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We are looking to buy a house this year and are waiting on being pre-approved for an FHA loan. We have to be approved manually because my boyfriend has no credit but a good job history and non-conventional lines of credit (utility bills, etc.) and I have an okay credit score but have only been at my current job for 6 months. Has anyone had any experience with this, how long does it usually take? It’s been a week, I don’t want to contact any realtors until we are pre-approved.

2 Thoughts on how long does it take to be pre-approved for an FHA loan manually?
  1. Reply
    golferwhoworks
    December 3, 2012 at 1:06 pm

    great question. The only way is to find a home and place the contract out there with the provision of FHA approval and then the underwriting begins. Don’t go crazy if declined. It is just the market. BUT if an underwriter does approve the loan you will close. There is no such thing as a manual pre approval you have to throw it against the wall and see if it sticks
    I am a mortgage banker in TN & KY

  2. Reply
    loanmasterone
    December 3, 2012 at 1:21 pm

    The key to a good closing and being aware is communication. You should call your mortgage banker/broker and see how things are going, when you can be expected to be pre-approved and if there are additional documents needed by the underwriter.

    This will keep you abreast of things and let the mortgage banker.broker know that you are interested in the mortgage you are applying for.

    Underwriting should take about 48-72 hours depending on the item requested by the underwriter and what level that document need to be approved at.

    Your mortgage consultant should be more proactive by making a call to you at least once a week or so, just to keep you up to date on the process of your mortgage, even if it is just to say hi things are going great so far. I don’t need anything at present.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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