How long does it take once loan has gone to underwriters to receive an approval, for a FHA home buyers loan?
FHA loans have been taking anywhere from 2-3 weeks for underwriting approval. Bank of America is now taking 6 weeks for approval on FHA streamlines. Once, the underwriter has approved the loan, there are always, “Loan Conditions.” Loan Conditions are always issued once an underwriter approves a file. This tells the borrowers, what items the borrower must show in order for the underwriter to give final approval. Once conditions have been met, expect one more week in underwriting and about a 2-3 days for funding. Q: Why do some homes not qualify for FHA? A: FHA has guidelines that require properties to be warrantable. Condo’s have the biggest issue with these. FHA will not approve condo’s that are non-warrantable. Non-warrantable means, there are more investors that own units in the complex than owners. This is proof for the lender you could eventually rent the home your buying and this is not the purpose of the loan. FHA only lends on primary residence homes. Homes that you will live in
