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Old 10-12-2010, 07:04 PM
 
153 posts, read 603,896 times
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I am putting an offer on a house tomorrow and I am going to use an FHA loan (provided the offer is accepted). How long is the closing process usually? I heard things have been taking longer with FHA loans since a lot of people have started using them. Has anyone closed on an FHA loan recently?
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Old 10-12-2010, 07:26 PM
 
Location: MID ATLANTIC
8,144 posts, read 20,006,065 times
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Quote:
Originally Posted by t_woww View Post
I am putting an offer on a house tomorrow and I am going to use an FHA loan (provided the offer is accepted). How long is the closing process usually? I heard things have been taking longer with FHA loans since a lot of people have started using them. Has anyone closed on an FHA loan recently?
As long as you aren't with the big box banks, you should be able to get to closing within 3 to 4 weeks. Sooner, if you already have a current loan app on life.
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Old 10-13-2010, 06:01 AM
 
Location: Plano, Texas
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It will depend on who you work with. A friend of mine at one of the big banks, has to lock all loans for 90 days as it is taking them that long to close. Smaller lenders and brokers should be able to get you closed in under a month.
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Old 10-13-2010, 06:19 AM
 
153 posts, read 603,896 times
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We are probably going to use Bank of America since the company I work for has a contract with them where I wouldn't pay anything for the application. I am still going to shop around tho to see what else there is available, if our bid is accepted.
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Old 10-13-2010, 06:46 AM
 
Location: Plano, Texas
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Guess what bank my buddy works for? Be prepared for a long tough journey. Most places will not charge an application fee and if they do, move on to the next one. And you will find a much better deal elsewhere.
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Old 10-13-2010, 02:27 PM
 
Location: SF Bay Area
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We closed in about 5 weeks using Wells Fargo. Better have a 45 days close on contract just in case anything goes wrong.
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Old 04-16-2013, 04:10 PM
 
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i paid my earnest money 2/13, turned in all the documentation requested and now the mortgage company tells me that the underwriter says 3 to 4 more months. now the mortgage company says it will be another house around the same subdivision. no one ever contacts me unless i call. i feel like so ignored. is this right.
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Old 04-16-2013, 04:17 PM
 
3,806 posts, read 8,259,011 times
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Quote:
Originally Posted by mallory2013 View Post
i paid my earnest money 2/13, turned in all the documentation requested and now the mortgage company tells me that the underwriter says 3 to 4 more months. now the mortgage company says it will be another house around the same subdivision. no one ever contacts me unless i call. i feel like so ignored. is this right.

With B of A, yes. With Chase, yes. With me, I'm closing in 30 days MAX.

What do you mean, the mortgage company said it will be another house???
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Old 04-18-2013, 09:07 PM
 
Location: Orlando, FL
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My FHA loan actually closes on Tuesday, which is within 30 days. My initial closing date was 45 days, but that was because the family moving out of my new home was still finalizing the deal on their new home. They were able to move up their closing and move out date and so that allowed me to close within those 30 days.

It's really all about how quickly you work with the mortgage broker, title company, and realtor to get all your documents, information, and paperwork signed and shared.

The standard FHA range I hear is about 45-60 days. Again though, if you communicate well with all parties, you can close quicker. It's obviously more paperwork than if it were a standard mortgage.
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