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06-18-2009, 11:56 AM #1
Renter
- Join Date
- Jun 2009
- Posts
- 3
How long does underwriting take?
My file has already been through underwriting once before on a home I was going to purchase. Underwriting found that there was no legal paperwork on the community water system, so they would not approve the loan, and I got out of that contract. That was 2 months ago and I have since found another home that I have am currently under contract for, and my file is back in underwriting. I sent updated paystubs, bank statements, and paid off a couple of credit cards since my file was originally submitted. Since they have already reviewed my file once and I sent in all the conditions they asked for, how long should it take to hear something? I am thinking that since they have already been through my file, that it shouldn't take as long, is that correct?
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06-18-2009, 09:50 PM #2
Condominium
- Join Date
- Apr 2009
- Location
- New Berlin, WI
- Posts
- 329
Ahh, but you don't understand, what was true one day, doesn't mean it is true the next (in the lending world that is.) You might have been approved yesturday, doesn't mean you will be approved today.
I am sure that as long as nothing has changed, and the property has a good collateral position, you should be reapproved, but like I said, the rules of the lending world seem to change by the second.
If underwriting takes more than a month, then I would start to worry, so always plan for at least 30 days for closing, maybe be safe and set the closing for 45 - 60 days.
Sorry not too much help.
Later!Michael Suess
REI Training Warehouse, LLC
http://www.REITrainingWarehouse.com
BLOG: http://www.REITrainingWarehouse.com/wordpress
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