Salt Lake City, Utah (PRWEB) July 29, 2014
RANLife Home Loans, a USDA Direct Lender, is offering alternative solutions to clients looking for a USDA Home Loan to combat the long commitment times which stretch out to up to 30 business days in some states. In order to ensure a faster loan closing, RANLife is taking every precaution possible to ensure they can still meet their client’s mortgage goals.
When a loan file is out of underwriting, lenders have to send the file to USDA in order to receive a USDA Commitment. These turn times are set by USDA because they only have a certain amount of people assigned to work on the files and each state has different turn times. Turn times right now vary anywhere from 2-3 business days, all the way up to 30 business days in some states which can add up to 60 days to the home loan process.
“I’ve never seen USDA turn times this long,” stated Tarik Saran, a RANLife Loan Officer, “but I think it’s a combination of a few factors: Increased amounts of home loan applications due to it being the home buying season and the fact that more people are finding out about this beneficial home buying program.”
RANLife has since been focusing on offering other creative solutions to combat this issue with USDA Rural Housing Loans. One way they do this is by looking for a different loan program that will still benefit the client's situation. “USDA loans can be quite stringent so if your borrower qualifies for USDA they will likely qualify for an FHA or Conventional Loan as well,” Saran commented.
In just the last month Saran was able to help one of his borrowers that needed to relocate for work but only had 30 days to do so. Since USDA turn times were out almost 30 business days in his area, Saran suggested switching him to an FHA Loan with a gift down payment from his Uncle so he was still able to obtain financing without putting a lot of money down.
“The USDA Loan Program is great option for the first time homebuyer,” said Tarik Saran, one of RANLife’s top Loan Officers. The USDA loan offers many benefits aside from other loan programs such as low mortgage rates, lower mortgage insurance, no down payment, and allowance of seller concessions. However, the biggest down side to this program can be the long wait times for a USDA commitment.
The best advice that Saran can give to a home buyer that might be interested in using the USDA Rural Housing Program is to talk to your lender and get preapproved right away and let them know exactly what your goals are. “I know when it comes to working with RANLife we are really good about setting a reasonable timeline and managing expectations with our clients so we can ensure they always close on time.”
RANLife is a leading mortgage lender that was founded in 2001. Based out of Salt Lake City, Utah, they service locally and nationwide to 17 different states. RANLife provides financing for all programs including FHA, USDA, VA, Conforming, Jumbo, and Fixed and Adjustable-Rate Mortgages. Their promise is great service with great rates. For more information contact them at 800.461.4152 NMLS# 3151.
Follow RANLife Home Loans on Facebook at http://www.facebook.com/ranlifehomeloans.
And stay up to date on the Home Lending Life blog at http://blog.ranlife.com.