Article Score0

I sell my home, the buyer has gone through a USDA loan and was rejected. You are now applying for an FHA loan, how long it will take to close. We are already 2 weeks for our initial closing date. I’m trying to pay the rent and mortgage. You now have to examine me go home. It is a nightmare.Anyone who know this type of loan, let me inform the buyer has great credit, she was denied bc they could not rent information.

3 Thoughts on The buyer refuses USDA loan apply now FHA loan, how long does it close?
  1. Reply
    December 14, 2012 at 9:25 am

    Turned down by USDA the FHA will turn him down. He does not qualify so find another buyer

  2. Reply
    December 14, 2012 at 9:56 am

    There is no way FHA will approve him if USDA turned him down. The USDA requirements are much easier then FHA.

    This deal is dead, you need another buyer.

  3. Reply
    Glenn S
    December 14, 2012 at 10:11 am

    Why were the buyers denied?

    If is was because of poor credit, they won’t get a FHA loan either. FHA has even higher credit standards than USDA.

    If it was because they made to much income then they might be able to get a FHA loan. USDA has many wierd requirements that FHA doesn’t. FHA will lend on property just about anywhere. USDA will lend in only certain rural counties and areas.

    Expect in to take 30-45 days after they return the loan application to the lender. I’d guess you are at least three weeks away from closing when the FHA appraisal is completed and turned in.

    Leave a reply

    Register New Account
    Reset Password