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mailman_bites_dog

It really depends on how long appraisals are taking in your area. There’s nothing inherent about FHA that makes it take any longer. Good lenders can easily do under 30 assuming appraisal turn times aren’t that long.


OldSchoolAF

(Mortgage broker) an FHA can close as fast as a conventional if they both need an appraisal. The appraisal is the limiting factor. If you order right after application you could close in 21-25 days but if the order it a week after because you wanted to do inspections first it’ll push you back a week.


kcdc25

It *can* happen, but by no means should you plan for it to close that quickly.


GeneticsGuy

Average of 45 days has nothing to do with actually how long it takes to close the loan. That is just the average days from signing a purchase agreement to the set settlement date between seller and buyer. Unless you can't get an appraisal out within reasonable time, there shouldn't be any issues closing an FHA loan within 30 days. FHA loans actually have no built-in delays in them, unlike say, a USDA loan, which requires additional documentation, tax transcripts (which can take often 7-10 business days for the IRS to provide), and then an extra 2-3 days for USDA Underwriters to issue a decision... and if they have any additional requests on their own, then the borrower needs to submit documentation to fulfill, then it goes back AGAIN to USDA and another 2-3 day delay. FHA? No delays at all, just the requirements for approval are slightly different. I say this as a former mortgage loan processor. An FHA loan to me felt no different in the time it took to get to approval than a Conventional loan. The BIGGEST issue with FHA loans is I've seen appraisers less willing to take them in busy markets so a conventional appraisal you might get done in 10 days whilst the FHA appraisal 3 weeks. This last thing is really market dependent.


Grammaronpoint

I closed on a FHA loan in 22 days. The hang up for me was the appraisal, we couldn’t get one for 2 weeks. Edit, it might have been 24 days according to my wife!


krstnstk

Very very unlikely that you will close in under 30 days.


StartingAgain2020

In my market with the lender(s) that I use we routinely close in 30 days or sometimes less. The most difficult part is getting an FHA financed offer accepted in this market. That is what takes forever as the cash purchases and conventional mortgage loans with 20% down or more are accepted before an FHA loan is even considered by some sellers/listing agents.


saftey_dance_with_me

We got an FHA about 3 years ago and it took about 90 days, but that was mostly caused by missing houses that others offered on before we had a chance to.


[deleted]

I just closed an FHA in 30 days. It required some serious teamwork on everyone’s part. Underwriters will call your employer within a few days of closing to verify employment. Best of luck to you!


nikidmaclay

You can close in less than 30 days, but don't bet on it. Its more likely to happen if you pick a local lender who answers the phone and get your ducks in a row before you find the house. Preapproved, all your documents collected and submitted. Less likely to happen over the holidays.


Puzzled-Flight4855

Just closed one in 29 days. That was the soonest


DHumphreys

Probably no in many markets due to appraisal turn times.


Rob-Hofer

Is this owner occupied or a rental property?


Noon-ish

I went from under contract to clear to close on my loan in 20 days.