Home Buying in 95209>Question Details

letisha Rodr…, Home Buyer in 95209

Weve been waiting 4 our preaproval letter for about 3 days our lender says its in review by hud? Does it take this long to get this letter?

Asked by letisha Rodriguez, 95209 Sun Oct 23, 2011

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8
Shane Milne’s answer
BEST ANSWER
The amount of time it takes to get pre-approved really depends on how complicated your situation is. Someone who makes straight salary, has excellent credit, putting down 20% all from their own funds probably wouldn't take much more than an hour or two to pre-approve. Someone who has multiple income sources, or varying amount of income, or who has only been at their employer for a short period of time, borderline credit, etc. would need more time to get pre-approved - perhaps even several days.

If it has to go before an underwriter for review in order to get a decision, that would even add more time as underwriter's aren't just sitting around, they have dozens and some even have hundreds of loans to review, so after the loan officer has gathered up all of the documentation that could take anywhere from a few more days to a week or so.

If your situation has complications, would you rather they be properly reviewed ahead of time before you make an offer, spend money on an appraisal & a home inspection... or do all of that first and take a chance your loan will actually be approved?
1 vote Thank Flag Link Sun Oct 23, 2011
Next time get a lender who can sign off on it without sending to HUd like myself.
0 votes Thank Flag Link Sat Jun 15, 2013
I don't know about that.. I think they might be miss leading you.. A pre-approval does not need to be submitted for review by HUD... I would try another lender... This one sounds like they don't know what they are doing.
0 votes Thank Flag Link Mon Jul 2, 2012
I'm not real sure that I would want to do business with someone who was lying to me!

There is no reason for the Lender to send it to HUD.

We have a lot of good lenders here on Trulia.

Good luck and may God bless
0 votes Thank Flag Link Tue Oct 25, 2011
Well your lender lied to you. Give me a call I will have one to you today.
0 votes Thank Flag Link Tue Oct 25, 2011
I have gotten pre-approval letters in 30 min after the lender and buyer spoke on the phone. They don't mean a lot and so they are quick to come. 3 days is a joke and getting HUD involved is crazy. Sounds like you got a lender fresh out of lender school or worse. Maybe time to look for another lender to speak with. Are you getting one from an online lender? That would not surprise me and I would look elsewhere if so.
0 votes Thank Flag Link Sun Oct 23, 2011
Should only take a day at most. Best of luck and if you need anything in the Stockton area or have any questions we are here to help

JJ Godi
Art Godi Realtors
DRE#01427422
209-481-7748
0 votes Thank Flag Link Sun Oct 23, 2011
HUD does not do preapproval letters, a lender does. HUD through FHA insures mortgages but does not give mortgages.
When I do a preapproval letter, it is done the same day as I have the tax returns, W2s, last month's paystubs and bank accounts.
0 votes Thank Flag Link Sun Oct 23, 2011
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