USDA Taking To Long For Closing
I live in Fla and I have a contract on a house. I am a first time home buyer and trying go USDA, the problem is that the sellers are putting a time restraint on me of about 50 days to close.
I have been told USDA is backed up over a month on there loans.
If I go FHA my MI will be $140/month increase and I will need to come up with a down payment.
What are my options? I am clueless if there are any grants or if any different loans I should consider??? Pleases help
Thanks for stopping my my website to ask your questions.
The USDA is probably one of the slowest loan programs to close on. There is a good reason for this, the lender has to be sure it is a good loan. Even though the USDA is helping in the guarantee of this loan, since the down payment is zero, no PMI and all the other benefits, it is going to take time.
However, from the seller point of view, they may not want to wait. It is very common for them to get impatient once they have a contract.
Since I do not know any of the circumstances surrounding this transaction it is very hard for me to say.
What I would do if I was you, relax! It's your Realtors job to deal with the sellers agent. Just take it easy, keep in touch with your lender on a weekly basis for updates.
Make sure you have done all you can to keep the process moving forward. You do not want to be the person they are waiting on for paperwork and such.
In the current market, sellers should be counting their blessings they even have a buyer let alone try and put pressure on them.
With you buying a home in the rural areas because that is the only way you can use the USDA loan, the sellers probably do not have people lined up with offers on the table anyway.
So get with your real estate person, and do not panic. Even if your contract expires in 50 days, there are extensions possible. You may have to go that route if the loan does not close in time.
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