Traditionally, you could put 30 days on a sales contract and have plenty of time. But be aware of a growing trend... extended underwriting turn times.
On average, most lenders are experiencing 7-10 business day turn times on FHA mortgage submissions. This means that it can take up to 2 weeks from the date of file submission for an underwriter to actually get to and review the file. This is due to the overwhelming demand on the FHA mortgage process.
With the economic stimulus package's increasing of the FHA loan limits, many people are taking advantage of the great FHA mortgage rates. Add to that the increase of "manually underwritten" loans due to the subprime implosion and you have a steep increase in FHA submissions and lenders scrambling to keep up.
While I am still getting Charlotte FHA mortgage loans closed in an average of 30 days, I still recommend that buyers and Realtors give a little extra time in the contract just in case there are delays or a big surge in submissions. This can help prevent issues in missing expected closing dates.
For more information on Charlotte FHA mortgages, visit EdNailor.com
This information courtesy Ed Nailor