How long does it take for an Rural Development loan? | TigerDroppings.com

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longhorn22
USA Fan
Nicholls St. Fan
Member since Jan 2007
37567 posts

How long does it take for an Rural Development loan?


What's the normal waiting period?






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theoldwiseone33
University of Louisiana
Member since May 2012
230 posts

re: How long does it take for an Rural Development loan?


Right now, 65-70 days





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Hu_Flung_Pu
USA Fan
In the handicap stall
Member since Jan 2013
5029 posts

re: How long does it take for an Rural Development loan?


I just got an update on 2.5-3 weeks





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longhorn22
USA Fan
Nicholls St. Fan
Member since Jan 2007
37567 posts

re: How long does it take for an Rural Development loan?


Awesome! We were hoping about a month.





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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
8515 posts

re: How long does it take for an Rural Development loan?


Took mine 3 days. But we got rolling before the rush. Had our Pre approval in December, contract signed, deposit, etc.

We closed in early May...






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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
574 posts

re: How long does it take for an Rural Development loan?


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.



This post was edited on 6/24 at 8:45 am


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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1958 posts
 Online 

re: How long does it take for an Rural Development loan?


as of this morning RD was running about 25 days





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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
574 posts

re: How long does it take for an Rural Development loan?


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.






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Politiceaux
LSU Fan
Chuck Vegas
Member since Feb 2009
15525 posts

re: How long does it take for an Rural Development loan?


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





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mglsu21
LSU Fan
Prairieville
Member since Jun 2012
574 posts

re: How long does it take for an Rural Development loan?


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



This post was edited on 6/24 at 11:17 am


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Politiceaux
LSU Fan
Chuck Vegas
Member since Feb 2009
15525 posts

re: How long does it take for an Rural Development loan?


quote:

$74,750 for married or unmarried.
shite. Ok, thanks.






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longhorn22
USA Fan
Nicholls St. Fan
Member since Jan 2007
37567 posts

re: How long does it take for an Rural Development loan?


interesting..Thanks for the input guys!





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lsu tigerdog
LSU Fan
Baton Rouge
Member since Nov 2007
123 posts

re: How long does it take for an Rural Development loan?


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,





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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
5723 posts

re: How long does it take for an Rural Development loan?


What state? Each state has different turn times.
LA is currently working on files received on 6/3, TN is working on files received 5/30






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SeaPickle
LSU Fan
Thibodaux
Member since May 2011
581 posts

re: How long does it take for an Rural Development loan?


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





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Hu_Flung_Pu
USA Fan
In the handicap stall
Member since Jan 2013
5029 posts

re: How long does it take for an Rural Development loan?


Why the hell are they so behind?





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1958 posts
 Online 

re: How long does it take for an Rural Development loan?


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





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Hu_Flung_Pu
USA Fan
In the handicap stall
Member since Jan 2013
5029 posts

re: How long does it take for an Rural Development loan?


damn that sucks. I feel bad for them but dammit I want to be in my home. I wonder if they take bribery.





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1958 posts
 Online 

re: How long does it take for an Rural Development loan?


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





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Hu_Flung_Pu
USA Fan
In the handicap stall
Member since Jan 2013
5029 posts

re: How long does it take for an Rural Development loan?


damn


eta: looks like we are going to be living in the same city



This post was edited on 6/24 at 4:10 pm


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