Home Selling in Batavia>Question Details

Christopher C…, Home Owner in Cortland, IL

Does anyone know how long a DELRAP FHA Approval is supposed to take?

Asked by Christopher C Weiler, Cortland, IL Wed Aug 10, 2011

I was told it only took 5-7 business days and that was a month ago. As a seller, it was extremely frustrating to find out my HOA let the FHA Approval status expire in the first place. But I have been working with my lender since early July, and he keeps telling me "Ill hear back shortly"...only I never hear anything. We've already passed 2 close dates now and Im afraid my buyer is going to walk if this doesnt get done soon. Has anyone else been through this process? What amount of time is typical?

And as a side question, why are so many HOAs letting their FHA Approved status expire in a market when most buyers need FHA loans? There's 3 in my town that have expired in the last year alone.

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About 3 weeks is average usually because the HOA is slow at putting together documents - once all documents are provided it should only take a few days to a week. You indicated before that your HOA took it upon themselves to get themselves approved (I assumed through the HRAP method) but it sounds like you now have a lender who is doing the DELRAP method? Why the switch? And why isn't it the buyer's lender who is doing the DELRAP since their lender is the one who is involved with the financing on your unit?
0 votes Thank Flag Link Wed Aug 10, 2011
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