I received an offer on June 25 on a house I have listed and the closing date was set for July 6 with an FHA loan. I LAUGHED SO HARD... because I knew that it couldn't close that fast. I argued with the buyer to give me a realistic date but he insisted that his lender told him it could be done. I have closed 12 FHA loans this year to date and every single one took 4 weeks or more.

Well, his lender was able to get it done... and we closed last Friday the 10th. I am floored considering we also had a long holiday weekend in there. This was a web based company that made me very suspicious on top of all. Everything was very smooth, the fees were in line with the traditional lenders and his interest rate was very good too. The FHA appraiser called me the day AFTER we had the executed contract.

I still can't believe it... so in your case, can it be done? YES... your lender has to tell you how fast they expect the turn around time.

Naima
214-289-8555
Naima@Sumner-Realty.com

It is about 30 days, but depend on the lender.

30 - 45 days is about average.
Unless the borrower goes with a direct lender.... then 60+ is possible.

Turn times depend on the lender.... plain and simple. And it doesn't have anything to do with FHA.... FHA loans do NOT take any longer than Conventional.
Anyone who tells you different is ignorant of current lending.

7 days? I call bull!!

I would be suprised if you can find a lender who can do one in 7 days. More like 30 days if you work hard with your lender, do not delay on providing anything to them, and no condition or title issues come up. You need to plan on 45 days just in case.

As for the clause of the sale price increasing ... you need to talk to your lender right away about that. In the current lending envirornment I can see a lot of lenders having a problem with that especially FHA.

The following article provides some insight into the current time frames:


http://www.floridarealtors.org/NewsAndEvents/n2-071309.cfm



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Best wishes to you,
Fred
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