Buying A Home
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How long did it take from under-writer to 100% approval notice
Today our mortgage broker finally submitted our paperwork to the underwriter. We're going for an FHA loan. How long did it take for the under-writer to give full approval?
Our mortgage broker has repeatedly told us that we are 95.5% there, but I want to be 100% there.
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Re: How long did it take from under-writer to 100% approval notice
ETA: This was a conventional loan.
They cut it that close, huh?
That sux!
mekiakoo, I've been reading some of your stories about your house-buying experience, glad you finally got in there, congrats.
Generally, our lender (Quicken) takes 72 hours for a document to go through underwriting. So, from the time everything is submitted, the turnaround is pretty fast.
I guess were lucky, in underwriting it took about 2 weeks. We had a few documents we had to submit like a more recent 401k balance. We got our clear to close a day after the loan approval and this all happened 2 weeks before our close next week.
If they had cut it that close with us I would have been a mess.
I'm a bit confused...because everyone here is saying that once it goes through the under-writer, they might have additional "conditions and requests" we might have to fulfill before we get the "clear to close". However, it seems we have had day after day, week after week of conditions and requests from our mortgage broker already, because HE wanted to make sure that once the file was submitted to the under-writer they would have minimal to no requests or conditions. We're both prepared for some hopefully minor requests or conditions, but providing that all these terms have been satisfied, how long does it take? 2 weeks?
I'm so confused.
Our closing date is set for May 22nd.
We're 21 days away.
I was told by our lender that it usually takes 5 days for underwriting to actually get the file after it has been sent to them and then it could take a few days for them to get back to you. People have told me that it could depend on how the writers feel that day- sometimes some get lucky and get their files signed over quickly while others are left in a pile or coming back with even more conditions.
We provided SO much information before having it sent to underwriting, but it feels like they keep coming back for more information. We were running around madly until the day of closing. They just want to make sure everything is covered (read: covering their @sses in case something falls through in the future).
But if all goes well- I would probably expect to hear back within a week at most.
Your loan processor is going to try to get everything the underwriters might request ahead of time to try to get you through underwriting on the first shot. It might happen, it might not. If the underwriters ask for something, be prepared to turn it around quickly.
The underwriters will send back conditions (everyone gets them since there are standard ones) that you'll need to meet. Hopefully they're just the usual ones. It basically means that provided you satisfy those, you're fine. They'll also run a last minute credit check to make sure you haven't taken on any new debt.
21 days doesn't sound like you're cutting it close. We could have closed in 25 if we needed to, but it really depends on the bank. Some move faster than others, and you are probably at an advantage if you went with a local bank or broker.