents to the USDA, there should not be so much of delay in processing the loan. Talk to the loan officer and ask him what is causing this delay. If the situation does not improve, your daughter can contact a different mortgage lender.
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