Home Buying in 08823>Question Details

Chantel82, Home Buyer in 08823

how log does it take to close on a fha loan?

Asked by Chantel82, 08823 Mon Nov 7, 2011

we have a conditonal approval getting a fha loan so we had repairs. the bank ordered another appraisal it was done how long will it take to get it back to the bank.

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I wouldn't set my expectations very high for a quick close. FHA loans can be easier in some aspects, but the appraisal standards are much higher and depending on the condition of the house you're buying there can be several issues that may arise and will lengthen the process. On the other hand, I've seen a FHA loan close in 3 weeks. I would agree that 45 days is average, but I would plan on 60 days, especially if you're considering your rate lock period.
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0 votes Thank Flag Link Sun Nov 13, 2011
I would say 45 days is about the average. Sometimes things can close in 30 days if everyone stays on the same page and rushes through everything. Usually 60 days is the common amount of time provided to accomplish everything, but most often things are ready to go closer to 45 days.
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0 votes Thank Flag Link Sun Nov 13, 2011
Very much depends on the lender. By all means contact your lender directly, hopefully you have a specfic and local mortgage rep you are dealing with, I find that makes the process much smoother, and ask the question.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Wed Nov 9, 2011
Your realtor and loan officer should both have this information. Each market is different, every lender is different.
0 votes Thank Flag Link Tue Nov 8, 2011
as long as everyone is on the same page the fha loan should close within 60 days unless there are issues in apprasil or inspections in which case would have to be dealt with no matter what to obtain a successful closing
0 votes Thank Flag Link Tue Nov 8, 2011
A typical FHA loan closes in under 60 days in NY, 30-45 days in other parts of the country. Call your loan officer and aka them when they expect to have the CTC, or clear to close.

Marco Gomez
NYS Licensed Associate Broker
Keller Williams Landmark II
0 votes Thank Flag Link Tue Nov 8, 2011
It may vary by state as well but here in Virginia I have closed some in less than 30 days (Check with a local lender)
0 votes Thank Flag Link Tue Nov 8, 2011
The usual time to close on an FHA loan is rouly 45 days. In your case it sounds as though the property needed some work after the initial appraisal which was the cause of the lender havig to order a second appraisal. The second appraisal should be back to the bank within 3-7 days depending on how busy the appraiser schedule is.

FHA loans have been getting increasingly difficult over the past couple of years, but they are the only loans some buyers can qualify for. You should check with your agent and your lender to get an update. Hang in there, don't do anything that might effect your credit (like buy a new car or apply for a new credit card etc) and I'm sure it will close soon.

Best of luck to you in your new home.
0 votes Thank Flag Link Tue Nov 8, 2011
Check with your mortgage rep. He or she should know.
0 votes Thank Flag Link Tue Nov 8, 2011
It really depends a lot on your lender. If you are using a lender that a lot of people are using there are a lot of applications for refinancing right now so I have seen them usually take between 30 and 45 days but that is from the start. If you already have the appraisal done you shouldn't be waiting to much longer.
0 votes Thank Flag Link Mon Nov 7, 2011
7-10 business days!!! Good Luck!! Follow up with the lender to see what turn around they are expecting.
0 votes Thank Flag Link Mon Nov 7, 2011
On average it can take 30 to 45 days to close, however you should check with your mortgage broker as based on my experience, a second appraisal could delay the process.
0 votes Thank Flag Link Mon Nov 7, 2011
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