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How long does it take to closeFHA LOAN?

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Regular Contributor

How long does it take to closeFHA LOAN?

Hello experts just got pre-approved today FHA how long will it take to close my loan? Thanks in advance for your help

Message 1 of 10
9 REPLIES 9
Moderator Emerita

Re: How long does it take to closeFHA LOAN?

Usually 30 days unless you go with one of the big box banks ...they take longer IME, 45 days. The start time is from contract date, not pre-approval date.

Your LO is the best person to ask how long their process takes to close.

Message 2 of 10
Senior Contributor

Re: How long does it take to closeFHA LOAN?

There is no set timeframe. It could be 30 days or it could be several months. How long it takes from loan application to closing depends on many factors. Here are some example of those factors:

 

1) How promptly you provide documentation to your loan officer.

2) What issues, if any, exist with your financials or employment.

3) Was your file eligible for auto underwriting or does it require manual underwriting?

4) Are any exceptions needed to get your file approved by underwriting?

5) Are there issues with the property?

6) Can the appraiser secure good comps to support your purchase price?

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Message 3 of 10
Regular Contributor

Re: How long does it take to closeFHA LOAN?

Thanks ezdriver and startingallover I currently have a land contract on the property and I was approved for FHA yesterday  credit score 710 Bankruptcy 3/11 I'm happy I'll be able to secure my property.. The LO said around 30 days my land contract expires 12/1. My next questions regarding documents still needing to file 2012 and 2013 taxes anyway around closing on the loan with just w2's?

Message 4 of 10
Senior Contributor

Re: How long does it take to closeFHA LOAN?


@Blessed221 wrote:

Thanks ezdriver and startingallover I currently have a land contract on the property and I was approved for FHA yesterday  credit score 710 Bankruptcy 3/11 I'm happy I'll be able to secure my property.. The LO said around 30 days my land contract expires 12/1. My next questions regarding documents still needing to file 2012 and 2013 taxes anyway around closing on the loan with just w2's?


FHA is a government mortgage guarantee program. As such, being current with tax filings is a requirement that they won't waive ... at least not to my knowledge but I stopped originating mortgages a few years ago.

 

Message 5 of 10
Moderator Emeritus

Re: How long does it take to closeFHA LOAN?

Took me 3.5 weeks of nail biting.
Starting Score: 000
Current Score: 850
Goal Score: 850


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Message 6 of 10
Super Contributor

Re: How long does it take to closeFHA LOAN?


@Blessed221 wrote:

Hello experts just got pre-approved today FHA how long will it take to close my loan? Thanks in advance for your help


 

same as conventional...... 30 days seems average.

 

big banks historically take longer.

good bankers/brokers average a little less

 

Retired Lender
Message 7 of 10
Moderator Emerita

Re: How long does it take to closeFHA LOAN?

You need to file your tax returns before you can close. No way to close with just W2's.

Message 8 of 10
Regular Contributor

Re: How long does it take to closeFHA LOAN?

I was going to take my taxes in person on Monday morning get them time stamped and make payment arrangements I hope that works

Message 9 of 10
Regular Contributor

Re: How long does it take to closeFHA LOAN?

Dallas & Wanderer thanks for your response I appreciate you. 

Message 10 of 10
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