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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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FHA Loan
We're getting an FHA Loan through Wells Fargo. All docs are with them, got approved and locked in on the rate, termite inspection done, etc. It just went to the underwriter. Anyone know how long from there it can take?
Thanks
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Posted 8/24/10 4:02 PM  |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: FHA Loan
ummmmm we were told we were closing May 17th
we closed July 30th.
I hate wells fargo! they are the slowest company EVER
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| Posted 8/24/10 4:06 PM |
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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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Re: FHA Loan
Posted by Jenna
ummmmm we were told we were closing May 17th
we closed July 30th.
I hate wells fargo! they are the slowest company EVER
Oh No!!!
The loan officer has been great, but I feel like we're the ones telling him what we need.
DH would say.. ok, I got this. Is that all??
LO - Oh wait, now we need the termite inspection certificate
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| Posted 8/24/10 4:09 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: FHA Loan
once everything was sent to the underwriters with the FHA loan and WF we were delayed two and a half months with other conditions.
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| Posted 8/24/10 4:10 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: FHA Loan
Once it goes to the underwriter you will be asked for a million and one other docs.........we closed in just over 60 days but that was only because we had an amazing broker that pushed us through
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| Posted 8/24/10 4:11 PM |
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Spring Baby06
My two loves
Member since 5/05 3612 total posts
Name:
Jillian
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Re: FHA Loan
We did an FHA through Wells and had no problems! We were in contract April 20, closed June 18. The woman who dealt with us was great!!!
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| Posted 8/24/10 5:16 PM |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: FHA Loan
I thought we were in the clear after it went to the underwriter but that was the longest process, I hope it's different for you!!! 
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| Posted 8/24/10 5:23 PM |
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brassmunky
LIF Adult
Member since 6/08 1163 total posts
Name:
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Re: FHA Loan
we had our FHA loan done through WF too, and it was agonizing. it was one thing after another,and the way a rep explained it was that it went from one person after 1 request (ie termite inspection), then after receiving said doc, it would get sent back to the "bottom of the pile" where a completely different person processed it and found yet another document that was needed, and it'd go through the same process. i'd call them every day to follow up and get different stories every time.
agony.
this prolonged our closing 4 weeks. it would take them days just to review any new piece of documentation.
little did we know, not every lender performs this way.
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| Posted 8/24/10 6:53 PM |
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LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
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Re: FHA Loan
i have a really dumb question, but is the "loan officer" the underwriter?
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| Posted 8/24/10 7:42 PM |
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mrsboss
my little love
Member since 12/09 5054 total posts
Name:
Me
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Re: FHA Loan
We also had our FHA loan with wells fargo, and it was a nightmare. Delay after delay. Hope thats not the case for you.
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| Posted 8/24/10 8:40 PM |
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Alexandra17
Keep It Positive
Member since 4/09 6262 total posts
Name:
Alexandra (ali)
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Re: FHA Loan
we had ours through BOA
it was painful..we went into contract July 31 and closed december 1
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| Posted 8/24/10 9:40 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: FHA Loan
FHA loans can take a bit longer. You said you got approval..do you mean a mortgage commitment? And then they requested all the "conditions" from you? Usually an Underwriter takes about a week to review.. but if they find something missing or need further information, once you provide it does usually "go to the bottom of the pile" to get reviewed again.
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| Posted 8/24/10 9:48 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: FHA Loan
Posted by LL514
i have a really dumb question, but is the "loan officer" the underwriter?
\
No. The Loan officer is the peson who got you the loan..works directly with you.
The Underwriter is the person who reviews all the documents to ensure they are within guidelines.
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| Posted 8/24/10 9:49 PM |
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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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Re: FHA Loan
Posted by Deeluvsvinny
FHA loans can take a bit longer. You said you got approval..do you mean a mortgage commitment? And then they requested all the "conditions" from you? Usually an Underwriter takes about a week to review.. but if they find something missing or need further information, once you provide it does usually "go to the bottom of the pile" to get reviewed again.
We locked in on the rate and I believe we were approved. Just went to the underwriter and the loan officer said that it should take a week. Our closing is the end of next week. The loan officer knows this and is trying to rush it for us.
We closed for cash, but still getting a mortage on about 20% of the home. The other amount we have (well, were gifted so when our home is sold we'll give the money back).
If that makes sense.
Just getting nervous that it won't happen in time. We closed for cash b/c that was the best way we could get the house for the amount it is and they took our bid over others. We just don't have a mortgage contingency
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| Posted 8/25/10 8:01 AM |
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LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
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Re: FHA Loan
Posted by EricaAlt
Posted by Deeluvsvinny
FHA loans can take a bit longer. You said you got approval..do you mean a mortgage commitment? And then they requested all the "conditions" from you? Usually an Underwriter takes about a week to review.. but if they find something missing or need further information, once you provide it does usually "go to the bottom of the pile" to get reviewed again.
We locked in on the rate and I believe we were approved. Just went to the underwriter and the loan officer said that it should take a week. Our closing is the end of next week. The loan officer knows this and is trying to rush it for us.
We closed for cash, but still getting a mortage on about 20% of the home. The other amount we have (well, were gifted so when our home is sold we'll give the money back).
If that makes sense.
Just getting nervous that it won't happen in time. We closed for cash b/c that was the best way we could get the house for the amount it is and they took our bid over others. We just don't have a mortgage contingency
how do you have a closing date if your mortgage hasnt even been approved yet?
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| Posted 8/25/10 9:11 AM |
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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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Re: FHA Loan
Posted by LL514
Posted by EricaAlt
Posted by Deeluvsvinny
FHA loans can take a bit longer. You said you got approval..do you mean a mortgage commitment? And then they requested all the "conditions" from you? Usually an Underwriter takes about a week to review.. but if they find something missing or need further information, once you provide it does usually "go to the bottom of the pile" to get reviewed again.
We locked in on the rate and I believe we were approved. Just went to the underwriter and the loan officer said that it should take a week. Our closing is the end of next week. The loan officer knows this and is trying to rush it for us.
We closed for cash, but still getting a mortage on about 20% of the home. The other amount we have (well, were gifted so when our home is sold we'll give the money back).
If that makes sense.
Just getting nervous that it won't happen in time. We closed for cash b/c that was the best way we could get the house for the amount it is and they took our bid over others. We just don't have a mortgage contingency
how do you have a closing date if your mortgage hasnt even been approved yet?
b/c we agreed to close for cash, but we're still allowed to get the mortgage
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| Posted 8/25/10 9:15 AM |
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