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Old 04-26-2009, 05:32 PM
 
41 posts, read 202,134 times
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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?
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Old 04-26-2009, 06:18 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,365,954 times
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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).
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Old 04-27-2009, 08:38 AM
 
41 posts, read 202,134 times
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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?
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Old 04-27-2009, 01:13 PM
 
Location: anywhere
1,730 posts, read 4,261,979 times
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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!
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Old 04-28-2009, 07:11 PM
 
Location: Plano, Texas
1,675 posts, read 6,616,168 times
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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.
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Old 04-30-2009, 02:11 AM
 
Location: Texas
5,873 posts, read 7,243,254 times
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I just closed on my FHA loan and it took 5 days to clear conditions. You should hear something very soon.
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Old 05-02-2009, 12:20 PM
 
Location: Charlotte, NC
48 posts, read 449,316 times
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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.
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Old 05-03-2009, 10:02 AM
 
41 posts, read 202,134 times
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Quote:
Originally Posted by KLeigh0916 View Post
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.
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Old 05-09-2009, 10:08 AM
 
1 posts, read 17,265 times
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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!
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Old 05-09-2009, 10:34 AM
 
Location: Wake Forest, NC
835 posts, read 3,737,394 times
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Quote:
Originally Posted by prblyshopping View Post
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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