Should it take this long?

[njile3]

Hi everyone,

My husband and I are 3 years from a short sale and we finally applied for an FHA loan. Our midscores are 686 and we have no negatives in the past 2 years. We have significant amount in savings and together we make about $95,000. We have no collections, judgements, disputes..basically looking very good since the short sale.

So I'm disappointed that we haven't heard back fro any of the lenders we applied to. They all agreed that we looked good (DTI ratio is <30%) but wanted to put our app through underwriting (understandable) and we should know within a week or two. Well, we're going on week four with no news or updates. I check with the lenders and they tell us they're still waiting to hear from the underwriter. 

I'm so discouraged. What coul be taking so long? If they were to deny us, shouldn't they have said something by now? 

Is there anything else we can do?

Any insight would be greatly appreaciated!

[foofighter74]

Obviously, turnaround time depends in part on who the lenders are and how many other applicants / loans they're working on besides yours. 

The answer, in general, to your question is "no", it shouldn't take that long. But from what I have read and seen on this forum alone, it often does.  You'll find plenty of people here who wouldn't hear anything from their lenders, or loan officers, if they didn't email them first. And often, there's no information to be had.

From what you've stated, it appears you have a strong file. I wouldn't assume that there is anything wrong...I would just keep in mind that sometimes it's a long process.