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Does it take 2 mos.+ to get to closing on a new Wells Fargo fha loan in Eugene,Oregon.?

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March 23 2011 - Eugene
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its looking that way here in NC...try a USDA - RHA loan!!!  4 months!
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March 27 2011
While it is true that the USUAL "long pole in the buying tent" are the lender requirements, the timeframe can be adversely affected by the quality of deed. I've seen cases where the deed required MONTHS of work (by the settlement company) to get it in position to close. 

Your agent should have a close working relationship with lender, settlement company, and the property. When you've decided it is the house for you, your agent must contact the listing agent and get the details on the property (especially the homeowner disclosures). 

Altogether then, your agent can help you know exactly how much time it will take. You can then plan accordingly or go looking for something better. 

Good luck!
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March 27 2011
Hello there

Yes it can! It is not just Oregon but everywhere. There just are higher standards in lending. There can also be some things that delay closing and they need to be addressed. Each transaction may have its own unique list of conditions and issues. If you can be patient you may find that it was worth the wait.

Deana Reese
Real Estate Broker
253-381-0302
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March 25 2011
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Thanks for your answers everyone. I didn't think a friend was correct...... went to close already. A new fha to sign in 45 days is fantastic considering the challenges I presented. The communications were daily,informative,professional,and sincere. Let you know when were finalized.
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March 25 2011
As the others have said big banks take too long to close. If you contact a mortgage banker not a large bank you will be much happier since you will typically have a single point of contact not multilple folks to have to juggle calls with.
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March 23 2011
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No. It should not. Call the Manager at the mortgage branch or the bank branch and tell them you feel that they are not holding up their end. That may help the loan officer move your file to the top of their pile so you can close as expected.

How had their overall communication been?
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March 23 2011
My last Wells took 43 days - we had a holiday in there and we had a delay in appraisal.... it all depends - most of the closings I have seen that are 60 plus days have another program attached such as an Neighborhood Stabilization Program or a Good Neighbor loan -
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March 23 2011
30 days should be easy, faster if you really need it is possible.  Try a mortgage banker, they can control and process in house.
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March 23 2011
Wells in Salem is running 30 days but they have a processor in house now.  Before that it was 45 days.  The only FHA loans that should take that long are rehab loans.  30-45 is typical.
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March 23 2011
It could.  Big banks are taking longer.  FHA issues may add to the time
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March 23 2011
I can't speak for Wells but 30 days should be sufficient time granted you have provided the necessary documentation and have an accepted sales agreement from all parties involved. 
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March 23 2011
 
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