Close a FHA loan in 45 days

How to Close a FHA Loan in 45 Days

Closing a FHA Mortgage in 45 days requires timeliness between all parties to the transaction.
It also means working within federal guidelines. A mortgage lender may not request documentation
from a loan applicant,nor payment for an application fee, without written consent to continue
the loan application.
After the application has been completed an appraisal is ordered.receiving the appraisal may
take up to 7 business days .Unique homes and homes in area with few comparable sales
may take longer.
The next step is underwriting, which is why it is essential to having a complete file. This includes
signed application disclosures, appraisal, the applicants supporting documentation: pay stubs,
W-2’s, tax returns, bank statements and other assets documentation such as 401k statements.

After underwriting, we will work with you and all third parties to gather any final conditions.
To ensure a closing as quickly as possible it is important to get any documentation to
your mortgage lender to satisfy any conditions outstanding.
Once your file is given a “clear to close” your realtors will schedule a mutually agreeable date,
time, and location for closing your loan.Prepping your file for closing takes 2 to 5 business days.
We will do everything ( within federal guidelines) to close your loan as soon as possible.

Not only do we work with you and all third parties to ensure the fastest closing possible, we will
keep you informed every step of the way! Cranbrook Loans sends out emails to you as
well as the agents to make sure everyone is on track for the goal closing date. In addition to email
updates, our team calls you and the realtors involved every week! Our goal is for you to become a
Raving Fan of Cranbrook Loans!

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