Reader question:“A close friend whom recently bought a house utilising the FHA system said it took him almost four months to obtain authorized. I realize that to be unbelievable. Is it always that slow? Just how long does the FHA mortgage approval process simply take these days (in 2014), an average of? And so what can i really do to speed it up?”
Once you’ve a finalized purchase contract for an qualified home, the approval process could simply take anywhere from 2 to 3 days (regarding the quick end), or 2 to 3 months (regarding the long end). There are lots of variables included. Making sure that’s about as exact an answer when I can provide you, with no knowledge of every one of the details.
For just what it is well worth, your buddy can be an exclusion to your guideline. It frequently does not simply simply take four months to obtain authorized for a home loan loan, unless the debtor has a lot of underwriting hurdles or conditions that have to be solved as you go along. Continue reading “The length of time does the FHA approval process simply take?”