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How long are FHA loans in underwriting these days?

When should I have an answer?  It's been 5 weeks. 
  • August 27 2012 - US
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Answers (14)

I wish I could say that this is the first time I heard this happening with a large bank.  They are so swamped with current customers calling about these historic low rates, it is hard to keep up with the volume.  Not to say that is an excuse.  Priority should be made to purchase volume.  3 weeks is tight but doable and FHA rates have been about the same for awhile now.  Confident that you are not going to lose out in that regards.
  • August 27 2012
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You should consider calling Joe, he does NJ.

The red flag that I see is that they haven't ordered your appraisal yet.
  • August 27 2012
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Profile picture for GMerino
I'm sure you could file a complaint.  Start the process with someone else, three weeks should be fine but you need to act fast.  Rates are great for FHA, in fact there should be more lender credits and you will most likely keep the same rate if not better.
  • August 27 2012
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Commitment date has passed.  Closing in 3 weeks.  How could this happen when I was ahead of the game and gave myself 2 months to complete this process?  Is there any way to file a complaint with this company?  Not only has this caused me a tremendous amount of stress, but I will now have to get a fast loan with another company that surely will not have the same/better interest rates.  I just can't believe a rep from a local office of a large bank could screw me like this. 
  • August 27 2012
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That would seem to be a little ridiculous and you are working with someone who does not have control over this loan.  I would imagine that you are getting pretty close to some due dates such as a commitment date or maybe even a closing date.  You need to at least start the conversation with someone else who can actually deliver a loan.  Would be happy to help.  Please contact me through my profile.  If I can not help b/c of not being licensed in your state,  I most likely refer you to someone who can
  • August 27 2012
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It sounds like you need to speak to someone else about your loan.  A loan officer not telling you the exact DTI is a little funny.  If you would like to discuss further, contact me through my profile.  I would be happy to assist you with your questions.  Let us determine what your debt to income ratio is to that way your not left wondering.
  • August 27 2012
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I don't know.  The loan officer just told me it is high, and is not specific.  I got a preapproval based on the numbers I provided, though.  Nothing has changed since the preapproval. 
  • August 27 2012
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No, it shouldn't take that long using a big bank.  In any case, have you contacted the loan officer to find out what the problem is.  What is your debt to income ratio?
  • August 27 2012
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Not new construction
  • August 27 2012
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No, I have a slightly high debt to income ratio, but within the limits.  I have been charged for an appraisal, but not has been performed yet.  I have turned in all information.  I am using one of the "big banks."  Perhaps that is why it is taking this long?
  • August 27 2012
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Has your loan officer ordered the appraisal?  I agree with Joe it should only take a couple of weeks to get a conditional loan approval.  Have you had to turn in information? 

Is this a new build your buying?
  • August 27 2012
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Once it has been actually turned into the UW no more than 2 weeks for a purchase.  Most should have some sort of a word within a week.  Are there any obstacles with your particular situation that you are trying to get past for approval?

  • August 27 2012
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purchase
  • August 27 2012
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Five weeks?  what is it that you are trying to do? refinance or purchase?
  • August 27 2012
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