How long does it take for FHA Loan Approval?

[Anonymous]

My hubby already got pre-approved. We signed contract on home, and now we are waiting. My hubby submitted contract to lender on 3/23/09 and submitted his paystubs etc... on 3/27/09

We are supposed to close on 4/30/09 How likely will we close then? I am just so eager to get this over with.

[Anonymous]

Probably depends on your loan officer and their underwriting department. Have they asked you for anything else? Have you asked for a status from you LO?

[Anonymous]

No they haven't asked for anything yet. Actually we called last week and the LO said all we do is wait and that was it. I even e-mail him to ask for a status and no response after that.

[Anonymous]

Does your contract specify a date for which you are to provide a loan commitment?

Regardless, if you loan officer is not responsive, I'd be looking elsewhere. You can't control how long UW will take, but the loan officer ignoring you is unacceptable. 

[Anonymous]

Yes itsays 4/17/09 we are using well fargo

[Anonymous]

I'm with them too, but my LO and his team have been awesome.  Do you have any other contacts - not sure if they all work this way but from the start I was given contact information for 3 people and they are all part of a team. I've been in contact constantly with two of them. It's possible they know they have time to get you the commitment so those with more time constraints are pushed ahead of the line, but that doesn't excuse the LO ignoring your inquiry about the status. Sorry you are having this problem. I would reach out to someone else if you have another contact. Or rather pick up the phone and call. It's a lot easier to blow off an email...

[Anonymous]

No we do not have any other contacts. I will call my LO Monday maybe he can tell me something. Thanks for responding I really appreciate it

[DallasLoanGuy]

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@Anonymous wrote:
Yes itsays 4/17/09 we are using well fargo

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ask your loan officer.

this is not an issue of how quick an fha loan can close.... but, rather, an issue of how long it takes your lender to cram your file thru their system.

wells is slow

 

 

[medicgrrl]

If you can't get thru to the loan officer on Monday then ask the receptionist to transfer you to his processor.  He/she should be able to tell you if there is anything missing and when the loan will be submitted to the underwriter.

[Anonymous]

We we told by our lender today that they are understaffed, what staff they have is new and in the process of being trained, and that they are experiencing a high volume of business. So basically, they said, they are behind. Argh. It seems to be the prevailing theme of the entire industry.