Buying A Home
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Wait time for preapproval

Hi! We applied for our preapproval (FHA) last Wednesday, we just heard from our lender that it will probably be another week before hear back bc they are so busy right know Hmm. Is this normal???? Should I apply somewhere else too? If it makes a difference our market is booming, (multiple offers, bidding wars, ect) so I understand that everyone is really busy, but we are ready to go!!! TIA

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Re: Wait time for preapproval

  • That is strange.. it took our lender 3 days (it was even over a weekend) to pre-approve us. I would call, or question them more about the lengthy wait time.
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  • If it were me, and I were in the market that you say youre in, I would apply elsewhere. That seems like a long time for a simple preapproval. Our lender preapproved is in 24 hours. 
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  • Yeah, it took almost a week before having my preapproval letter in hand and I was getting frustrated. If I were you, i would probably look elsewhere. I contacted my bank first and was told it would take 3 weeks!
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  • I can't speak for anyone but ourselves, and we had our preapproval and final approval in less than a week, and that was WITH it going to the underwriters. Maybe we just have a good bank?
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  • PreApprovals should only take 24 to 48 hrs. If your loan officer is busy and cannot attend to your request, then prehaps you should apply else where. Rates are really low. Good luck on your home search.

    imageMrsSheeler518:
    That is strange.. it took our lender 3 days (it was even over a weekend) to pre-approve us. I would call, or question them more about the lengthy wait time.
  • It took us over three weeks to get the final pre-approval letter.  Ours took longer because we are putting down <20% and the PMI company took a while to process through all our financial paperwork.

    Yes, it is good to shop around not only for interest rates and closing costs, but also for special programs for first time home buyers.  

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