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
. 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
DD #1 born 9.9.08
TTC #2 since 5/2011
Re: Wait time for preapproval
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.
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.