Consumption and Real Estate
How do you know when you are in approve status for an FHA mortgage loan?
Question : How do you know when you are in approve status for an FHA mortgage loan?
We have signed the application and accepted the good faith estimate. The sales contract has been accepted. We’ve satisfied the conditions that he asked us to. They are in the process of employment verification. Does this mean we are close to approved status of very close to it? We are suppose to close in a week?!!!! Why are they taking their times?
fha mortgage loan
Best answer:
Answer by Carolinahomerates.com
if the appraisal has been done…then you’re really close to closing.
if it hasnt….then you may have a problem.
you shouldnt have nothing to worry about the employment issue if you’re salaried or hourly.
make sure you’re getting a good rate….fha rates are about 6.5%-6.625% for a 30yr fixed
-
-
#2 written by mazziatplay 1 year ago
It is going to be close. After you supply all the requested documentation it has to be reviewed and approved by the Underwriter, the appraisal has to be completed and reviewed, as does the preliminary title insurance policy.
If you supplied all of the required documentation in a timely manner, by which I mean within 24 hours of it being requested, it should have gone to Underwriting within 24 hours. Anticipate 24 to 48 hours in Underwriting, and , if there are not prior to document preparation conditions, another 24 hours until documents are drawn and sent to the title company. They need time to get the final numbers worked up and to get you and the seller in to sign. They day after the two parties to the sale have signed the loan will record.
- Comment Feed for this Post
Your lender should let you know if you a approved. Normally, we get a system approval and then we send your documents needed to process the loan (ex taxes, pay stubs, bank stmts, W2′s,etc) These docs are sent to an underwriter to verify the information entered to get the system approval. As long as everything matches up and the appraisal and title search comes back clean you should not have a problem. As far as the employment verification, it is common practice to verify when you turn in your pay stubs and 24 hrs prior to closing. As long as you have satisfied all conditions, I would not worry. It sounds like your lender needs to communicate more clearly and update you on what part of the loan stage you are in.