UPDATE: Adding updated status to the end as a new post! Your input needed!
My file went into "processing" with the lender on Monday... What exactly does processing mean? Is it currently in underwriting?
Wednesday, I received my disclosure packet including my APR, loan terms, lots of things to sign regarding fees and such, etc. I signed and returned the packet the next day.
From what I know, the appraisal has been ordered and is scheduled for Tuesday. Where does this place me in the overall loan approval process? Just curious if the underwriter even looks at my file prior to the appraisal.
I'm pretty positive the appraisal will come back with some things needing to be fixed -- exterior paint touchups, attic inaccessible due to it being sealed when owner did some Energy Star insulation program, cracked window pane in kitchen, frayed electrical service cable on outside...
All of these issues, I'm going to have the seller pay for... Going under the assumption repairs are taken care of immediately, any idea how soon I might be able to close?
Starting Score: 756
Awesome, thank you for the information...
I just received word today that my file has passed through underwriting with approval. That I would soon receive a commitment letter, and that I should also be receiving any outstanding conditions.
That seems pretty quick... 4 business days from entering processing. Does that pretty much mean that as long as I adhere to the conditions from underwriter, house appraises for sales price, and any FHA issues are fixed, that the lender is already agreeding to give me the loan?
Or am I jumping the gun on that assumption?
Yay! That is GREAT news. Going into this as a first time home buyer with a high DTI (46%), low down payment (3.5%), and a less-than-perfect credit score (750s), I was extremely nervous...
Going to keep my fingers crossed that the appraisal goes well.......
Oh, I mean the score is decent enough to qualify -- but I've still got some issues that show up that really worried me!
Collections:
$30 - Paid years ago
$30 - Paid years ago but for some reason still showing up as owed
Lates:
Account #1 30-day Oct 2007
Account #2 30-day Aug 2008
Account #3 60 and 90 day lates April-July 2008
Account #4 30-day Mar 2008 and Aug 2008
Then a ton of accounts that are never late.
Funny, less than perfect credit score 
Good luck, seems you're in good shape.
Good luck, seems you're in good shape.
Starting Score: (2009) EQ = 626 | TU = 664 Things seemed to have slowed down a lot after going very well... The wait is so nerve-racking! Can someone familiar with the FHA process help me to understand what's next?
Timeline:
2/27 - Received Pre-Approval from Lender
2/28 - Toured the house
3/1 - Placed offer on house - accepted
3/2 - Both parties signed contract
3/11 - Home inspection
3/12 - Received home inspection report
3/15 - Structural engineer inspection -- Verbal "OK," things are not that bad.
3/16 - Inspection contingencies removed from contract
3/18 - Loan file officially enters processing
3/19 - Received structural engineering report
3/22 - Loan approved with conditions
3/25 - Met personal pre-closing UW conditions, turned into lender
3/26 - FHA appraisal
4/2 - Received FHA appraisal results - appraised for sales price, no required repairs
... and I've heard nothing since then...
What is there left to do prior to closing? The only other conditions the UW required were for the lender -- employment verification and IRS tax transcripts. Am I being overly optimistic to hope for a closing this week or next?