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What is the average time between initial application and closing for an FHA loan?

by JBrolan from Warren, Michigan. Mar 19th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Trick question.. There are sooooo many things now a day that could delay closing on a loan that there really is no "Average"... For example.. if you applying for an FHA streamline refi, then that loan has to close within a few days before the end of the month.. if you apply say today, you won't get that deal closed and funded by the end of this month, so you would be looking at an end of April closing... which is 43 days away... If you doing an FHA purchase, then there is literally hundreds of things that could delay your closing.. Appraisal issues, property deficiencies, title problems, asset, undocumented deposits, bad termite report, etc... soooo many things... typically, if everything falls in place, then you could close in as little as 2 weeks... but regardless of what others here are saying, RARELY will you ever close sooner than that...3 to 4 weeks would be more accurate.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 19th 2013
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The time does depend on the loan program, individual and even the time of month can effect things. A standard measurement is 25 days.

Mar 19th 2013
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Garett Hyman (GarettHyman)
#42 ranked lender in Michigan - 14 contributions

As fast as 10 days, but typically no more than 3 weeks.

Mar 19th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Definitely need more information on what type of loan. Is it a purchase, a streamline, a refi into an FHA loan, etc? Some lenders, like myself close most of my loans in only 8 days but brokers and the big banks can take 30 days or longer depening on the loan type. If it is a streamline then those you close at the end of the month which the last day to close for the month is next Monday. If you applied for a Streamline then you wouldn't close until the end of next month which puts it at almost 5 weeks. What type of loan are you doing?

Mar 19th 2013
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Jack Cyrul (Jack Cyrul)
#5 ranked lender in Michigan - 94 contributions

Honestly 30 to 60 days any longer and there are real problems. Done it as fast as 3 weeks in a perfect world and that's 21 years of originating with some of the best lenders in the country. Jack 734-395-9027

Mar 19th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

It will vary from deal to deal but shouldn't be more than 30 days.

Mar 19th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,146 contributions

I would say most non-bank lenders (without rushing), are averaging about 30-40 days. Most large banks are taking 60-days plus... www.FHA-Streamline-Refinance-MN.com

Mar 19th 2013
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Carri Goldring (CarriGoldring)
#38 ranked lender in Michigan - 10 contributions

I would assume between 30 and 45 days for a typicall closing

Mar 19th 2013
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Larry Lechel (Larry@GenevaFi.com)
#15 ranked lender in Indiana - 38 contributions

Most comments were balanced and accurate. The circumstance of the loan application, home condition, verification process among other things can vary from lender to lender. The one comment of "as fast as 10 days...." is a "too good to be true" situation and you know what they say about things that are too good to be true.

Mar 19th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

as fast as 10 days as long as 90. too many factors to list.

Mar 19th 2013
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Don Grimes (dgrimes)
#44 ranked lender in Michigan - 3 contributions

The correct answer is bettween 30 to 45 days pending on the customer, Lender and transaction.

Mar 19th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

The honest National average is about 35 days - some will say alot less but I have never seen those days ever happen,

Mar 19th 2013
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

National average is 47 days for a purchase. If you provide you lender will everything they need at application a good lender will have it done in 25 - 30 days. If there are non-lender complications like appraisal or title issues it will take longer. Mike 517-489-2328 (East Lansing)

Mar 19th 2013
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,318 contributions

Average 30 to 45 days.

Mar 19th 2013
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Josh Lund (Josh_Lund)
#46 ranked lender in Minnesota - 113 contributions

If you have the completed application along with all of the required documentation, our turn time is 3 days in underwriting and then 2 days to get the documents out to the closing/title company.

Mar 19th 2013
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Gus Dahlgren (gdahlg_811_422)
#34 ranked lender in Michigan - 48 contributions

About 30 days

Mar 20th 2013
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