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Typically, how long is qualification/approval/processing of a mortgage for First Time Home Buyer

Once an offer is accepted on a home and you have been approved for a mortgage, how long does it typically take- applying for a mortgage process?  Are we looking at a few weeks, a month?  Should we ask this questions to our lender or should our lender inform us right away?  Does being a first time home buyer matter?
  • August 18 2011 - US
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Answers (7)

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Thank you all for sending in your answers.  I guess we'll just wait.
  • August 18 2011
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 A first time home buyers process should not take any longer then someone who is buying their 10th property. So to answer your question it does not matter. Big banks take anywhere from 45 day to 90 days where smaller lenders who specialize in customer service can get deals through in under 2 weeks for 1st time buyers and everyone else.

I hope this helps
RR
  • August 18 2011
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Yes ask your lender & your agent any questions you have so you can prepare & gather all necessary paperwork. The qualification process should only take a few days. After that there will be paperwork, inspections, appraisals. Verifications of employment, taxes, funds, & requirements that may need to be met. This process can take upto 20 days to complete. Once the file passes this stage your file will go to underwritting. Some files remain in the underwritting stage for upto a week depending on your lender. If all information is current & approved. Then the HUD1 settlement statement will be prepared. Which can take upto 5 days for all parties to review and make changes if needed. So whole process usually 30-60 days. Good luck. 

  • August 18 2011
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Being a first time home buyer doesn't affect the amount of time, but the state you live in does. Here in NY, from the day of application you usually need 30-45+ days to get a "clear to close". 45-60 days to purchase a house, from the day you make an offer until the day you close. We're an attorney/title state.
  • August 18 2011
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Yes, sent it all the financial paperwork needed by the processor.  That was a week a half ago. Maybe they are busy?
  • August 18 2011
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Assuming you have provided everything the Lender requested from you, then it should only take a few hours.  Sometimes it may take a little longer, if they are really busy; so it will depend on the Lender's schedule.  A good loan officer will communicate with you the turn-around time.  If they cannot communicate with you, then that may be a good sign on what is to come, if you enter contract and enter the mortgage process.  Communication is probably one of the most important character in deciding whom to use for your Lender.  You should be able to ask any question that you may have about the process.  It's their job to help you with your understanding of the process.  Good luck with your search!
  • August 18 2011
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If your lender already has your income and asset documentation, they should be able to close in 3 weeks. If you have only been prequalified and have not submitted your financials yet, give it another week.

Please remember that there are a lot of people involved in a purchase transaction, (Realtors, sellers, physical inspectors, termite people, escrow companies, title companies, loan officer, loan processor, loan underwriter, etc...)   If ANY of these people cause a delay, it sets EVERYBODY back.

Your lender should be able to give you a realistic time frame. Most purchases are a 30 day escrow.
  • August 18 2011
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