Am I the only one waiting forever for her FHA home loan to be approved ?

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5 Responses to “Am I the only one waiting forever for her FHA home loan to be approved ?”

1. Expert Realtor on: 16 June 2009 at 5:02 pm

   Sounds like you have an incompetent Realtor as well as a Loan Officer.

   Call your LO and question what is taking so long and tell him to e-mail you a list of EXACTLY what you need.

   Once you have all of your requested docs in and the title and appraisal are back, you should have been able to close in 48 hours.

   You are probably dealing with a mortgage broker that isn't that familiar with FHA loans…which is why they are taking so long

   FHA loans take no more time to underwrite than any other type of loan.

   PS: FHA loans are NOT a long process….just like anything else, when you are dealing with people in the lending industry that don't know how to place a deal together, then anything will take longer.

   This adds to the myth that FHA are hard loans, and they are not–to those of us that know how they work.
2. Am I the only one waiting forever for her FHA home loan to be approved ? on: 16 June 2009 at 6:06 pm

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5. Zubin on: 17 June 2009 at 12:55 am

   The above poster is likely speaking from prior experience. As you can guess, prior experience DOESNT apply in today’s world.

   Billions of dollars worth of loans are left without funding as the industries which support (fund, buy) mortgages from originators have drastically shrunken in capacity and appetite. Because of this, billions of dollars worth of mortgages are potentially going unfunded for extended periods of time. I’ve just begun looking into the mortgage industry for investment purposes and am not surprised to hear about such a delay. Many loan officers are complaining that they’re not able to do business as quickly or efficiently as they once were.

   I will say though, 30 days seems like longer than usual