Home Buying in Cranston>Question Details

Jeff in  Cra…, Home Buyer in Cranston, RI

How long does an FHA mortgage take to close. Disclosures were signed Friday June 20th. Appraisal is complete.

Asked by Jeff in Cranston, Cranston, RI Wed Jun 25, 2008

I'm in RI with decent credit. Credit score is mid 700's and putting 9% down. We also completed a home inspection last week. I'm not sure if the FHA uses that though. I'm renting till July 15th. Do you think I'll be in at that point? What can I do to speed this up. I went to a small credit union in town.

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The best answer to this question will really depend on you. Are you working with an experienced loan officer who understands the FHA loan process? Do you have all your required paperwork ready to submit?
Is the mortgage company or bank FHA direct endorsed? All of these items will determine how long it takes for your transaction to occur.

I have over 18 years experience in the business and first time homebuyers are my speciality. I write almost 95% FHA mortgages. Feel free to contact me. I would be happy to help you.

0 votes Thank Flag Link Wed May 18, 2011
Glad to help your fine! Tell your friends I easied your worries at your house warming party! lol
0 votes Thank Flag Link Sun Jul 20, 2008
Brent, thanks so much for the answer. Go figure :) I am a first time home buyer. I'm worried as I have to be out of my apartment by July 15th and would rather not spend 100.00 plus a night on a hotel until the loan closes. I waited a little longer then I should in making this offer.
0 votes Thank Flag Link Wed Jun 25, 2008

It's sounds like you are in good shape and should have no worries whatsoever. You loan was only taken 6 days ago, I am not sure if you are a first time homebuyer or not but mortgages usually take a little longer than your typical credit card, personal loan, or car loan. I think you will be fine an you probably will actually close before the 15th of July. But to answer you question, it really depends on your scenario...in your case it can be easily done in 15 days!
0 votes Thank Flag Link Wed Jun 25, 2008
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