Home Buying in Leander>Question Details

Wanting Fast…, Home Buyer in Leander, TX

What is the average turn around time on a FHA loan in the Leander area? I'm reading anything from 7 days to

Asked by Wanting Fast Closing, Leander, TX Tue Jul 14, 2009

over 45 and the seller we are trying to buy from put a clause in the contract that the price of the house will go up if we don't close in 5 weeks (Contract will be revised and signed tomorrow.)

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6
Iclosefha’s answer
Are your deals taking too long to close?

Current FHA underwriting turn time: 1-2 Business Days

Conventional underwriting turn time is currently 2 Business Days

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With our in house underwriters, we have more control over your loan and underwriting turn times are significantly faster and you can close your loan in as little as TWO weeks.

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The turn around time above is once a full application and all required documents has been received.

If I can’t commit to the turn time above, you can take your loan somewhere else.
No Obligations!!
0 votes Thank Flag Link Mon Apr 26, 2010
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
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Wed Jul 15, 2009
It is about 30 days, but depend on the lender.
0 votes Thank Flag Link Wed Jul 15, 2009
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!!
0 votes Thank Flag Link Tue Jul 14, 2009
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.
0 votes Thank Flag Link Tue Jul 14, 2009
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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0 votes Thank Flag Link Tue Jul 14, 2009
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