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HOW LONG?

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shawneet
Valued Member

HOW LONG?

Good day to everyone ...

I have a question and I hope that someone can answer this for me (from experience or otherwise).  How long does it usually take to get a "pre-approval" (conditional or otherwise) from the LO/lender from the time the purchase contract is signed, etc? We received the pre-qualification but we have 45 days to get an approval letter to the builder (per our contract) from the lender saying that they will approve (conditional or otherwise) funding for our loan.  We are now at day 29 and I haven't heard anything back from our LO in the past week in a half.  Should I be worried or is this the normal process of things?

Message 1 of 4
3 REPLIES 3
foofighter74
Established Contributor

Re: HOW LONG?

That's a long time to wait...I would ask for an update today. 

Message 2 of 4
shawneet
Valued Member

Re: HOW LONG?

I was kinda thinking the same thing but we do a unique situation.  We pretty much received the qualification on the spot when we sat down with the LO and put in the application and gave her the bank statements, W-2, etc.  She put us into a conventional loan with 10% down because of a late payment on my husband's CR that won't be a year old until July.  So, she said just for approval-sake, we'll go with this current scenario and then re-visit everything in late July/early August so that we can possibly do an FHA or other program with 3 - 5% down (depending on program).  So, why is it taking so long for the approval letter to come back to the lender.  I know that it will have conditions (based on above info) but I just want to know that they will fund the loan so that we can fulfill the agreement of the purchase contract with the builder. The closing has been tentatively put on contract for sometime Aug - Oct 2013.   I called LO yesterday and left a message but no word back yet.  Is no news good news or should I be worried? This process is so nerve racking!! Uuugghh!

Message 3 of 4
HomeBuyer13
Established Member

Re: HOW LONG?

After my file got sent to UW, it took 3 weeks to hear something back. They are sooo slow, it got on my nerves. I might have to wait another week before I get final approval and appraisal results.  grr!

Message 4 of 4
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