Broker says its because not alot of Lenders do Manufactured loans anymore and this Lender is backlogged. Is this time frame average or should I be looking for a new Lender/Broker to try to close
sooner (like 30 days)?
usually it takes 30-45 days but still it may depend on individual's loan file and specific conditions... For more information, you can visit:
http://www.eaglenationwidemortgagetx.com/
I think for a conventional, FHA or VA loan, 60 days is still kind of long. I have not seen many go past 45 days. But there are extra complications on manufactured homes regarding the appraisal, etc... So I could see how a manufactured may take a little longer. And yes, there are a lot less lenders funding manufactured homes these days.
Claire - The buyer and seller and realtors all like to close as soon as possible. Unfortunately, the new lending restrictions and underwriting guidelines have extened the time to get to a settlement. We used to consider 30 - 45 days the norm. Now we give it a 60 day window. I am sure everyone will try their best to get you to settlement as soon as possible. But you should be prepared for this time frame. It is essential that both you and the realtor get all the necessary documentation to the lender in a timely manner. Every forgotten piece of paperwork adds to the time necessary for approvals. Good luck!
I am a realtor and loan officer. Your mortgage broker "is a straight shooter" regards to his comments, use to take approx. 30 days close now average can be 45 - 60 days.
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Actually, it's taking most lenders roughly 45-60 days on the average to approve/reject a loan request for non-FHA loans. It's taking roughly 60-90 days to approve/reject FHA loan requests. If you want to close sooner, then you'll have to go with short-term seller financing or cash. Yet, if this were an investment property, then you'd also have another option: hard money.
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