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Posted: Mon Nov 03, 2008 4:19 pm Post subject: how long for an FHA loan to close

We started loan process in Aug/08, still no closing on our loan wihich was approved. how long does it normally take? we have no settlement agreement.

Guest

We have an fha loan and it took us approximately 3-4 months before everything was final. Good luck!

smithsussane · Posted: Mon Nov 03, 2008 7:37 pm Post subject:

Hi Guest!

Welcome to the forums!

The loan process will take some time as the lender will have to verify all the documents and prepare new loan documents. You may speak to your lender once and check how much time it will take. May be you will be getting the loan this month. Good Luck!!!

Feel free to ask if you have further queries.

Sussane

elnoralittle · Posted: Tue Nov 04, 2008 9:03 am Post subject:

Each lender is different I suppose. I have never had an issue closing an FHA loan with in 15- 30 days.

gmakerley · Posted: Tue Nov 04, 2008 9:32 am Post subject:

every end of the spectrum is displayed here. from elnora with her 2-week or so processing (you go girl!) to our original poster with 3-4 months with no closing as yet.

i think 3-4 months is far too long, also. to have had no real contact with your lender is ridiculous.

sussane, i am afraid your response didn't shed much light on things here.

i don't have too much in the way of advice, except to immediately contact your loan officer and anyone else who you can contact at the lender's offices to find out why the communication has been so bad; and to try to determine when, and if, a closing will take place.

elnoralittle · Posted: Tue Nov 04, 2008 9:50 am Post subject:

I agree though with George, 3-4 months is way too long.

dilipgagare · Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)

Hi,
Generally, FHA loan will close in three weeks. But it dependes upon your document. For FHA loan closing requires more documents should be to update the documents that they already have such as pay stubs, bank statements, and other paperwork that is within the guidline of the bank and need to be up to date on the time of closing.

It might be take 5-6 week if bank suddenly decided home inspection.FHA loans can close as fast as the appraisal and title work can get back, and the borrower gets the proper documentation into the underwriter.

When purchasing a home, you will generally have some closing cost in addition to any down payment. FHA closing costs that may be charged to the buyer are considered "allowable" FHA closing cost per HUD. These are buyer costs that are customary and necessary to close the mortgage

I hope you Understand .

Regards
Dilip

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