« FHA field review! I am trying to get a FHA loan. I had my home appraised at 380 k…?
Hud homes in MI, must have broker(?) Don’t have lot of $ How does it work? do I pay out of pocket? »

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!

Related FHA and HUD Posts

Tags: , , , , , , , ,
Tags: , , , , , , ,

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.
Top incoming search terms for this post

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).

Leave a Reply

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

Recent Posts:

Affordable Cape Welcomes You Home!
I currently am in default with my fha loan due to financial hardship. Is there any good advice to give me?
Refinance Review – Short Payoff
4866 Reforma Road, Woodland Hills, CA
Where to report mortgage fraud by a person in OBTAINING mortgage?

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

  1. Real Estate Today Shows » Tax Savings for Home Buyers

    If you are a first time buyer, and you bought a home last year?or get one under contract by the end of April that closes by the end of June?you could qualify for the $8000 tax credit. What if you already own a home but want to trade ... Any pre-paid interest points you may have paid on your loan are also fully deductable, and so are local or state property taxes, regardless of whether you wrote the check yourself or if they were withdrawn from your home's escrow account. ...

  1. Frequently Asked Questions About the First-Time Home Buyer Tax ...

    The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify . .... Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement. In addition, approved FHA lenders can purchase a home ...

  1. Home Loans For The Self Employed? Good Luck

    Except, well, you actually had to PAY for the tub of butter upfront, whereas you could get a loan for the house. Even for the self-employed, there were NINA (no-income no asset) no-doc loans, or SISA (stated income, stated asset) loans ... I am a self-employed person, and I had no trouble at all getting pre-approved for a home loan last month. With the exception of the 12-24 months of business bank statements (which I was not asked for), I think most of those things are ...