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If we have conditional FHA approval and we turned in the conditions back to the underwrtier last Tuesday, 4/21, when can we expect to hear back from them for final approval?
Location: central, between Pepe's Tacos and Roberto's
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I'm surprised that you haven't already. As long as the conditions were met to the UW's satisfaction, a 24-48 hour turntime for a clear to close is plenty, depending on lender (the big 4 and a couple of large wholesale lenders are pretty backed up).
I'm assuming that if we submitted it Tuesday, maybe it went there by Wed..and then you have Thursday and Friday for review (24-48 hrs.) so hopefully we hear from them today or at least this week at the latest..
..but then if they they are backed up, is it possible that the final approval is even further delayed? or is the final approval not as long to wait for, even with this back up?
It truly depends on the lender. I know some who will clear conditions same day and I know some right now who could care less that it is a govie purchase and will still take 10 business days to review conditions if you are lucky. Good luck to you and regardless of when you close I hope you enjoy your home!
If the conditions where sent in Wednesday, you should hear something by tomorrow. Even the most backed up lenders are only a few days clearing conditions. I would suggest that you contact your loan officer and ask him/her to get you a status.
We just went through this a few weeks ago, and it actually took them a solid 10 business days to come back with their approval, after we turned in our "conditionals". We were biting our nails and sweating bullets, but we're now officially approved for our FHA mortgage! So, just because they're taking a long time doesn't necessarily mean you won't be approved.
We just went through this a few weeks ago, and it actually took them a solid 10 business days to come back with their approval, after we turned in our "conditionals". We were biting our nails and sweating bullets, but we're now officially approved for our FHA mortgage! So, just because they're taking a long time doesn't necessarily mean you won't be approved.
What a coincedence..it took us a solid 10 days too! We got final direct underwriter approval last Friday.
Our FHA loan went to underwriting last thursday a full seven business days ago and we still haven't heard what the conditions will be etc- Why is it taking so long? We've already had to push our closing date back a full week (we were supposed to close this past Thursday). I kind of get the feeling my mortgage broker and real estate agent don't really know what they're doing. If we have to push the closing back again can the seller walk away? This is so stressful- I haven't slept in weeks!
Our FHA loan went to underwriting last thursday a full seven business days ago and we still haven't heard what the conditions will be etc- Why is it taking so long? We've already had to push our closing date back a full week (we were supposed to close this past Thursday). I kind of get the feeling my mortgage broker and real estate agent don't really know what they're doing. If we have to push the closing back again can the seller walk away? This is so stressful- I haven't slept in weeks!
As of yesterday one of the nations largest lenders turn times here in NC are:
FHA Purchase- 15 buisness days to get conditional approval and 3 business days to clear conditions and get final approval.
Based on this it is a 1 month minimum time from submission to closing for an FHA purchase. This is only 1 of many lenders so ask your loan officer what the current turn times are for your specific lender.
Lenders are backed up because of the volume created by todays low rates. Rest assured though that it is not an indication of your qualifications- it is just that it is talking this long to even look at you loan file.
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