How long does it take for an Rural Development loan?

Right now, 65-70 days

Awesome! We were hoping about a month.

I got preapproval early April...RD was only 2 days behind.

Put in purchase agreement on 4/8.
Switched loan companies on 4/10.
File went to RD on 5/2...RD was 2 weeks behind. Finally closed on 5/31. And there were not any real big issues.

From what I hear they are even further behind but not sure by how much.

Plan on it taking longer that what they say when you start the loan process.

Edit: Just remembered that even though it was sent to RD on 5/2 it got sent back to lender for extra income verification and did not get sent back to RD until 5/10. So from 5/10 until 5/31 is how long it took from RD to close.

quote:

---

What's the normal waiting period?

---

And BTW the person that said 65-70 days he is talking about the whole loan process.

Hawkeye saying 25 days is the amount of time it takes RD to catch up on all the files that were there before yours. This is not counting the time it takes the lender to do all the processing of the loan. It usually only takes RD 1 day to review the lender's processing and give their okay.

So 60+ days is probably pretty accurate for the whole loan process.

quote:

---

Is there still an income cap on this? If so, what would it be for a married couple?

---

$74,750 for married or unmarried. It does go up with qualified dependents tho (i think 4-5 or more in household...not sure I'd have to pull up the guidelines).

Edit: $98,650 if a 5+ person household

quote:

---

$74,750 for married or unmarried.

---

shite. Ok, thanks.

right now rural development is working on files received June 3rd, about 15 business out, most important goal is get it out of underwriting asap,

for La, i waited 3 months before i closed closed in Feb 2013

this isnt behind this is normal for them...they have about 5 people in an office in Alexandria for the whole state of LA!

nope trust me i have tried many times over the years...