time for fha review

Asked by Harvest, 20895 Wed Dec 15, 2010

Can anyone tell me how long it will take my FHA loan to be reviewed? I was unaware until my loan was in underwriting that we are a test case.
I would switch lenders but he hasn't logged my appraisal and I dont want to take a chance on another.
thanks

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Jessica Hood…, Agent, Gambrills, MD
Fri Jan 10, 2014
The underwriting process generally take 1 - 3 days. However, I am not familiar with the term "test case" and what the implications of that are. Did your lender provide you with an explanation?
0 votes
Robert Hanson, Mortgage Broker Or Lender, Olney, MD
Tue Jan 7, 2014
We are able to close much quicker than this and the FHA logging of the appraisal is nort relevant. It will transfer with the case number. What a "test case" means is that the lender is not fully approved to close their FHA loans on their own and the file must be reviewed by a staff underwriter at HUD/FHA. This can result in a whole new set of conditions for you to comply with. That being said, it should be able to get done at some point....

If you want to pursue farther with me feel free to reach out....

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549
Cell: 301-651-7822
Email: rhanson@gladewaternational.com
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes
Donna Kerr, Agent, Silver Spring, MD
Sat Dec 28, 2013
Also, your FHA case file complete with appraisal can be reassigned to another lender.
0 votes
Donna Kerr, Agent, Silver Spring, MD
Sat Dec 28, 2013
I am not sure what you mean by a test case by FHA loans can be processed in a matter of a few weeks especially if the appraisal is already in hand. It would also depend on how quickly you could get your documentation to the bank. The "underwriting" process takes just days once the file is complete and ready for review.
0 votes
Andrew Luett, Mortgage Broker Or Lender, Chicago, IL
Wed Dec 15, 2010
Hi Harvest,

Our (Wintrust Mortgage) underwriting turn times for FHA loans are 24 hours for a purchase and 72 hrs days for a refinance. Regarding the appraisal, when it is logged through FHA connect, you can have your current lender assign to it us.

I'd be happy to help you as we are licensed in all 50 states, please contact me directly if you would like.

Thanks,
Andrew
aluett@luettmortgagegroup.com
773-456-9662
0 votes
Cherrie Cata…, , Chicago, IL
Wed Dec 15, 2010
Hi Harvest,

FHA loans can take 30 days and even over 60 days to complete. Ever lender is different. If you do not feel confident that your lender can get this done for you, you can switch lenders at any time. Im not quite sure what you mean by your appraisal hasnt logged yet?

Good luck with your loan!

Cherrie Catama
Bridgeview Bank Mortgage
c.catama@mybbmc.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more