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Wednesday, May 26, 2010

What is a FHA home loan and why does it take so long for the approval?

applied for FHA loan a few weeks back I needed to pay off two items they were paid, the broker received the proof but I am still waiting for the approval why does it take so long



What is a FHA home loan and why does it take so long for the approval?

FHA is a fererally insured loan, this means that if your mortgage goes into foreclosure, they will pay the lender. It does take some time for FHA loans, typically 30-45 days. Turn times right now are not that bad though, it's 6 days to review your application and 5 days to review your conditions. If your loan officer is handing in conditions one at a time or if you are not getting everything back in a timely manner than it can take much much longer. I typically take 14-21 days from start to finish. If you are dealing with a Mortgage Broker, I would give them a call and ask how you can help push the process along. As hard as it might be, try not to be mean because then they might delay you on purpose.



What is a FHA home loan and why does it take so long for the approval?

Fed Home Association is a spin off of a goverment agency. it takes awhile becuase if you havent heard many people are defaulting on their home loans. they are backed up, they have no rush, they are the lender, what do they care..they dont.. .they control the money, they control your approval, they control your life.



What is a FHA home loan and why does it take so long for the approval?

Well he might he waiting for the bank to get back to him. There are many things that could be holding up your case. I know this cause I am Loan Officer for FHA Direct Lender.



The point is an FHA Loan is a story book loan. It's great that you can prove that you paid things off. But you need to stay on him. Also if not showing enthusiasm to your loan, then maybe you should another person.



I am justing saying you broker should be speaking with you everyday. He doesn't show that, so maybe you should call in and %26quot;Light the fire under his ***.%26quot; But that is a possibility for you.



Hey can always contact me for more answers.



What is a FHA home loan and why does it take so long for the approval?

FHA home loan is a federally secured loan. Because it involves the government there is a great deal of paperwork necessary to get the loan approved. The process is not to be in excess of 45 days and normally not even that long. If you are unhappy with your situation I will be happy to look into it and expedite it if possible. Feel free to follow up with me



What is a FHA home loan and why does it take so long for the approval?

FHA should take only 48-72 hrs for an approval with conditions. Most likely you were denied and the broker is buying time.



I would shop around..and see if there's another lender that can do it faster...and maybe get you a better rate.



FHA loan rates have dropped to 6% for 30yr fixed.....most brokers offer 6.5%...and dont go lower than that. You need to shop around!

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