When it comes to getting a mortgage timing is everything. “When are we going to close?” is the question we get asked more often than anything else. The Real Estate Agents, buyers, and sellers all need to know when closing is going to occur. One of the biggest challenges with Rural Development financing is closing time frames.
5-10 days Business Day Turn Times
* We try to keep this as up to date as possible email us if you need more info
With RD the basic process works as follows:
So what’s all that mean? Basically if a normal loan takes 30 – 45 days to close, take whatever the above turn time is for RD and add it to it. Generally speaking you will see those RD turn times very fast in the beginning of the year, then as spring hits and things pick up they get more and more backed up, by November/December they are starting to catch up again and the cycle continues.
Although RD approval is more of a formality it still is a requirement that the RD fairies bless the file prior to closing, so we are often stuck waiting.
The real estate market is constantly changing, leading to many challenges for buyers and sellers alike. Never has there been a greater opportunity to leverage innovative lending solutions to better serve your clients. As you know we think outside of the box. Yes we do lots of loans that fit in the box, but getting the deals done that don’t fit in the box can make all the difference in this market. During this class we will cover some more unique loan programs and ways to structure transactions to help get offers accepted in an unconventional world. This class is approved for 1 hour of continuing education thank you Devon Title for sponsoring the continuing education portion of this event!
Here is a list of some of the things we will cover during the event: