Current FHA underwriting turn time: 1-2 Business Daysâ€¨
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 canâ€™t commit to the turn time above, you can take your loan somewhere else.
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.
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!!
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.
Best wishes to you,