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FHA Manual Underwriting Time Frame

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jhill0224
New Member

FHA Manual Underwriting Time Frame

Our home mortgage file was submitted to FHA Manual underwriting today through our full service Mortgage Banker.  So they have the ability to underwrite and fund themselves.  Anyone have a clue what the timeline is for manual underwriting?  We are scheduled to close 8/30.

 

Any help would be greatly appreciated!

Message 1 of 5
4 REPLIES 4
StartingOver10
Moderator Emerita

Re: FHA Manual Underwriting Time Frame

Welcome jhill0224 Smiley Happy

 

Your loan officer will know best, however, from what I have seen the typical underwriter turn around is approx 72 hours (3 business days). You are in good shape for a closing 8/30 assuming the conditions are normal.

 

 

Message 2 of 5
jhill0224
New Member

Re: FHA Manual Underwriting Time Frame

72 hours is what I've seen online, but have wondered if it was anywhere near accurate.   So far have only been asked one question since it was put into underwriting... We had a deposit of a paycheck and $40 cash that put it over the $1000 mark... So they need proof of what the deposit was... Well, Bank of America only shows "general ledger" as their marker for cash when you use the ATM to deposit.... So now I have to get BOA to send a letter explaining "general ledger" on a deposit slip means the same as cash.

 

And thanks for the welcome... I've stalked the forum for a while, but have had nothing credible to add Smiley Happy

Message 3 of 5
StartingOver10
Moderator Emerita

Re: FHA Manual Underwriting Time Frame

I am basing the 72 hrs on my experience with the lenders I use which are mortgage bankers/correspondent lenders. I'm a Realtor and work with many lenders and 72 hours seems to be accurate. Not including weekends or holidays of course.   Now, if you are talking about a big box bank issuing the loan than that is totally different!

 

Fortunately, you went to a mortgage banker. Smiley Happy

Message 4 of 5
jhill0224
New Member

Re: FHA Manual Underwriting Time Frame

Yes, crossing our fingers we will hear something by Friday.

Message 5 of 5
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