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Started By
Message
buying a home
Posted on 3/3/09 at 1:27 pm
Posted on 3/3/09 at 1:27 pm
How long does it normally take for underwritting to be complete and turned into the title company? The bank told me they send the paperwork off 2/20.
1
Posted on 3/3/09 at 1:34 pm to buzzcephus
i'm in about the same position, they sent it off last friday, the title company got it monday
Posted on 3/3/09 at 1:35 pm to josh336
Depends on the underwriter/lender and what type of loan it is IMO.
Posted on 3/3/09 at 1:58 pm to Ziggy
it is an FHA loan
Posted on 3/3/09 at 1:59 pm to buzzcephus
quote:
it is an FHA loan
There's your answer.
These typically ALWAYS take significantly longer than your usual conventional loan (at least it has been my experience recently).
Posted on 3/3/09 at 2:06 pm to Ziggy
FHA turn times with lenders range from 48hrs to month. its a slow process
Posted on 3/3/09 at 2:07 pm to Ziggy
the problem that I have is the bank told us it would be a 48-72 hr. turnaround. We had a close date set for the 2/25. I asked the bank to give me th name of the underwriter to see where we are at, but they will not give me the info. I understand that with all the re-financing going on they are backed up but geesh this is crazy, btw this is my first home purchase...
Posted on 3/3/09 at 2:12 pm to buzzcephus
quote:
I understand that with all the re-financing going on they are backed up but geesh this is crazy
Not to mention, you scheduled your closing at the end of the month, which is GOOD and BAD I've also learned (with FHA). Lenders/underwriters are ridiculously busy during/at the end of the month trying to get everything completed in time.
I presume you got an extension on the purchase contract?
Posted on 3/3/09 at 2:41 pm to Ziggy
yea I got the extention, My realtor is almost to the point of pulling out of this Bank and going with another. I think this is more to do with the bank not able to give any answers...what do you think?
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