My home loan was sent to the underwriter last Feb 5th 2013. They approved my loan in underwriting in 2 hours. Closed Feb 8th, 2013. Depends on the underwriter and how fast they work on it. I had a very strong file to begin with. I was prepared for the loan a year in advance. So make sure you have everything ready well before you even consider buying a home then your loan will be a brezze. Closed Fha loan 23 days. Hope this helps.
Sorry to hear this is taking so long. The lender I use underwrites and funds their own loans, so the process takes about 2 weeks. What bank are you using?? Strongly consider going elsewhere, I would say.
Real Estate One
So, now we have to look at who has your loan. If it's a big bank (Wells Fargo, Suntrust, BOA), you may be looking at a closing of up to 60 days. The loan officer should have told the Realtor after getting the contract, "We ain't (southern slang) closing for 2 months". Why? Because the borrower wants the best rate out there. If you go with a wholesale broker/lender that's smaller, their rates are a little higher, but you close faster. It's one or the other but not both.
Your loan is not in underwriting for that amount of time. It's sitting on a desk waiting to be seen. Underwriting takes a few hours. Then, it's conditioned for pay stubs, title issues, appraisal issues etc. It then goes back to the processor to get the conditions if any. Then it goes back to the underwriter. Waits 2 days to be seen and then hopefully is clear to close (CTC). Then it goes to the closing department and waits another 2 days to be sent to the title company for closing. I use a company that closes loans in 2 weeks. Higher rate though. Sometimes, that's worth it. I'm not licensed in MI, yet.