Joshua is under contract to purchase a new home and qualified for the USDA loan. He was told by his lender that there is a backup at USDA. His question for
Robert Palmer was, “With your experience with USDA, does that sound about right? Are they backlogged that kind of time?”
A lot of lenders right now are running 30 to 45 days to get the file underwritten. Then you tack on another 15 for USDA and you could be looking at 60 days
to get the deal done.
The key is to get the file to USDA as soon as possible.
What makes RP Funding stand out is that we go ahead and get the file to USDA immediately. If you came into the office or completed an application over
the phone, we'd give that file priority because it needs to be closed quickly. Another thing that sets us apart is that we continue to work on the file; we
draw the closing package so that when the USDA approval comes back you can close that day. A lot of lenders wait for USDA to come back and then they move
onto the next step. No one can make USDA go faster, but by working on our part simultaneously, the buyer is less affected by the USDA slow down.
Also, on USDA loans, RP Funding usually comes in around $1,500 to $2,000 cheaper in closing costs due to the lack of lender fees.
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$1,000 Mortgage Challenge/Guarantee requires a minimum loan amount of $100,000 and applies to Fixed Rate Loans only. This Challenge/Guarantee is not applicable to Jumbo Loans, which are loans for $417,000 and greater, and does not apply if borrower is declined by R P Funding for not meeting credit or income program guidelines. Borrower must provide Loan Estimate Disclosure to R P Funding from competing lender on the same day the competitor's terms are offered. Loan program offered by competitor must be a program R P Funding currently offers. This offer does not apply to prior locks or terms, and R P Funding must have an opportunity to beat the terms. In the event that R P Funding is unable to beat the terms of the competing lender, borrower must provide the final executed Closing disclosure, the first page of mortgage note after closing and funding, and the lock-in agreement dated the same day terms are presented to R P Funding, all of which will be used to verify competing lender's terms have not changed at closing. The $1,000 Mortgage Challenge/Guarantee is not applicable if the loan closes on terms different than those detailed in the Loan Estimate Disclosure provided to R P Funding. Change in terms include, but are not limited to, changes in loan amount, loan program, fees, discounts, lender credits, rate, APR, buy-downs, years of term, origination, down payment, seller or any interested party credits, and within the time of the competitor's initial lock in, or any other material loan changes not specifically mentioned here.