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How long does it take to get a FHA Loan?

  • May 25 2009 - Ava
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Answers (12)

Hi, 

I had to respond to the Mortgage Bankr vs Mortgage Broker deal.

Mortgage Brokers have a variety of Lenders so they offer a variety of options.  However. any company is only as good as it's employees so I think the Loan officer is the critical factor, not the company.  Of course, the company has to be able to offer enough variety to make them attractive in the first place.

We have seen FHA loans run anywhere from 5 business days to 18 (yes, 18) business days to get the first underwriting decision back.

The key is to submit as complete and as clean a file  as possible, day 1.  That way, you only need a few docs to get a clear to close.

Hope this helps..
  • June 25 2009
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30 to 45 days
  • June 24 2009
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Nic...we should be promoting ourselves as the Prius of Loan Officers
  • June 24 2009
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Did I miss the announcement of official Zillow Spam day?
  • June 24 2009
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Ha your'e right paying for worthless designations does lower them down a ring or two. I'm actually a little bit of a hybrid broker/banker.  Just trying to offset Kevin's BS line of self promotion a little bit.
  • June 24 2009
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Nic....Take that back!

I thought the worst were ChuMPS

  • June 24 2009
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Mortgage Bankers are the worst type of loan officers to work with.


  • June 24 2009
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Profile picture for AcademyMortgage
It will depend on who you are working with. While many mortgage brokers are great to work with and can offer you a variety of products from numerous lenders, they lack one of the most important components in a mortgage transaction—control. As a result their time to close can be as long as 60 to 90 days.

Mortgage brokers are dependant on the lender to whom they broker the loan to perform yet, they have very little control over the process. Once the loan is submitted, it is out of their hands. Underwriting turn times can be significant when using a broker and if there are issues with the file, it may leave very little time for your broker to find an alternative.

Using a mortgage banker may prove to be a better option. Mortgage bankers, also referred to as direct lenders, control the process from start to finish. The Loan Officer is an employee of the bank as are the processor, underwriter and closer/funder. With this level of control, your loan officer knows exactly where the file is at all times and can intervene along the way if there are any issues that arise.

Most mortgage bankers can easily close loans in 30 days. Some banks have ability to close loans in 7 to 10 business days if the loan is fully documented.

If you are concerned with meeting your deadline and you are obtaining an FHA loan, you may want to seek out a mortgage banker. Their pricing will be just as competitive and your Loan Officer will have better control over your transaction.

Hope this helps.

[content removed by moderator for being self promotional]
  • June 24 2009
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Wow, I would not be advertising those turn times...
  • June 11 2009
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Profile picture for peter_doe
[content removed by moderator for being self-promotional] are approved within 1-2 months
  • June 11 2009
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I would say it really depends on the lender/broker you decide to use.  A big bank might take a bit longer if they are backed up and if they are a broker I have known quite a few that have taken even up to 3 weeks just to get an approval.  Good questions to ask to set the expectation up front is their underwriting turn times.
  • May 25 2009
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Profile picture for shapiroamg
Not any bit longer than a conventional loan. Might even be quicker now that FHA apraisals are not part of the new appraisal rules.

Also helps to be prepared up front. Pay stubs for one month, last 2 years W2s, and two months of bank/asset statements when you meet your loan officer.
  • May 25 2009
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