How long does it take to get an answer when applying for an FHA loan?

I faxed all the paperwork needed to get a pre-qualification on an FHA loan today and our lender will probably submit the documents tomorrow morning. About how long would it be to get the answer? And after getting the pre-qual. how long does it take to close on a property once picked?

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5 Responses to 'How long does it take to get an answer when applying for an FHA loan?'

1. keepyoureyeswideopen - April 3rd, 2009 at 7:34 pm

   A pre approval can be done in about 5 minutes

   Full approval can be done in a couple days after you submit all the required documentation. Every company has different times frames of course.

   You could close in about a month after you find a property, a lot of that depends on the seller.

2. Lisa L - April 5th, 2009 at 8:05 pm

   I took an FHA loan application today. She brought all paperwork I asked her to bring. I had her pre-approved before she walked out the door an hour later. If she gets an accepted contract tomorrow we could close within 7 days if need be. I could even do it quicker if it had to be done.

   Note: Pre-qualification is different from pre-approval. Tell your loan officer you want to be pre-approved which means much more than a pre-qual.

3. ruscito_mom - April 6th, 2009 at 6:40 pm

   I can get you an answer in 20 minutes. That is pre-approval. Once submitted depending on what lender it could take two weeks to a month to close. Why not let me try?

4. Robert - April 6th, 2009 at 6:47 pm

   Preaproval possible same day and with locked rate we can close within 10-15 days after ALL required paperwork is submitted and conditions met. That’s an ideal scenario but usually there are some conditions that eats-up up to two weeks on average and so you have average funding time 25 days after application. If you have any questions you can get in touch fhasource@gmail.com

5. Victoria Dingley - April 9th, 2009 at 11:12 pm

   Hello,
   In regards to your question, i would advice you to visit Clarkson Micro Finance Incorporated.
   Few months ago when i had a bad credit a friend of mine introduced me to them, Inspite of my bad credit they were able to lend me a loan of 25,000, British pounds within the space of two days of which i used to revive my business, I think you too can do the same as well, regardless of your nationality.
   You can reach them via
   Sincerely,
   Victoria Dingley,
   From Newcastle, England.

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