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So we have to be manually approved by the underwriter for our FHA loan. We have provided everything they've asked for. What is the normal time frame for this? Are we talking a couple of days or a week?
Thanks!
Hoping we get the thumbs up and get moving to our new house.
Depends on the lender and processing center for that lender. Ask your loan officer when you should have an answer. Actually a little suprised they didn't tell your this up front. I always let my clients know that I have your documents and will have your loan submitted to underwriting on X day and with the lenders current turn times we should have your approval on Y day.
Much depends on the specific LENDER, but I sincerely doubt that even the most efficient lender that is forced to use manual underwriting will be able to fund a loan in 'days'. Plan on a few weeks, and for goodness sakes be EXTRA aware of ANYTHING that they ask for MUST be sent ASAP. If that physical file sets on the desk of an overworked underwriter and you don't fax em back something that they need it could basically be put at the bottom of their list indefinitely...
I think I was a little vague on last post. What I meant was submit on Tuesday and turn times are running 5 business days so conditional approval will be back next Tuesday. I took the OP to be asking how long from submission to condiional approval.
I got the feeling that the OP had their app turned over to 'manual underwriting'. This happens when the software generates an "Out of Scope" recommendation. For first time buyers the most frequent cause of this is simply a credit report that is too thin. FHA standards can still be met with manual underwriting, but different documentation standards are needed.
My USDA loan had to be manually underwritten. Time frames vary I'm sure but mine was actually done in about 48 hours with no problems. I believe my lender handled everything in house so I'm sure that expedited things but maybe it won't take too long.
Was told we will find out tomorrow (monday, Oct 26th).
I'll post on here to let you know if we are approved. That is ... after I pop some champagne and call every friend and family member. ha ha!
Well, in case anyone reads this needs help or hope in the future... we are finally getting close now. It is a lot later. We had to change lenders, change loan officers... and now ... instantly, everything is flying along. We should have final loan commitment letter in a matter of days. They've asked for some odd things. Need to supply 'proof of our intent to move from SoCal to Florida'... Like moving company quotes! I thought that was a funny condition.
But basically, all the conditions are nothing to worry about and really really basic items.
So looking good...... it has been an incredibly long and emotional journey for a first time home buyer. But there ya go. We have been tenacious and did not give up. If you're self employed be prepared to supply a LOT of documentation. The sins of the past are weighing upon us self employed folks and we gotta prove we can afford those payments and then some! But it is finally coming to a happy ending soon....
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