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We were pre-approved for an FHA home loan. Now in contract, how long till final commitment?

We were preapproved for an FHA home loan in late april. We have since gone into final contract with the sellers. The home is off the market, home inspections have been done, and the final thing we are waiting for is the commitment from the lender.

They have not been super communicative but what I was wondering, is typically how long does it take the average lender to have loan commitments?

While I know certain situations will take longer, but in general what have others experienced?

The final home loan application with house information was submitted on May 1st. The mortgage "consultant" had received all of our documents requested by the 6th. He then referred us to the loan officer which she stated she started reviewing the files on May 8th.

How long until we will know 100% that we are approved for this loan, and when do I need to start asking questions?

Our close date is scheduled right now for May 28th.

We have no problem waiting to get the home, we just want to know for sure that its final so we can end packing & let current landlord know about go.

Thanks!

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This entry was posted on Thursday, June 18th, 2009 at 3:54 pm and is filed under FHA Loan Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “We were pre-approved for an FHA home loan. Now in contract, how long till final commitment?”

  1. Steve D says:
    June 18, 2009 at 3:54 pm

    The usual closing process takes between 45 and 60 days from date of offer acceptance. You are probably on schedule, but it is simple to find out – call the loan officer and question when they are forwarding the loan paperwork to the underwriter. That is basically the last step (although the underwriter can question for more paperwork).

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Tags: fha home loan,  home inspections,  home loan application,  landlord,  loan commitments,  loan officer,  mortgage,  packing, 

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