Get Form Rd 3550 7

USDA Approval They will need to authorize the loan and confirm the eligibility of you and the property you are buying. This final approval from the USDA may take a few days or up to a few weeks, so it is important to allow for extra time during this crucial stage.

Depending on the results of that analysis, the application will either be denied, due to a lack of acceptable credit history, or the Loan Approval Official may determine that the applicant has an acceptable credit history and may continue processing the application.

As previously announced, Form RD 3555-21, Request for Single Family Housing Loan Guarantee, was updated on August 30, 2022. All loan requests submitted to the Agency on or after November 30, 2022, must include the newly revised form with the August 2022 revision date.

After submitting your application, it will typically take three to seven days to find out if you're approved. USDA direct loan applicants, on the other hand, will submit their paperwork to their Rural Development office. The time for approval on direct loans might vary depending on the office.

Once you've signed a purchase agreement, the USDA loan application process typically takes around 30-45 days. The faster all parties work together to complete and provide documents for loan approval, the quicker final loan approval and closing can happen.

Once you've signed a purchase agreement, the USDA loan application process typically takes around 30-45 days.