Home Buying in San Diego>Question Details

wamu, Home Buyer in Bonita, CA

what should I expect from the escrow process. How long will I have to get an FHA approved. I have good credit

Asked by wamu, Bonita, CA Thu Sep 18, 2008

and more than 2 years of employment in the same company

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5
Less picky?

I would sure like to know what lender your working with. I have found the exact opposit to be true. They are more picky and take longer
0 votes Thank Flag Link Sat Sep 20, 2008
There is a lot of false perceptions in the market out there with respect to FHA loans. #1 They generally don't take any longer than conventional loans to close if you have a good loan officer. #2 Many realtors remember the old FHA. We now have a "kinder and gentler" FHA that is not nearly as picky in terms of the property condition and mandated repairs.
0 votes Thank Flag Link Sat Sep 20, 2008
To play it safe, you need to allow 45 days for FHA loans. In the good old days, you coul get a purchase money loan done in 5-7 days, now the norm is 30 for conventional financing. FHA can take a little longer.

The underwriters are taking a long hard look at everythimg now. Can they get don faster, sure, but I would now want to risk havimg to extend escrow
0 votes Thank Flag Link Thu Sep 18, 2008
Have you tried applying for a loan yet? The timeframe usually for an fha approval takes a 1-3 days granting that you have higher 600's and up credit, good debt to income ratio and all your documents ready. If your fall within this category it iseasier to price your loan and find a lender who is willing to approve you for a loan.
The popularity of the fha loans fall into place because it only requires a minimum of 3% downpayment and good credit is a plus but it is more lenient when it comes to minimum credit requirement.
Usually if you have a property already that accepted your offer or refinancing, we usually try to close it within 30 days.
If you have more questions, please visit our website for helpful links and information http://loans.online-connections.org

Good luck
0 votes Thank Flag Link Thu Sep 18, 2008
Hi Marcela,
How long will you have or how long does it take? You have a timeframe in the purchase contract in which to make a complete loan application, generally 7-10 days. It can take up to 30 days to have full underwriting approval for an FHA loan because there are few FHA approved underwriters and FHA loans are on the rise. However, you can speed this up by having all your paperwork complete up front and submit at one time. I was told to allow 45 days for my buyer's FHA loan this month but we're actually going to close in about 21 days.

Diane Conaway, RE/MAX United, (760) 749-2888
0 votes Thank Flag Link Thu Sep 18, 2008
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