FHA Loan Processing Information

FHA loan processing usually takes 2 to 4 weeks, depending on the cooperation of the borrower, employer and other independent parties. The processing of an application is taken to verify the information you provided on your application. If everyone verifies everything quickly, then it moves quickly. However, if your employer or credit card company does not move expeditiously, the processed can be slowed down to a halt until all items are received.

All loans must be submitted online and are run through an automated system. The automated system will give further instruction about the loan and whether it requires manual or automated approval systems. The system will also instruct the processor which documents to collect, what to verify and which documents to use to calculate funds to close or income.

During the process, employment and income will be verified. Bank statements and other financial documents will also be verified. Making sure the submitted information is accurate can take some time. The information is verified with the IRS, employer and banking institutions.

Also, the property value and condition will be verified. FHA loans are only eligible for certain properties; they must be in habitable and move-in condition.

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