Financing in Chicago Heights>Question Details

Dominic Vale…, Real Estate Pro in Chicago, IL

How long does it take to close a 203k loan from the time you submit all your paperwork to the lender?

Asked by Dominic Valenti, Chicago, IL Sat Apr 24, 2010

As a FHA 203k Consultant myself I work with many different mortgage brokers, DE Lenders and banks; each one has a different time frame to close. In your FHA transactions which lender type do you prefer and why? All lenders say 45 days but it never happens. To many of the transactions I'm involved with take a long time to process. If you would like to reply privately my mail is cornerstonmgmt@aol.com. There must be a better way...

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I am in the process of getting a 203K loan. I went under contract March 6th however the bank has had my paperwork since the first of February. I still do not have a closing date......... Ive have asked the same question many times and have also gotten the 45 day answer however my 45 days passed a long time ago....... They (the bank) are telling me I WILL be closed by May 7th but I'm still skeptical.. That is in 2 weeks and I don't have a closing date. May 7th would make 60 days that they initially told me when I applied for the loan. Good luck and I will let you know if I make my May 7th deadline. It may give you a little hope!!! :)
0 votes Thank Flag Link Sat Apr 24, 2010
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