Home Buying in 95035>Question Details

huy_dang05, Home Buyer in San Jose, CA

How long does it take to get FHA Loan approved?

Asked by huy_dang05, San Jose, CA Fri Sep 14, 2012

should I go out to look for the house with realstate agent before FHA approval? what is the process to do to get the loan to buy the house, when FHA Loan approved

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Trevor Curran’s answer
Good morning huy_dang05,

Your First Step should be to meet with a Local Mortgage Banker to get Prequalified for mortgage financing. Your Mortgage Banker will outline for you which programs---including FHA---you may qualify for. Do this before you go out an look at homes.

Once you find a home and your Offer is accepted by the Homeowner you will then make your formal loan application to the Mortgage Bank for your loan approval and closing. As for how long the process takes, this can vary widely depending on the Lender. I recommend you provide all requested documentation in a timely manner to your Mortgage Banker. The more complete a loan application you provide, the faster your loan can move through the system for approval.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes Thank Flag Link Tue Sep 18, 2012
If you arre talking about the entire process from loan application to final approval and closing, there are dozens of variables. So it’s hard to assign an exact length of time to the process. But let’s try anyway.

Much will depend on the house-hunting process. Some borrowers apply for an FHA loan before they have found a house, meaning they get pre-approved first and then start shopping for a home. This is a wise strategy, actually.

For more information : http://fhamortgageinfo.com/
1 vote Thank Flag Link Wed Jul 22, 2015
You should always get a loan approval before going out looking at homes so that you know how much you can afford.

Looking at homes is great fun but when you find out you can't afford them... that is a heartbreaker so get yourself pre approved first.

Here are some changes that have happened to FHA this year http://bayareaconnect.com/10/05/2011/have-home-buyers-felt-t… and here is the home buying process in 5 steps http://bayareaconnect.com/buy-a-home-step-1/

If you have further questions please give me a call at (408) 840-3852 or Thomas.Feng@gmail.com
Web Reference: http://BayAreaConnect.com
1 vote Thank Flag Link Fri Sep 14, 2012
My lender state is CA, san Jose. It's been 10 days for my application. I don't have realtor or loan officer yet. I 'll wait untill my loan approved, then I 'll look for a realtor. Thanks for all your advice. I'll update when anything coming up. should I choose the loan officer from the bank where I applied for the loan.
0 votes Thank Flag Link Mon Sep 17, 2012
If you loan is preapproved (Verifications of Employment and Bank Statements, etc all in file) and underwritten, you loan should be 'final' approved once the appraisal is in the hands of the underwriter and approved by them.

As a direct lender, we can get this accomplished in as little as two week (within your 17 day contingency removal period).

The key is having a complete file upfront and having it underwritten. Then its just an appraisal!

0 votes Thank Flag Link Fri Sep 14, 2012
It used to be a two-week process, maybe less.
The Pre-Approval could be done in 24 hours.
But that is ancient history; the Lenders aren't making the mistakes they use to make.
Our Purchase Agreement suggests 17 days for the Loan Contingency;
I suggest you talk to your Realtor about these numbers.
You are using a Realtor; right?
0 votes Thank Flag Link Fri Sep 14, 2012
Before you shop for houses, especially if its a condominium, check with your Realtor/agent if the complex is FHA-approved.

Moreover, FHA are particularly stickler about roof and peeling paint. I advise that you discuss this with your realtor and a loan officer.

0 votes Thank Flag Link Fri Sep 14, 2012
What does your lender state? My lender has approved FHA in 14 to 17 days. And a full 30 day closing.

You should meet and select your agent. Meet and Select your Lender. Get a pre-approval, usually within a few days. Then go shopping for a house.

Have an amazing day!
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Fri Sep 14, 2012
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