FHA Underwriting TIme?

[Anonymous]

I have been told that FHA approval is taking 60-90 days now. My problem is Countrywide holds the mortgage on a short sale I wish to buy and has approved my offer but wants to settle in less than 30 days. I want a FHA mortgage though which appears not obtainable in time. My credit is excellent, debts low and income high BUT I cannot pay both closing costs and 10% down for a conventional loan. [5% down money is not available due to "declining maerket"."

Is it true FHA underwriting is taking 60-90 days? Any alternatives?

[Anonymous]

I closed on March 9, and from the time I received my appraisal and the time underwriting was complete was less than 2 weeks.  It depends on your lender, if they are telling you 60-90 days, time to find a new lender.

[Anonymous]

+1

The only way it should take that long is if you have not even started the process, and if that is the case you shoudl not have been putting offers out.  You LO should already have 95% of the docs he/she needs and have a good feel for approval.  2-3 weeks max maybe 30 days if something comes up unexepected.

[ShanetheMortgageMan]

I know National City Mortgage has some insanely long turn times now (40+ days), but I haven't heard 60-90 days yet.  The lenders with the lowest rates seem to go slowest, as volume tends to go there, and you can figure anywhere from 5-15 business days in underwriting.  The key to avoiding long underwriting delays while you are in escrow on a home is to have your loan package submitted for underwriting review prior to you making an offer.  Most lenders underwriters will be happy to fully review a loan with a "TBD" address listed on the application, meaning they will fully check out your income, assets, credit, the entire enchilada... not just an automated approval, not a loan officer reviewing your docs, not an email back and forth from the loan officer to the underwriter... but the actual underwriter who will say "Yes you are clear to sign your final loan docs now".  Ask your loan officer if they have this capability with their underwriters/approved lenders.

[DallasLoanGuy]

Many lenders are getting them done in 2 - 3 weeks like normal.

[Anonymous]

Thanks all. It appears the local FL brokers aren't on the ball. I read what was written here and then contacted Amerisave. They claim to have 'in house' underwriters who can complete everything in about 3 weeks. I hope they are right. I've never done business with Amerisave, anybody have any experience with them?

[Anonymous]

Dang, I guess I didn't realize how lucky I was! I signed a contract Jan. 29 (with my loan application documents submitted a week or so earlier) and closed March 2. My (original) manual underwriting (for an FHA-guaranteed loan) was completed in fewer than 5 days. Some manageable odds and ends came up later in the process, but nothing that didn't amount to simply more paperwork.

Message Edited by oldhack62 on 03-18-2009 09:46 PM

[Anonymous]

I closed escrow last week with a loan from National City Mortgage.  It wasn't long at all.  My escrow was 30 days.  I think i was only in underwriting about a week.

[malys28]

From my personal experience it can take up to 60 days right now depending on the lender.  My contract was accepted on Jan 22nd and I signed docs on the March 11th and I should have keys this weekend.  I know my situation was as a result of my lenders in-house underwriting and funding department dropping the ball, my file kept getting buried on someones desk. 

I have family that work for Countrywide and they're saying that it is crazy busy and things are taking longer due to staff shortages

[LisaJ]

 I quick-closed in less than 2 weeks.  This was lender #2--lender #1 was horrible.