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buyer denied usda loan now applying for FHA loan how long will it take to close?

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I am selling my house the buyer went through a USDA loan and was denied. They are now applying for a FHA loan how long will it take to close. we are already 2 weeks past our original close date. I am now paying rent and a mortgage. They now have to appraise my home again. This is turning into a nightmare.Anyone who know about these types of loans please let me know
The buyer has great credit she was denied bc she couldn’t get rent information.

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    Iffy
    Posted 2 months ago

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

      Landlord
      Posted 2 months ago

      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.

        Glenn S
        Posted 2 months ago

        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.

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