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FHA Loan Reader Questions: FHA Loan Processing Times

A reader asks, “Once an offer has been made on a home. How long should it take a lender who has pre-qualified but not pre-approved a loan to close on the home?”

This type of FHA loan question is best answered by the lender; it’s impossible to predict what factors could affect a home loan once the process is set in motion.

The financial institution’s work load, the amount of time it takes the appraisal report to be completed and sent back and other factors all depend greatly on the housing market.

It’s also important to point out that pre-qualification is not a guarantee of FHA home loan approval; if a borrower did not fully disclose information on the application form that comes to light at another time, that could affect the FHA loan, as could any number of other circumstances including appraisal issues.

Pre-qualification is a very good idea, however, as it gives a borrower a good sense of how much home he or she can afford. If you’re considering pre-qualifying for an FHA loan, your best chances come when all of the following apply to you:

  • Your credit report is solid, with less than two thirty day late payments in the past 24 months.
  • If you have a bankruptcy, it is at least two years old with good credit for the two years following.
  • If you have a foreclosure on your record, it is at least three years old with good credit activity for the past three years.
  • Your new potential mortgage payment is approximately 30 percent of your total monthly gross income.

For questions about FHA loan processing times, closing dates and other variables, contact your lender directly for more information.

Do you have questions about how the FHA home loan process works? Ask us in the comments section.

Joe Wallace - Staff Writer

By Joe Wallace

August 28, 2012

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.

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FHANewsBlog.com was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

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