How long does final underwriting take with fha loan?

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Lee Medhurst asked a question: How long does final underwriting take with fha loan?
Asked By: Lee Medhurst
Date created: Sat, Mar 20, 2021 8:11 PM
Date updated: Tue, Nov 1, 2022 6:27 PM

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Video answer: 2021 fha loan requirements

2021 fha loan requirements

Top best answers to the question «How long does final underwriting take with fha loan»

24 to 72 hours

Underwriting turn times vary from lender to lender, but 24 to 72 hours is considered normal.

Video answer: Understanding the underwriting process

Understanding the underwriting process

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It sounds like your loan officer gave you an initial approval for your FHA loan. This is sometimes referred to as the pre-approval. “Pre” is the key part of that term. It’s not a final approval at this stage. The final approval comes after the FHA underwriting process, once the underwriter has given you a “green light” to close.

The underwriter will examine these and other documents to ensure that the loan meets both the lender’s and the Federal Housing Administration’s minimum guidelines. If the borrower checks out in all of these areas, the underwriter will assign a “clear to close” label, which means the loan can move forward to closing. Or he might issue a conditional approval with certain things that need to be resolved by the borrower. Or he might recommend that

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Video answer: How long does mortgage underwriting take?

How long does mortgage underwriting take?