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How long will it take to close on a USDA loan?

How long does it take to get a clear to close on a home loan after approval contengencies are met?

  • We have an approval with contengencies and all the contengies are just about done. Once my loan officer submits all the contengency requirements to the underwriter, how long does it usually take to get "final approval/clear to close" from them? I am hoping they submit everything today since we had the approval on Monday and everything I needed to do on my end has been completed.

  • Answer:

    In my company, we can usually clear conditions within the same day. Of course, it depends on what the conditions are and how difficult it is to obtain the requested information from the underwriter. Once we clear conditions, there usually is a 48 hour turnaround time for them to draw documents so that the borrower can go to the title company to close the transaction.

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There are a few things that has to be back that you don't have control over. 1. The Appraisal 2. The title work 3. Condo questionaire (ONLY if you are buying a condo) 4. Fee sheet from the attorney's office An UW can always issue a clear to close once you have all of your docs in and these items are back...no matter how far ahead the closing is.

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