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45 days or longer to close an FHA loan?
I closed a deal on a bank owned foreclosure in Anaheim, Orange County California today. It took the lender more than 45 days to close this deal. I was surprised to discover that even after my clients signed the loan docs, it still took two weeks to fund. Should we prepare all FHA buyers for the scrutiny of numerous lender conditions both before and after underwriter approval? Many things we had to send two or three times while waiting for the loan to fund. Have the banks laid-off all the productive workers? Are they really backed up so much that we need to ask for three extensions before closing?
I'm wondering if other first time home buyers are having the same trouble closing FHA deals these days. Do you think the stimulus bill will change any of this?
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