There are several things that would determine the turn time to close on a FHA loan. If the house you're purchasing is a short sale, it can easily take several months, depending on a several different things. If you're purchasing a traditional sale, an FHA mortgage should take about 3-6 weeks.
You want to be prepared with your 2011 & 2011 tax returns along with W-2 forms, most recent pay stubs covering 30 days (so if you get paid weekly, you'll need the last 4), 2 recent bank statements to all accounts, copies of your picture ID & social security card, along with any other documentation your lender will require. The quicker you can turn over what's needed from you, the quicker your lender should be able to process your loan.
If you're in need of a Loan Officer, I'm always available to meet face-to-face. Good luck!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
The least you can get away with 1st time buyer. In my area 3-5%is acceptable in most cases. The listing broker, Attorney, or Title company usually hold escrow money. Every State is different so please verify the rules that apply to this with reputable/qualified Realtors, Attorneys, or title companies.