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I got pre-approved for a 100% USDA mortgage last month and made an offer on June 4th. I completed all the paperwork with the mortgage company on June 10th. My realtor told me last Thursday that we were almost ready to close that the loan was submitted to underwriting. I left a message with my mortgage company to see where we were at and they left me a message only telling me that it was in underwriting. How long does it typically take in underwriting?

5 Thoughts on How long will my mortgage stay at the underwriters?
  1. Reply
    March 31, 2012 at 4:18 am

    Unfortunately, no one will know the answer to this. Underwriting review can take a day or two, or up to a week or two.

  2. Reply
    March 31, 2012 at 4:51 am

    Hard to say. Can take 24-48 hours or a week.

    100% loans are a BAD idea and require MORE stringent underwriting. They are a bad idea because you have NO equity in your new home and will be building equity very slowly. And in the current housing market you could be building negative equity. Plus with a 0% down loan, you are paying about 5 times the cost of your home by the time you’re done due to all that interest. They require more stringent underwriting because those who don’t even have 3.5% (FHA minimum) are a higher risk.
    If you’re a first time home buyer and get the federal tax credit, put all or most of that as additional principal payment on your home. It has a HUGE impact on the amount of interest you will pay over the life of the loan.

  3. Reply
    Bryan 2
    March 31, 2012 at 5:37 am

    Hi boof3841, ,

  4. Reply
    March 31, 2012 at 5:50 am

    Hey I recently did the same thing, got a usda loan. it went through my mortgage company underwriter in about 6 or 7 days and my broker told me 10 days max on the usda loan. depends on your credit score and history sometimes too. the lower your score they will check more stringent.
    and as far as you not having equity in your house you may not with a 100 percent loan. but that all depends on what you pay for the house vs. how much it is actually worth(and also what houses around your area sold for).

  5. Reply
    November 8, 2012 at 4:22 am

    We r putting down 20% and our credit is 800 – appraisal done for the 5th time 11/5/12. How long do i wait for underwriting to ok me????

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